1-4 Queens Road, Nottingham, NG2 3AS

Tenure:Freehold

Location: Nottingham
Address:1-4 Queens Road,
Nottingham,
NG2 3AS

Area:0.0 Sq M

Callum Robertson
T: +44 (0)161 259 0480
E: [email protected]

Ross Cuthbert
T: +44 (0)20 3486 3479
E: [email protected]

Charlotte Campbell
T: +44 (0)161 259 0469
E: [email protected]

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Property details

  • Highly reversionary trade counter investment opportunity in a prime Nottingham City Centre location.
  • Nottingham City Centre is strategically located within close proximity to the A52 and M1 motorway, providing unrivalled national connectivity.
  • Excellently situated on a highly prominent City Centre site adjacent to Nottingham Railway Station and close to City Centre amenities.
  • Self-contained multi-let industrial estate comprising four units extending to 33,089 sq ft.
  • 1-4 Queens Road offers significant reversionary potential through various asset management initiatives including reletting the vacant unit, refurbishment or redevelopment.
  • Fully let to three tenants with a total headline rent of £116,414 per annum reflecting a low average rent of £3.52 per sq ft.
  • Vacant possession over the estate is achievable within three months of serving notice.
  • We are instructed to seek offers in excess of £2,100,000 subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive Net Initial Yield of 5.25% and a low capital value of £63 per sq ft, after deducting purchaser’s costs of 6.29%, with an attractive reversionary position.

Nottingham is the economic powerhouse of the East Midlands and the principal commercial and administrative centre for the region. Nottingham has a resident population of approximately 1.3 million people making it the 8th largest urban area in the UK. Nottingham’s centralised location provides access to c.90% of the UK’s population within a 4.5 hour drive time.

The property is situated within the heart of Nottingham City Centre occupying a strategic site accessed from Queens Road in an established commercial location.

The immediate surrounding area comprises a mix of industrial, office, retail, leisure and residential uses. Nottingham railway station adjoins the site to the west, providing direct trains to Leicester, Birmingham, Manchester and London St Pancras with a fastest journey time to London of 1 hour 37 minutes.

The property is underpinned by excellent development potential subject to obtaining the relevant planning consent.

Under the revised Local Plan the site sits within the Southside Regeneration Area. The Local Plan identifies the Southside Regeneration Area as having the potential to become a vibrant
extension of the City Centre and a gateway to the City from the south, reinforcing the revitalisation of The Meadows centred around the recently redeveloped railway station.

The subject site has been identified within the Local Plan as a potential redevelopment site due to its prominent position and active frontages at ground floor level to both Queens Road and London Road. The aim of the Southside Regeneration Area is to create an area of vibrancy, encouraging a mix of retail and leisure uses at ground floor level with alternate use classes on the upper levels.

There may be scope to undertake a conversion for a change of use to residential, especially given the strong strategic nature of the site in Nottingham City Centre. The sites strong connectivity characteristics and proximity to the City Centre provides opportunity to explore potential residential development, as seen in the immediate vicinity of the property where Cording Real Estate Group is currently developing a 350 unit residential scheme off the junction of Eugene Street and Crocus Street.

A high level study of the site has indicated that a scheme of approximately 280 residential units could be accommodated along with ground floor retail provision. There is also potential to explore alternative options such as student accommodation and hotel uses which could also be viable subject to gaining the relevant consents.

Freehold

The property is held freehold under Title Numbers NT166152 and NT435820.