For SaleInvestment Property

93, Mansfield Road, Daybrook, Nottingham, Nottinghamshire, NG5 6BH

Description

A modern detached steel portal frame retail warehouse unit with brick and clad elevations with part full height glazed section, 7m eaves height, clad roof incorporating translucent panels, overhead lighting and air conditioning units, kitchen and WC with partitioned storage area.

The tenant has recently installed a steel frame mezzanine.

The property has a part tarmacadam and part concrete fully fenced and walled car park with access from Byron Street with 24 marked spaces.

LOCATION

The property is situated in a prominent location on the corner of Mansfield Road (A60) and Byron Street Daybrook approximately 4 miles north of Nottingham city centre. Mansfield Road is the main arterial route into Nottingham from the north of the city.

The site is accessed from Byron Street and the property is situated adjacent to Aldi with other retailers within the vicinity including Sainsbury’s, Go Outdoors, Carphone Warehouse, Pets at Home, B&M Bargains and McDonald’s.

LEASE DETAILS

The property is let to Angling Direct plc (Company Number 05151321) on a 10-year FRI lease from 12/02/2019 at £46,000 per annum.

The lease incorporates a rent review at the end of the fifth year.

COVENANT

Angling Direct is the largest specialist fishing tackle retailer in the UK with 33 retail units nationwide with further stores currently being acquired.  The company principally sells fishing tackle products and related products through a network of Angling Direct retail stores located in the UK and also online via its own website and its 3 European websites in Germany, France and the Netherlands.

Group Sales:   £42.0M (31 January 2019)
Online Sales:   £22.3M (31 January 2019)
Store Sales:     £19.7M (31 January 2019)
Gross Profit:     £13.8M (31 January 2019)

PROPOSAL

We are instructed to seek offers in excess of £700,000 (Seven Hundred Thousand Pounds).

A purchase at this level will show a net initial yield of 6.25% after allowing for purchasers cost of 5.3%.

VAT

The property has not been elected for VAT purposes.

EPC

The property has an EPC rating of C66. The certificate is available on request.