Withdrawn
Withdrawn Prior
Sold
Sold Prior
Sold Post
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. Please consult the legal pack for full confirmation of the areas to be sold.
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.
Tenure
Freehold
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
The tenant is a well known retailer with some 350 stores and over 4,700 employees nationwide.
Rent
Notes
We understand the property is elected for VAT. It is anticipated the sale can be treated as a Transfer of a Going Concern (TOGC).