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موقع
The property occupies a site extending to approximately 0.112 hectares (0.276 acres).
إقامة
The property provides the following accommodation, as measured by Survey Hub.
| Gross External Areas | ||
| قبو | 20.29 | 218 |
| الطابق الأرضي | 1,088.09 | 11,712 |
| الدور الأول | 770.24 | 8,291 |
| الطابق الثاني | 767.3 | 8,259 |
| المجموع | 2,645.92 | 28,480 |
| Gross Internal Areas | ||
| قبو | 20.29 | 218 |
| الطابق الأرضي | 1,022.56 | 11,007 |
| الدور الأول | 718 | 7,728 |
| الطابق الثاني | 715.01 | 7,696 |
| المجموع | 2,475.86 | 26,649 |
| Net Internal Areas | ||
| قبو | 13.09 | 141 |
| الطابق الأرضي | 479.41 | 5,161 |
| الدور الأول | 489.4 | 5,267 |
| الطابق الثاني | 517.16 | 5,566 |
| المجموع | 1,499.06 | 16,135 |
The property benefits from an on-site car park for some 15 spaces with an area of approximately 400.41 sq m (4,310 sq ft).
A set of plans and measurements is available to download and will be assigned to the purchaser.
Tenure & Option Agreement
The property is held by way of a long leasehold interest at a peppercorn rent for a term of 125 years commencing 20 August 1997, with approximately 96 years unexpired.
The sale includes an assignment of an Option to Purchase the freehold made between Nottingham City Council and Redwood Bank.
The terms of the Option Agreement are as follows:
If the Option to Purchase the freehold interest is exercised, then the purchase price for the freehold interest is £475,000 + VAT
The Option to Purchase is exercisable for a period of 1 year from 24ذ أغسطس 2026
- The Option to Purchase refers to an Overage Deed which provides the following:
- The overage period will last for 50 years from completion of the purchase
- The overage payment is triggered on the grant of a planning permission which increases the size of the property, or the sale of the property
- The base area is 2,645.92 square metres gross external (28,480 sq ft)
- The overage payment is calculated as follows – 50% x ((New Area – Base Area)/New Area)
Example:
- Say the building is 10% larger after planning permission, being 2,910.51 square metres
- Say the value of the building is then £10m
- Overage payment would be (2,910.51-2,645.92)/2,910.51 = 0.0909. Multiple by 50% = 0.04545. Multiple by £10m = £454,542.
The important thing to note is that no overage is payable if the size of the property is not increased.
الإيجارات
Whilst the offices have been operated as serviced offices, and the retail previously let, the property has gradually fallen vacant since receivers were appointed and is being offered for sale with vacant possession.
القيم الخاضعة للضريبة
We understand that the aggregate Rateable Values based upon individual assessments contained within the 2023 Rating List is as follows:
| Assessments shown | Combined RV |
| Offices/rooms on first page | £36,180 |
| Offices/rooms continuing on second page | 49,275.00 |
| 14 separately assessed car spaces | £14,000 |
| Four retail units: 278–280, 282–284, 286–288 and 290 | £66,750 |
| TOTAL RATEABLE VALUE | 166,205.00 |
Capital Values
We understand that capital values established in Nottingham for prime offices are currently in the order of £350 per sq ft, with residential values in the vicinity of Huntingdon House being in the order of £225-250 per sq f for residential. As a result, a purchase of Huntingdon House at the asking price reflects a significant discount to potential exit values.
إمكانات التطوير
The principal investment proposition at Huntingdon House is the development and repositioning potential of the building and its site. The upper floors currently hold a Class E planning designation, which accommodates a wide range of uses including offices, retail, health and education. A formal change-of-use application would be required to bring the upper floors into residential or purpose-built student accommodation (PBSA) use, whilst he existing Class E consent provides a flexible and commercially useful base position from which to proceed.
EPC
Energy Performance Certificates have been obtained for the property as follows:
| وحدة | Rating | Date Issued | صالحة حتى |
| 278–280 Huntingdon Street | ج | 29 March 2023 | 28 March 2033 |
| 282–284 Huntingdon Street | ج | 16 February 2023 | 15 February 2033 |
| 286–288 Huntingdon Street | ج | 16 February 2023 | 15 February 2033 |
| 290 Huntingdon Street | ب | 16 February 2023 | 15 February 2033 |
| Huntingdon House (whole building, 278–290) | هـ | 13 February 2023 | 12 February 2033 |
ضريبة القيمة المضافة
The property has not be elected for VAT. Therefore, VAT will not be payable on the purchase price.
عرض
We are instructed to seek a total asking price to effectively cost a purchaser a sum of £2,100,000 (Two Million, One Hundred Thousand Pounds), subject to contract, for the long leasehold interest and the Option Agreement to acquire the freehold.
An acquisition at this level reflects a capital value of £73 per sq ft / £794 per sq metre gross external، و £79 per sq ft / £848 per sq metre gross internal.
Note that the figure quoted includes the Option Price of £475,000 which is payable should the purchaser exercise the Option. A purchaser is not required to pay for the freehold until the Option to Purchase is exercised, thereby providing a cashflow advantage since the sum to acquire the long leasehold initially is £1,625,000 at the total asking price of £2,100,000.
Note that the purchaser will be charged the cost of assigning the measured survey (£3,780 including VAT) and searches (£1,541.30 including VAT).
اعتبارات الاستثمار
An opportunity to acquire a prominent property in the centre of Nottingham
The property is available at an attractive low capital value
The property offers redevelopment and refurbishment opportunities
A cashflow advantage to a purchaser in regard to acquisition of the freehold interest
The overage in acquiring the freehold is only payable should the property be extended
تنصل
Fixed Charge Receivers Philip Reynolds and Nathan Jones by the powers given by the Mortgage and all other powers given by statute or otherwise who act as agents for the Company and without personal liability. Both Fixed Charge Receivers are licenced by the Institute of Chartered Accountants in England and Wales and are bound by the Insolvency Code of Ethics.
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