Welcome to 36-38 Gordon Road, West Bridgford, NG2 5LN.
£600,000
2563 sq ft
FREEHOLD INVESTMENT OPPORTUNITY - A rare opportunity to purchase a pair of semi-detached buildings prominently located in a sought after West Bridgford Central.
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36-38 Gordon Road, West Bridgford, NG2 5LN

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Property Description

LOCATION
West Bridgford is a popular suburb of Nottingham City Centre and is located three miles to the south of the city.

The property is situated on Gordon Road within West Bridgford town centre. Gordon Road is one of the two main retailing streets in West Bridgford and accommodates a variety of national and independent retailers. Nearby occupiers include a One Stop convenience store, Save The Children charity shop, a number of independent retailers including nail bars, hairdressers and a selection of cafes and takeaways.

DESCRIPTION
The subject premises comprise of two former residential semi-detached properties which have been converted to form extended ground floor retail units.

Number 36 comprises of a ground floor takeaway with a separately accessed two storey flat above.The retail unit comprises of a front retail space, used as a customer ordering and waiting area. The remainder of the unit beyond is used as a kitchen and food preparation area, with additional storage.

There is a back door to the rear of the premises which leads out to the external area. The rear kitchen area has a tiled floor with fluorescent strip lighting, whilst the middle kitchen benefits from a linoleum flooring, pendant light and wooden framed window. The front customer area benefits from a double-glazed shop front, with laminate flooring and spotlights.

The flat benefits from a modern bathroom and kitchen, spacious living room and two double bedrooms. There is a mixture of UPVC and wooden double glazing throughout.

Number 38 comprises of a ground floor takeaway with separately accessed first and second floor commercial premises. The ground floor retail unit comprises of a front sales area which has been partitioned to create a kitchen area. To the rear is a further kitchen/ preparation and storage areas. A lean to has been added to create an additional storage facility.

The open plan salon benefits from laminate flooring, suspended ceilings and spotlights. The windows are wooden framed. To the second floor is a separate salon area and kitchen/ staff room. This floor benefits from air conditioning, laminate flooring and fluorescent strip lights and wooden framed double glazed windows.

There is an external area to the rear of the property, in which there is ample parking for 2/3 cars, although vehicular access would need to be made across neighbouring properties and is not available immediately adjacent to the property.

ACCOMMODATION
36 Gordon Road

Ground Floor sq m sq ft
Retail Sales 21.5 231

Kitchen Areas 22.5 242
Internal Stores 4.1 44
First Floor
Bathroom 6.5 70
W/C 1 11
Kitchen 12.2 131
Living Room 18.7 201
Second Floor
Bedroom 1 14.0 151
Bedroom 2 9.4 101

The total site comprises approximately 1182 sq ft.

38 Gordon Road

Retail Sales 29.97 322

Kitchen Areas 9.93 107
Internal Stores 9.87 106
External Store/ Lean to 5.9 63
GF TOTAL 598
First Floor
Landing Area 17.2 185
Main Room 32.1 345
W/C
FF TOTAL 530
Second Floor
Treatment Room 13.9 150
Kitchen 9.6 103
SF TOTAL 253


TERMS
36 Gordon Road

The property is let on a Full Repairing and Insuring Lease for a term of 30 years from 1st July 2005 to Khirun Nessa Khanam. There is a rent review every 5th year. We understand the passing rental is £12,500 per annum exclusive with the rent reviews not having been triggered.

We understand the upper floor accommodation is sub-let under the terms of the head lease to a residential tenant who currently pays £650 pcm on an all-inclusive basis.

We anticipate a substantial increase in rent on this property should the rent review be triggered by the incoming landlord.

38 Gordon Road

The ground floor is let on an Effectively Full Repairing and Insuring Lease for a term of 12 years to Mrs Man Yi Dora Wong, from 11th March 2011. There are 5 yearly rent reviews. We understand the passing rental is £8,400 per annum exclusive. We are advised that the 2016 review has been settled at a nil increase.

The first and second floor is let on an Effectively Full Repairing and Insuring lease for a term of 6 years to Mr A S Burton and Miss E L Vicary, from 11th March 2017. There is a rent review in the third year. We understand the passing rental is £5,830 per annum exclusive.

We consider these rents to be considerably below the market rental value so would anticipate a good increase.

OUTGOINGS
36 Gordon Road

The ground floor is assessed for Business Rates as follows:

Rateable Value: £9,400

The first and second floor residential accommodation is classed as council tax band B.

The ground floor is assessed for Business Rates as follows:
Rateable Value: £9,500

The first and second floor are assessed for Business Rates as follows:
Rateable Value: £5,500

LEGAL COSTS
Each party is to bear their own legal costs.

PARKING NOTES
Forecourt parking

PLANNING
The units will fall within E class for the first and second floor of 36. The ground floors will fall into the new sui generis category, no changes of use to or from these uses fall within permitted development.

VIEWING
Access needs to be confirmed with tenants.For further information and to arrange access for an onsite inspection please contact Rex Gooding Estate Agents on 0115 945 5553 or info@rexgooding.com.

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