Retail Opportunity – of interest to investors and occupiers

72 Market Street | Loughborough | Leicestershire | LE11 5AA

£250,000

subject to contract

FOR SALE

Summary

  • Loughborough is a popular student town, named University of the Year 2019

  • Located in a central retailing pitch

  • Temporarily let; ability to obtain vacant possession at any time

  • Freehold

  • £250,000, subject to contract

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Location

Loughborough, the largest town in Leicestershire, is located approximately 19 km (12 miles) north of Leicester, 27 km (17 miles) south of Nottingham and 31 km (19 miles) south-east of Derby.

The town benefits from good road communications, being served by the A512 which links directly to Junction 23 of the M1 Motorway approximately 4.8 km (3 miles) to the west. The A6 also provides direct access to Leicester to the south.

The town is connected to the national railway network with a fastest journey time to London St Pancras of approximately 1 hour 20 minutes. There are also regular services to Leicester (10 minutes) and Nottingham (19 minutes). In addition, East Midlands Airport is approximately 15 km (9 miles) to the north-west and connects over 4 million passengers per year, serving more than 80 leisure and business destinations.

Loughborough has been named University of the Year by The Time and Sunday Times University Guide 2019 and is ranked in the top 10 in the most recent national league tables. Surrounded by countryside the town is ideally based for visitors to explore Charnwood and its parks, including Charnwood Forest.

Situation

The property occupies a central retailing pitch on the pedestrianised Market Street, in the heart of the town centre. Nearby occupiers include Costa, Specsavers, Santander, Superdrug, Vodafone and Primark.

The property benefits from being in close proximity to the Carillion Court Shopping Centre which comprises approximately 6,782 sq m (73,000 sq ft) of retail accommodation in 36 units. Retailers in the scheme include Boots, Topshop, The Body Shop, WH Smith, H Samuel, Thorntons, Pandora, Game and Claire’s.

The former hospital site on Baxter Gate is also close by. Developed in 2016, this leisure scheme totals approximately 4,784 sq m (51,500 sq ft) and comprises a Cineworld cinema plus numerous restaurants including Nando’s, Pizza Express, Starbucks, Loungers and Bella Italia.

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Description

The property comprises a retail unit on ground floor with ancillary accommodation on first floor level.

The property has the benefit of a right of emergency escape over the adjoining properties (70 Market Street and 1 Market Place), but is subject to a right of way over the property in favour of the owners and occupiers of 70 Market Street and 1 Market Place.

Accommodation

The property has been measured by BRK Floor Plans and provides the following Net Internal Areas:

Gross Frontage 7.57 m 24 ft 10”
Net Frontage 6.93 m 22 ft 9”
Zone A 42.73 sq m 460 sq ft
Zone B 16.07 sq m 173 sq ft
ITZA   547
Ground Floor Retail Total 58.81 sq m 633 sq ft
First Floor 43.01 sq m 463 sq ft
TOTAL 101.82 sq m 1,096 sq ft

A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £265 + VAT.

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Rateable Value

According to the Valuation Office website the rateable value for the property is as follows:

Address Description Rateable Value
72 Market Street Shop and premises £25,500

The business rate multiplier is 50.4 pence per pound.

Tenure

Freehold.

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Tenancy

The property is currently let to Farplace Animal Rescue for a term of 3 years from 20th August 2019 at a peppercorn rent. The lease is outside 1954 Act protection.

There is a mutual rolling break option, subject to 30 days’ written notice. Therefore, a purchaser will be able to obtain vacant possession if required.

VAT

The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

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Proposal

We are instructed to seek a figure of £250,000 (Two Hundred and Fifty Thousand Pounds), subject to contract, assuming standard purchaser’s costs of 2.6%.

Please note that a purchaser will be re-charged the costs of surveys and searches which are provided in the data room.

Please note that a purchaser will be charged a Transaction Fee of 1% of the Purchase Price plus VAT.

Investment Considerations

  1. An opportunity to acquire a freehold retail opportunity in a popular student town;

  2. The property occupies a central retailing pitch;

  3. The property is currently let, with the ability for a purchaser to obtain vacant possession if required;

  4. Attractive lot size to a purchaser.

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Data Room and clicktopurchase®

Access to the data room and for the ability to purchase online with speed and ease, please click the clicktopurchase® “C” icon or the clicktopurchase® side bar. Purchasers will be able to access the complete legal package, clear verification and submit legally-binding offers to acquire the property.

Purchasers benefit from the trust, security and transparency provided by the platform. All activities, including the online contract execution, will form part of the electronic audit trail which is anchored in the clicktopurchase® Blockchain.

clicktopurchase® provides the opportunity for any investor, whether located UK or abroad, to uniquely purchase online with ease and certainty. To learn more about clicktopurchase®, click here.

finance

Finance

We have partnered with a leading finance adviser to provide loan services. To learn more, please visit our “Finance” section.

Contact Us

Singer Vielle   +44 (0) 207 935 7200
Dale Henry dale@singervielle.co.uk +44 (0) 203 701 1356
Neil Singer neil@singervielle.co.uk +44 (0) 203 478 9120
Richard Potter richard.potter@singervielle.co.uk +44 (0) 1536 560 400
Marcus Learoyd marcus.learoyd@singervielle.co.uk +44 (0) 1536 560 400

Vendors Solicitor

Forsters LLP    
Nicola Copsey Nicola.Copsey@Forsters.co.uk +44 (0) 207 399 4819
customer service