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    Key features

    • To be offered on Tuesday 16 April
    • Prime, High Yielding, Retail Investment
    • Let to C. & J. Clark International Limited
    • Producing £40,000 per annum plus Turnover Rent
    • Prominent Corner Pitch with Return Frontage
    • Vacant Upper Parts
    • Development/Conversion Potential (subject to planning)
    • Guide Price Reflects 17.8% Gross Yield

    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. 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.

    Additional information

    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


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


    The tenant is a well known retailer with some 350 stores and over 4,700 employees nationwide.

    Rent

    £40,000 per annum plus Turnover 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).

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      EPC rating

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      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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