Property Details

Location

The property is located at the junction of St Peter‘s Street and Osmaston Road in the retail heart of Derby City Centre, in an area known locally as ‘the spot‘ and is opposite a main entrance to the Derbion Shopping Centre.

The rear car park is accessed off Back Sitwell Street, which runs parallel with Osmaston Road.

Description

The property comprises three retail units with prominent frontages to St Peter‘s Street and Osmaston Road, and two floors of accommodation over, providing four suites of self-contained offices.

To the rear there is a surfaced car park with vehicular access off Back Sitwell Street. The car park extends to approximately 0.32 acres and accommodates circa 60 vehicles.

100 St Peter‘s Street and 2-8 Osmaston Road are shown edged red on the attached plan. The rear car park off Back Sitwell Street is shown edged and shaded red, all for identification purposes only.

Summary of Tenancies

The premises are sold subject to existing tenancies which are outlined on the attached schedule. In summary, the retail units, two of the upper floor suites and the rear car park are let and produce a current rental level of £98,300 per annum.

Two upper floor suites are currently vacant and being offered to the market to let at a combined asking rental of £9,500 per annum.

The leases are drawn on effectively full repairing and insuring terms, with the majority of tenants paying a fixed service charge towards maintenance of the external and common areas. The fixed service charges currently total c. £30,000 per annum (with reviews pending) and in addition a further tenant is obliged to pay 13% of the direct costs of repairs and other maintenance issues.

Redevelopment Potential

Whilst planning permission has not been formally sought, draft schemes have in the past been prepared by local architects and it is considered that realistic potential exists for

▪ Re-purposing and conversion of the upper floor areas above the retail units to provide residential accommodation.

▪ Independent residential development within the rear car park accessed off Back Sitwell Street.

Interested parties are advised to make independent enquiries in this respect.

Rear car park

Services

We understand mains water, electricity and drainage services are connected to the property.

Price

Offers are invited in the region of £1,000,000.

VAT

VAT is not applicable.

EPCs

The various sections of the property have individual EPC ratings. Further information is available upon request from the sole agents.