Address121 To 125 Park Lane, Basford , Nottingham, Nottinghamshire, NG6 0DT
For Sale - £1,500,000
3,442 sq m (37,050 sq ft)
121 Park Lane is a two storey self-contained office building constructed in the 1970’s configured to provide predominantly open plan office accommodation over both levels with ancillary welfare facilities. It is let to Ambico Care Ltd for a term of 10 years from September 2018 at a headline rent of £30,000 per annum (the first 2 years at half rent). The lease incorporates a tenant only break option at the fifth anniversary of the term which if exercised attracts a £30,000 penalty. At the end of year 5 the rent increases to £32,500 per annum.
We believe that it is possible to generate a rental income of £75,000 per annum from 123 Park Lane which is currently vacant.
123 Park Lane was built in the 1970’s and has been extended in the 1980’s to provide a substantial fabrication facility. The unit has been fitted with two 3.2 tonne crane and gantries and has a height to the underside of eaves of 6m. This unit incorporates a two storey integral office and administration block with staff welfare facilities.
125 Park Lane is a detached workshop built in the 1970’s with an eaves height of approximately 6.3m and has an integral two storey office and administration block let to Jason Tomlinson Services Ltd for a 10 year term from December 2019 at £45,000 per annum.
Measured on a gross & net basis (as appropriate) the buildings have the following areas:-
121 Park Lane: 517.30 sq m ( 5,568 sq ft)
123 Park Lane: 1,989.27 sq m (21,390 sq ft)
125 Park Lane: 937.70 sq m (10,092 sq ft)
Site area: 0.74 Hectares (1.83 Acres)
The property is located on Park Lane 2.5 miles north-west of Nottingham city centre. The location provides excellent access to the city centre, the inner ring road. Access is off the A611 Hucknall Road via Kersall Drive and St Albans Road.
The properties are currently held by means of a ground lease from Nottingham City Council for a term of 99 years from July 1969 at a fixed annual ground rent of £1,425 per annum. Negotiations are under way with Nottingham City Council to re-gear the ground lease to a new 150 year term. The new ground rent for the entire site is yet to be agreed. Indications are that this may be in the region of £25,000 per annum.
The long leasehold interest in the property is available to purchase and offers are invited in the region £1,500,000 (one million five hundred thousand pounds).
In accordance with Anti-Money Laundering Regulations, two forms of I.D. and confirmation of the source of funding will be required from the successful purchaser.
Each party will be responsible for their own legal costs incurred in documenting the transaction.
To find out more about this property, give us a call on 0115 958 8599