Pennine House, 8 Stanford Street, Nottingham, NG1 7BQ

Pennine House is a mid-nineteenth century built warehouse subsequently converted and currently used as office accommodation arranged over basement, ground and 5 upper floors. The property underwent extensive refurbishment to include an extension of part of the rear elevation and relocation of the lift shaft within the building. The building now provides well appointed modern office accommodation supplemented by
meeting rooms and staff welfare facilities. An 8 person passenger lift gives access to all floors from the main reception area.

To the rear of the building accessed from Stanford Street is a surface carpark providing 59 on-site parking spaces.

Nottingham is located 128 miles north of London and 45 miles north-east of Birmingham. It is the largest urban area in the East Midlands and the second in the Midlands as a whole.

Almost 62,000 students attend the city’s three Universities, Nottingham Trent University, the University of Law and the University of Nottingham. The city is also home to the headquarters of several well known companies including Boots, Allianz, GM, Chinook Sciences, Pedigree, VF Corporation, Experian, Eon, Games Workshop and Paul Smith.

Pennine House is situated on the western side of the southern end of Stanford Street in the heart of Nottingham city centre, a close walk from all amenities and public transport links.

Pennine House has been let to Nelsons Solicitors Ltd as a whole under a lease commencing 25 March 2018 for a term of 15 years on a full repairing and insuring basis. The passing rent is £260,000 per annum agreed at the March 2023 rent review. The lease contains a tenant only break clause on 25 March 2028.

Pennine House is held freehold and will be sold subject to and with the benefit of the occupational lease.

The carpark is also let to Nelsons Solicitors Ltd by way of 15 year lease from 25 March 2018 at a rental of £70,000 per annum and once again incorporates a tenant only break option on 25 March 2028. The passing rent was agreed at the March 2023 rent review.

The carpark is held on a 125 year ground lease from 19 October 1988 expiring 18 October 2113 with the current ground rent being £12,320 per annum.

Nelsons Solicitors Ltd Experian score 100 and noted as “Very Low Risk”. For the 12 month period ending 31 May 2023, the company reported pre-tax profits of £4,606,810 and are therefore more than capable of meeting its rental commitment under the terms of 2 occupational leases.

Band C until March 2026.

The rents are subject to VAT charged at the prevailing rate. The sale can therefore be treated as a TOGC for VAT purposes.

In accordance with Anti-Money Laundering Regulations, two forms of I.D. and confirmation of the source of funding will be required from the successful purchaser.

Offers are invited in excess of £4,000,000 (four million pounds) reflecting a net initial yield of 7.45% having allowed 6.54% purchaser costs.