Substantial mixed-use town centre investment comprising four ground-floor commercial units, two currently let producing £29,210 per annum, together with extensive vacant former office accommodation above and significant income and development potential, subject to consents.
Description
An exciting opportunity to acquire a substantial mixed-use commercial investment occupying a prominent position on Upper Regent Street in Mansfield town centre.
The property comprises 6, 8, 10, 12 & 14 Regent Street, Mansfield, NG18 1SS, collectively known as Upper Regent Street.
The accommodation extends across an impressive building comprising four commercial units at ground-floor level, together with a substantial former office premises across the upper floors, offering considerable space and potential for an incoming purchaser, subject to any necessary consents.
Of the four ground-floor commercial units, two are currently let and income producing, while the remaining two are vacant.
The current tenancies comprise:
Commercial Unit 1 – let on a 21-year lease, producing £15,210 per annum. Lease expiry date to be confirmed.
Commercial Unit 2 – let on a six-year lease running until March 2030, producing £14,000 per annum.
The existing rental income therefore totals £29,210 per annum.
The two currently vacant commercial units were most recently let at £8,500 per annum and £10,000 per annum respectively, demonstrating the potential to increase the overall rental income through reletting.
With its combination of existing income, vacant commercial accommodation and extensive former office space above, Upper Regent Street presents an excellent opportunity for investors, developers and owner-occupiers seeking a substantial town-centre asset with significant future potential.
Viewings are highly recommended and available by appointment. Please contact Auction House to arrange access.
Floor plans and further documentation are available within the legal pack via the property listing on our website.
Tenure and full lease information should be confirmed by reference to the legal pack prior to bidding.
Tenure: Freehold
Important Notice to Prospective Buyers
We draw your attention to the Special Conditions of Sale within the Legal Pack, referring to other charges in addition to the purchase price which may become payable. Such costs may include Search Fees, reimbursement of Sellers costs and Legal Fees, and Transfer Fees amongst others.
Administration Charge
£3,600 inc vat payable upon the fall of the virtual gavel
Loading the bidding panel...
- Unconditional (Immediate Exchange)
Call the team on 0115 777 8888 for more information
Disclaimer: The map preview provided above is for general guidance only and may not accurately reflect the exact location or surrounding buildings. Prospective buyers and interested parties are strongly advised to independently verify the precise location and surroundings before bidding.
By setting a proxy bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your proxy bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.
If two of more users place identical bids, the bid that was placed first takes precedence, and this includes proxy bids.
Another bidder placed an automatic proxy bid greater or equal to the bid you have just placed. You will need to bid again to stand a chance of winning.