Commercial property for sale

Strapline

Auction Sale - 24/01/2024

Of Interest to Investors and Developers

Prime, High Yielding, Retail Investment Occupying a Prominent Corner Position

Let to Clarks Producing £40,000 per annum plus Turnover Rent

Vacant Upper Parts Offering Development Potential (subject to obtaining the requisite consents)

Description

The property comprises a prime, high yielding, investment opportunity let to Clarks and offering excellent development/conversion potential to the upper parts (stp).

Arranged across basement, ground, first and second floors, the property occupies a prominent corner pitch in the heart of Chesterfield.

The ground floor and basement are let to C. & J. Clark International Limited (t/a Clarks) on a new five year lease expiring 31/05/2028 and paying a rent of £40,000 per annum. There is a further turnover rent which is calculated at 8% of any annual store turnover in excess of £500,000. We understand that the turnover rent was in excess of £10,000 per annum in the last year and that the store turnover regularly exceeds £500,000 per annum.

The upper parts are currently vacant and therefore may be suitable for conversion to alternative uses, including residential, subject to obtaining the requisite consents.

Chesterfield is a major market town and rail hub, the subject property sits on the prime retail pitch and benefits from a large return frontage to Market Place.

Tenancy

The ground floor retail space and basement are let to C. & J. Clark International Limited t/a Clarks.

The lease is for a term of five years expiring 31/05/2028 and producing £40,000 per annum. The lease also includes a turnover rent which is equivalent to 8% of any annual turnover in excess of £500,000.

The lease is on full repairing and insuring terms and includes a tenants break option in the third year.

C. & J. Clark International Limited

• D&B Rating: 5A4
• Turnover (2022): £502,800,000
• Pre Tax Profit (2022): £29,900,000