Ground floor c.290 sq m (3,120 sq ft) / Upper floors c.278 sq m (3,000 sq ft) / Vehicular access to rear courtyard
Held on a 12 year FRI lease from 22/10/14 at a current rent of £15,000 p.a.
Rent reviewed to the higher of the market rent or uplift with reference to the RPI on a 3 yearly basis
Use as a gentleman’s club and sauna or uses within Class A1, B1 or B2
The property has longer term conversion and residential development potential (subject to consents)
Guide Price £200,000
The property comprises substantial three-storey traditional brick built premises with extended ground floor areas previously providing showroom accommodation now adapted for use as a gentleman’s club and sauna. The property benefits from vehicular access via a central archway to courtyard parking.
The accommodation suits the current use or could revert back to a retail showroom and we anticipate future prospects for conversion and additional development for city centre living, subject to consents.
The property has frontage of approximately 16 m (52 ft 6 in).
No. 68 provides substantially extended ground floor accommodation of c. 209 sq m (2,250 sq ft). In addition, a former garage/store is now incorporated to accommodate a sauna, steam room and boiler room.
The ground floor of No.69 provides former sales accommodation currently undergoing fit out works to extend the existing use of the premises. This provided a former sales area of approximately 72 sq m (780 sq ft) plus a former rear staff room/kitchen of 9.7 sq m (105 sq ft) and a former WC.
There are two upper floors which provide a range of rooms, some in use with the current operation. The upper floors provide approximately 139 sq m (1,500 sq ft) gross on each level (x2) – total 278 sq m (3,000 sq ft) GIA.
The property is held on a lease by Club 69 Limited with the benefit of a personal guarantor for a 12 year term commencing 22 October 2014 – therefore expiring 21 October 2026. The current rent passing is £15,000 p.a.exc. with a rent review every 3 years to the higher of the market rent or increase with reference to the Retail Price Index. The first rent review is due October 2017. The lease incorporates a tenant only break option in October 2022 subject to not less than 6 months prior notice. The lease is held on full
repairing and insuring terms.
The property is ‘For Sale’ at a guide price of £200,000 with a guaranteed uplift on the current rent passing accounting for the RPI review mechanism should there be an absence of market rental evidence.
In addition to the income generated under the current lease there are considered to be options in the future for conversion and additional development to accommodate a city centre apartment scheme subject to consents.
ENERGY PERFORMANCE RATING: Awaiting Confirmation