Retail premises for sale in Church Street, Mansfield NG18

Key Points

Description

The subject property comprises a corner retail unit which is fully let and trading as Mobiles Fix. There are retail showrooms over two floors with storage and ancillary staff accommodation on the second floor.

The premises have a Gross Frontage (to Market Place) of 4.85m and a return frontage of 9m.

Location

The subject property is prominently located on the corner of Church Street and Leeming Street in the heart of Mansfield. The property is located in the pedestrianised town centre opposite the open air Market Place. Surrounding occupiers include a mixture of National and Local retailers as well as High Street Banks.

Mansfield is an established market town in North Nottinghamshire situated approximately 15 miles north of Nottingham and 24 miles south of Sheffield. Mansfield has a population of some 110,482 persons according to the 2021 Census.

Availability_Text

The accommodation comprises the following areas:

Occupational Lease Details

The property is let by way of an original 10 year lease from 24th January 2022 at a passing rental of £22,500 per annum exclusive. Therefore, there are approximately 8 years term certainty. There are rent reviews in 2026 and 2029.

The tenant is a local company incorporated in 2014. The property trades as a mobile phone repair shop.

Asking Terms

The property is available to purchase freehold. We are inviting offers in the region of £225,000 (Two hundred and twenty five thousand pounds). A purchase at this level reflects a Net Initial Yield of 9.76% after allowing for normal purchaser costs. VAT in not thought to be applicable.

Money Laundering Checks

In order to comply with Anti-Money Laundering Legislation, the successful purchaser will be required to provide certain identification documents. The required documents will requested from the successful purchaser.