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

Lot Image

Auction sale - Monday 19th February 2018

* Guide price:

£700,000 plus

The successful purchaser will be required to pay a buyer’s administration fee of £990 (inclusive of VAT). Other additional costs/fees may apply – click here.

Upon the instructions of


  • Freehold
  • Five retail units, upper floors, offices and car park
  • Management, letting and review opportunities
  • Producing £54,350 per annum - valuable vacant areas
  • 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

Planning

It is believed that the large area of vacant offices to the rear and over may offer potential for development subject to consultation with planners

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 ) & car space DG Blount & ND Temple Term expiring 31/03/2018 £15,200 pa (inc £520 for parking space)
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 Vacant
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 £69,550
Floor areas are approximate and not verified.
Note 28/30 vacates 31/03/18

Contact

Seller's solicitor

Mansfield District Council

Sam Reynolds

s.reynolds@ashfield.gov.uk

* Guide price

The guide price is an indication of the minimum price at which, or if a guide price range is given, within which, the seller is prepared to sell at the date of publication. The guide price is not an anticipated sale price or valuation. All prices quoted are subject to contract.

* Reserve price

The reserve price is the minimum price acceptable to the seller and the price below which the auctioneer cannot sell.

Both the guide and reserve may be subject to change up to and including the day of the auction. The guide price does not include either VAT which may apply to the sale or other amounts the seller may charge. The seller’s Special Conditions of Sale and addendum if any, will state whether there are other seller’s charges and whether the seller has elected to charge VAT on the sale price. On the fall of the hammer a buyer’s fee is payable of £990 inclusive of VAT.

Contact us now

National auctions

Tel: +44 (0) 207 198 2000
Email: auctions@lsh.co.uk

Online auctions

Tel: +44 (0) 207 198 2000
Email: onlineauctions@lsh.co.uk

Register for updates

Sign up today to receive these benefits:
  • Receive new property notifications
  • Register for a catalogue
  • Receive market updates
  • Receive auction results