Poundland & Peacocks, Nottingham

Property Description

• Freehold Blue-Chip Retail Investment.
• The property was built as part of the Victoria Shopping Centre, the bulk of which lies on the north side of Lower Parliament Street and is connected at first floor by a bridge link (not included in demise).
• The Victoria Centre was constructed in the early 1970s and the subject property was purpose built originally as a single retail unit.
• The property now comprises two deep retail units arranged over basement, ground and first floors.
• The ground floor is used as sales space with the first floor used for storage. The basement is currently not demised and is vacant.
• There is a goods lift providing access between the ground and first floors of the Poundland unit, both units can be serviced from the rear.

Location Description

• The historic City of Nottingham lies at the heart of the UK and forms the commercial and administrative hub for the East Midlands. It is situated approximately 130 miles north of Central London and 50 miles north east of Birmingham.
• Nottingham benefits from excellent communications with the M1 (J25) located approximately 7 miles to the west, providing access to both the M69 and the M18.
• Nottingham train station is located within the city centre providing direct rail services into London St Pancras with a fastest journey time of approximately 1 hour 39 minutes. Regular train services run to Birmingham New Street, Derby and Sheffield.
• The property is situated on the prominent island site to the south side of Lower Parliament Street and is bounded by Clinton Street East and Clinton Street West on the flanks and Lincoln Street to the south.
• Lincoln Street affords access to a recessed loading bay at the rear of the building. Both Clinton Street East and Clinton Street West are pedestrianised.
• The property is across from the main entrance to the Intu Victoria Shopping Centre, approximately 5 minutes’ walk to the main Nottingham Trent University Campus and within easy reach of the transport nodes of the city centre. The new Skills Hub is within 5 minutes’ walking distance.
• Nearby occupiers include Lloyds Bank, Urban Outfitters, Nationwide, Santander, HSBC, JD Sports, Sports Direct, McDonalds and Halifax.

Tenancy & Additional Information

• Unit 1 – Let to Poundland Limited for 15 years FRI from 27th January 2014 at a current rent of £350,000.
• Unit 2 – Let to Peacocks Stores Limited for 5 years FRI from 6th March 2020 at a current rent of £95,000.
• Basement Vacant.
• The property has the potential to be a prime development site within the heart of Nottingham City Centre subject to all necessary consents.
• Given the property’s location in relation to the City’s retail provisions and Nottingham Trent University’s main campus, a mixed use scheme seems viable.
• The vendor has undertaken some pre-planning advice outlining the potential for the building in the future.