Offers in region of
£850,000
(£82.48/sq. ft)
Retail premises for sale8A, The Corn Exchange, King Street, Belper, Derbyshire DE56
10,306 sq. ft
About this property
Rare opportunity to acquire an investment in the heart of historic Belper.
Current rent passing £79,054.17 +VAT per annum with potential to increase.
Available freehold subject to existing tenancies.
Range of uses including cafe, dance school, pilates studio, gallery and wine merchants.
The Corn Exchange comprises a multi-use investment of the former corn merchant's premises of full brick elevations beneath a pitched roof located in the heart of Belper. The scheme was redeveloped in 2021 and now consists of several uses including, a cafe, retail units, Pilates studio, offices, dance studio and recording studio. Externally there is a courtyard with loading provisions. There is pedestrian access from King Street.
The scheme currently has a rent passing of £79,054.17 +VAT per annum with potential to increase the rental income through lettings of vacant space. David Brown Commercial are currently marketing the vacant space and lettings of the space would result in an additional rental income of £27,900+VAT per annum.
We understand the current non recoverable costs result in an annual figure of approximately £7,500 per annum exclusive. We would stress the property is currently managed by the freeholder so no costs in relation to management fees have been deducted.
Current rental split is as follows;
Cafe/Retail - £41,608.22+VAT per annum exclusive
Offices - £12,779+VAT per annum exclusive
Studios - £24,667+VAT per annum exclusive
The units are let on efri leases or licence agreements. A full tenancy schedule and copies of leases / licence agreements is available from the agents on request.
Location
Belper is a popular market town in Derbyshire, situated within the borough of Amber Valley. The main arterial route running through the town is the A6, a historic north-south main road which links the town with the city of Derby some 8 miles south and towns of Matlock and Bakewell to the north.
King Street is the prime retail pitch, other occupiers include Iceland, Poundstretcher, Boots, Costa Coffee, Specsavers, Greggs, Superdrug, M&Co together with a vibrant mix of independent retailers.
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