Imperial Building, 20-22 Victoria Street Nottingham, NG1 2EX
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City Centre Retail and Office Investment for Sale
Imperial Building, 20-22 Victoria Street
Nottingham, NG1 2EX
Retail & Office Investment
City Centre location
Multi-let
55% of income secured against The Restaurant Group; SH Funds £73m
£2,000,000, subject to contract
9.0% net initial yield
www.singerviellesales.com
Location Situation
Nottingham is located approximately 202 km (126 miles) north of Central The subject property is situated within Nottingham City Centre, occupying
London, 26 km (16 miles) north east of Derby, 48 km (30 miles) north of a prominent position at the corner of Victoria Street and Fletcher Gate.
Leicester and 48 km (30 miles) south east of Sheffield. Surrounding occupiers include French Connection, Lacoste, G-Star Raw,
Sainsbury’s, Tesco Express and an Ibis Hotel. The property benefits from
The city benefits from good road communications with Junction 24 of being immediately adjacent to the Lace Market tram stop which is the first
the M1 Motorway approximately 17 km (9.5 miles) to the south west, stop Northbound from Nottingham Railway Station.
Junction 25 approximately 12.4 km (7 miles) to the south west and
Junction 26 approximately 8 km (4.5 miles) to the north west. The property is in close proximity to the prime retailing pitch of Clumber
Street and the “intu Victoria Centre” to the north, and the “intu Broadmarsh”
The city is connected to the national railway network with a fastest shopping centre and Listergate to the south. Bridlesmith Gate is less than
journey time to London St Pancras of 1 hour 40 minutes. Nottingham a minute’s walk to the west and is home to occupiers such as Ted Baker,
Station is currently undergoing a £60 million redevelopment which will Jack Wills, White Stuff, Cath Kidston and Links of London.
transform it into a world-class interchange. Line speed upgrades to the
Midland Mainline aim to reduce travel times between Nottingham and “intu Victoria” provides 91,140 sq m (981,000 sq ft) of retail, catering and
London to just 90 minutes, while direct connections to Eurostar services leisure space across 127 units. The centre is anchored by John Lewis and
through to St Pancras International will mean Nottingham is less than House of Fraser with other major retailers in the scheme including Next
five hours from Paris and Brussels. This work is due to commence in and Topshop. “intu Broadmarsh” comprises 45,240 sq m (487,000 sq ft)
2015 and be completed by 2019. across 89 units with retailers including BHS, Argos, O2 and Boots.
Nottingham City Council and intu signed a conditional development
East Midlands Airport is approximately 22 km (14 miles) to the south agreement in January 2014 for a £40 million refurbishment of intu Victoria
west and Birmingham International Airport approximately 80 km (50 which is already underway and a £150 million redevelopment of intu
miles) to the north east. Broadmarsh, ahead of a wider development and extension of intu Victoria
for which planning permission was granted in July 2014.
The multi-million pound project to extend Nottingham’s tram service to
the south and south west of the city commenced at the start of 2013 The Lace Market and “Hockley Village” area of Nottingham are immediately
and the extension, which is expected to open in 2015 will more than to the east. This is a vibrant, modern section of the city which has been
double the size of the existing tram line providing 16 services per hour described as “the Soho of Nottingham”. It is home to many design and
in each direction on the city centre section. The project is expected to fashion shops, restaurants, bars, cafes, galleries, the Lace Market Theatre,
give up to a £300 million boost to the local economy and create up to along with the Capital FM Arena Nottingham which provides a top quality
8,000 jobs locally. indoor sports, entertainment and conference venue right in the heart of the
Lace Market.
Nottingham is a top ten retail city with £4.8 billion of retail expenditure,
ranked seventh for shopping population ahead of Cardiff and Liverpool.
It has a catchment of 2.3 million within a 45 minute drive and has the
highest proportion of 16-24 year olds in its catchment of any UK
shopping location. Home to two leading universities with 60,000 full time
students, the city has the fourth largest student population in the United
Kingdom. Nottingham has 30% wealthy achievers and has become the
financial centre of the East Midlands region. (Source: Intu Group).
Description Site
The property comprises an attractive Grade II listed character building We estimate the site area to be approximately 0.04 hectares (0.11 acres).
originally built in the 1860’s with a more modern rear extension from the
1980’s / 1990’s. Arranged over lower ground, ground, first and second
floors, the property has a stone façade set with sash windows to the Rateable Value
original building and brick elevations and double glazed aluminium frames
in the extension. According to the Valuation Office website the rateable values for the
property are as follows;
The lower ground floor is accessed from Victoria Street and is used as a
lounge, bar and club with back of house facilities including offices, Address Description Rateable Value
kitchens, WC’s and cellar. Basement Restaurant & Premises £16,750
The ground floor is occupied as a clothing and accessory store known as Ground Floor Shop & Premises £96,500
ARK and is accessed from the corner of the building at its junction of Part First Floor Rear Offices & Premises £8,200
Victoria Street and Fletcher Gate. Part First Floor Office & Premises £12,250
The first and second floors provide largely open plan office Second Floor Offices & Premises £24,250
accommodation which benefit from a 300kg 4-person passenger lift.
The Uniform Business Rate is 47.1 pence per pound for 2014/2015.
Planning
The property is Grade II listed and situated within the Lace Market Tenure
Conservation.
Freehold
Accommodation
The property has been measured by BKR Floor Plans and provides the Tenancy
following areas:
The property is fully let in accordance with the attached Tenancy
Sq M Sq Ft Schedule.
(GIA)
The total current rent is £190,850 per annum which is split between the
Lower Ground Floor - Leisure 327.29 3,523 retail/leisure element of approximately 72% and the office element of
28%.
Sq M Sq Ft
55% of the total income is secured against The Restaurant Group (UK)
(NIA) Limited.
Ground Floor - Retail
Zone A 35.95 387
Zone B 72.00 775 Service Charge
Zone C 93.18 1,003
The service charge budget for the year commencing 25th March 2014
Zone D 88.44 952
is £35,772.00. The expenditure for the year ending 24th March 2014 was
Zone E 23.13 249 £28,517.27. The service charge information is available to download.
Remainder 54.72 589
The lease of the first floor offices refers to a service charge cap of £8,750
ITZA 109.44 1,178 per annum plus RPI (excluding utility costs) and the lease of the second
Total 367.42 3,955 floor offices is subject to a service charge cap of £18,000 per annum plus
First Floor - Offices 339.18 3,651 RPI. In reality the expenditure has been below the cap so there has been
no service charge shortfall.
Second Floor - Offices 330.91 3,562
A schedule of floor areas is available to download as well as a set of
floor plans.
Along with their in house designed brands Cloak and Hearts and Bows,
Covenants the company also offers the very best streetwear brands including Fred
Perry, Carhartt, Cheap Monday, Motel, Ginger Fizz, The Ragged Priest
Oum Investments Limited (t/a Nirvana) (Co. No. 07155608) has and more. For further information visit www.ark.co.uk.
reported the following abbreviated accounts;
Brady Solicitors Limited (Co. No. 2442521) has reported the following
abbreviated accounts;
28th Feb 2013 28th Feb 2012
Shareholders’ Funds £3,000 £3,000
31st March 2013 31st March 2012
Current Assets £522,290 £241,287
Trading as Nirvana, the venue is a lounge, bar and club which hosts a Shareholders’ Funds 217,533 £63,937
range of events from bespoke intimate parties and corporate functions
to student and club nights. For further information visit Brady Solicitors is an award-winning property law firm with a strong
www.nirvananottingham.co.uk. heritage in property litigation and the property management sector. The
firm was winner of the solicitor of the year at the Property Management
(Co. No. 894426) has reported the Awards 2011-2012 organised by News on the Block and was a finalist in
following figures; 2012-2013. Bradys has also been ranked by The Legal 500 (considered
to be the most comprehensive independent analysis of law firms across
30th Dec 2013 30th Dec 2012 the United Kingdom) as a leading firm for Debt Recovery in the East
Revenue £416,107,000 £376,438,000 Midlands region. For further information please visit
http://bradysolicitors.com.
Pre Tax Profit 58,701,000 £48,796,000
Shareholders’ Fund 73,097,000 £61,193,000 Church Lukas Limited (Co. No. 03267313) has reported the following
unaudited abbreviated accounts:
The company’s principal activity is the operation of restaurants. The
Restaurant Group Plc is the ultimate parent undertaking.
31st Dec 2012 31st Dec 2011
The Restaurant Group Plc (Co No. 030343) has reported the following Current Assets £911,294 £592,919
figures; Shareholders’ Funds 518,136 £395,716
29th Dec 2013 30th Dec 2012
Revenue £579,589,000 £532,541,000 Church Lukas is an architectural and building consultancy practice
established in 1993 and provides professional services to clients across
Pre Tax Profit 72,685,000 £64,561,000
the country. The Company works on a broad range of projects,
Total Equity 215,965,000 £183,848,000 designing and managing new build, conversion and refurbishment
projects and provides specialist advice to the property and construction
The Restaurant Group plc is a FTSE 250 company listed on the London industry working with large or small businesses or private individuals. For
Stock Exchange operating in excess of 400 restaurant and pubs further information please visit www.churchlukas.com.
employing over 12,000 people. Its principal brands are Frankie &
Benny’s, Chiquito, Coast to Coast, Garfunkel’s, Home Counties Pub
Restaurants and Brunning & Price. For further information visit
www.trgplc.com.
Value Added Tax
The property has been registered for VAT and it is envisaged the sale will
be treated as a Transfer of a Going Concern (TOGC).
Ark Fashion Limited – sub-tenant
The first ARK store opened over 20 years ago in the Leeds Corn
Exchange. As the company grew in size they opened a second store
in York in 1994, followed closely by a Sheffield-based ARK store too.
Their unique mix of branded fashion and own-label apparel resulted in
further stores opening in Nottingham, Derby, Milton Keynes,
Castleford and Manchester. There are now 7 stores across the
country with more planned in the future.
Imperial Building, 20/22 Victoria Street, Nottingham NG1 2EX - Tenancy Schedule
Accommodation Tenant Net Internal Area Lease Start Lease Expiry Rent Review Rent Rent Comment
Sq Ft Sq M Per Annum Per Sq Ft
Oum Investments Ltd (t/a
Lower Ground 3,523 327.29 25.12.1995 24.12.2020 25.12.2015 £34,000 £9.65 ~£33,600 rent deposit held
Nirvana Bar)
~Underlease to Rett Retail Ltd, who are in liquidation.
~Sub-underlease to Ark Fashion Ltd who are in occupation.
The Restaurant Group ~Terms currently being agreed for Ark Fashion Ltd to take
Ground & Part First 3,955 367.42 07.11.1997 06.11.2022 07.11.2017 £104,500 £26.42
(UK) Limited a direct underlease for a term of 2 years, subject to a
tenant break at expiry of first year, at a passing rent of
£65,000 per annum. Outside 1954 Act Protection
~Service charge payments capped at £8,750pa, plus RPI
First Brady Solicitors Limited 3,651 339.18 26.07.2010 25.07.2015 N/A £24,850 £6.81
(excluding utility costs)
~ Tenant currently holding over and has expressed interest
in renewing lease. Inside 1954 Act Protection. S.25 Notice
served which expires 10th Oct 2014. Tenant has requested
Second Church Lukas Limited 3,562 330.91 07.12.2008 06.12.2013 N/A £27,500 £7.72 an extension of time for the statutory deadline to lodge the
application at court. The extension requested is to 9th
January 2015.
~Service charge payments capped at £18,000pa, plus RPI
14,691 1,365 £190,850 £12.99Contact Proposal
Singer Vielle Our client is seeking offers in the region of £2,000,000 (Two Million
94-96 Wigmore Street dale@singervielle.co.uk Pounds), subject to contract, reflecting a net initial yield of 9.0%.
London W1U 3RF
Tel: 020 7935 7200 richard@singervielle.co.uk
Fax: 020 7486 8511
www.singerviellesales.com neil@singervielle.co.uk Investment Considerations
faye@singervielle.co.uk
jackie@singervielle.co.uk
Vendors Solicitor
Freeth Cartwright LLP
Cumberland Court gillian.roberts@freethcartwright.co.uk
80 Mount Street
Nottingham NG1 6HH Atiyya.Khaliq@FreethCartwright.co.uk
Tel: 0845 050 3611
Subject to Contract & Exclusive of VAT
Singer Vielle for themselves and for the Vendors or Lessors of this property whose Agents they are give notice that:
1. The particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract
2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or
tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them.
3. No person in the employment of Singer Vielle has any authority to make or give any representation or warranty whatever in relation to this property.
4. All maps are for identification purposes only and should not be relied upon for accuracy.
5. Unless otherwise stated, all prices and rentals quoted are exclusive of Value Added Tax to which they may be subject.
Under no circumstances shall Singer Vielle be liable to you for any direct, indirect, consequential, incidental or special damages arising out of your purchase or lease of any Property.
Unless otherwise stated, all prices and rents are quoted exclusive of VAT.
These details are believed to be correct at the time of compilation, but may be subject to subsequent amendment.
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