18, 20, 22, 24, 26, 28A & 28 - 30 Albert Street, Mansfield, Nottinghamshire, NG18 1EB

Lot Image

Auction sale - Monday 11th December 2017

Result:

Unsold, the last bid was £740,000 and is available at £750,000

Upon the instructions of


  • Freehold
  • Five retail units, upper floors, offices and car park
  • Management, letting and review opportunities
  • Producing £80,050 per annum - part vacant
  • Development/alternative use potential

Addendum

18, 20, 22, 24, 26, 28A & 28 - 30 Albert Street
Note the tenant of the dance hall has now vacated and the total income before re letting will be £69,550 per annum.

Details

Location

Mansfield is a busy market town with a district population of around 100,000 located 19 miles north of Nottingham with Sheffield 22 miles to the North-West. Key neighbouring towns include Worksop, Newark and Chesterfield
Mansfield lies within 10 minutes drive of junctions 27, 28 & 29 of the M1 and 18 miles from the A1 and the town is served by two rail stations. The town centre is dominated by the Four Seasons, the West Gate and St Peters Retail Shopping Centres with the town offering a full range of UK multiple retailers. Mansfield also has a popular five day a week open market that has traded for over 800 years. The properties lie in the town centre close to the rail station and St Peters Retail centre, and enjoy a long and prominent frontage to Albert Street at its junction with Station Street. The immediate area is popular with estate agents.
The rear of the property is accessed via Clerkson Street, which also accesses the parking areas.

Description

The property which dates from the early 1900's comprises a terrace of five retail units with one and two floors over. The property forms a part of a longer terrace, and is an area popular with estate agents and property letting tenants.
The property has stone faced elevations and incorporates at 18 and 28A double wooden door street entrances to self contained first floor offices. To the rear of the building, accessed via Clerkson Street is a large self contained three storey office building with three parking bays as well as a single storey full height vaulted ceiling dance hall and electricty sub station. There are also two car park areas at the rear of the property with 15 bays.

Tenure

Freehold

VAT

Refer to the legal documentation

Energy Performance Certificate

See website

Planning

The self contained first floor office suites may offer an opportunity for alternative uses, and all enquiries should be made to the Mansfield Council planning department at
Mansfield.gov.uk (01623 463463)

Address Accommodation Tenant Lease Terms Rent £ pa
18 Albert Street First floor (self contained 790 sq ft) Vacant
20 Albert Street Ground floor retail/storage (630 sq ft) Keywood Mansfield Ltd 12 years exp 28/09/2027 £10,500 reviewed 3 yearly - next Sept 2018
22 Albert Street Ground floor (777 sq ft ITZA) & two upper floors I Bowes & M Boucher Holding over from 2010 £16,250 (2007)
24 Albert Street Ground floor estate agency (482 sq ft) Pinewood Property Lettings Ltd (with surety) 12 years exp 25/06/2024 £10,000 reviewed 3 yearly - next 2018
26 Albert Street Ground floor retail (556 sq ft) William Thompson Holding over from 2016 £9,900 (2007)
28/30 Albert Street Ground floor (ITZA 723 sq ft ) DG Blount & ND Temple To vacate 31/01/2018 £15,200 (inc parking space £520)
28A Albert Street First floor offices (self contained 472 sq ft) NSL Ltd 5 years exp 11/06/2020 Peppercorn until reviewed in March 2018
Clerkson Street-hall Ground floor & mezzannine (2,440 sq ft) Brierley & Worboys To vacate 08/12/2017
Clerkson Street-Offices Ground, First & second floors (2,539 sq ft) Vacant
Clerkson Street carpark Two car parks with 15 spaces Various 14 on licence/1 on lease £7,700
Clerkson Street substation 225 sq ft (20.90 sq m) Powergen Energy Plc 21 years exp 2019 peppercorn
TOTAL £80,050
The areas are approximate and may not be verified.

Contact

Seller's solicitor

Mansfield District Council

Sam Reynolds

s.reynolds@ashfield.gov.uk

* Guide price

An indication of the seller’s current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

* Reserve price

The seller’s minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

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