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Lot - Dents Building, 79-83 New Square, Chesterfield, Derbyshire, S40 1AH

Guide Price* £395,000

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Property Type
Mixed Use
Tenure
Freehold
Type
Commercial
Bidder Security Deposit
£3,500*

Property Summary

  • On the instructions of the Joint Fixed Charge Receivers
  • Highly prominent town centre retail and office investment
  • Significant scope for asset management initiatives to improve income
  • 1,394.50 sq m (15,012 sq ft)
  • Producing £42,500 per annum with part vacant possession

Prominent freehold town centre retail and office building with potential to improve income – Part vacant investment producing £42,500 per annum

Description

The property comprises a prominent four storey mixed use building, having ground floor retail units fronting New Square and West Bars, with office accommodation to the upper floors. In addition, there is a mezzanine floor between the ground and first floor, and a basement, which is used for storage and maintenance facilities.

The building is made up of a reinforced concrete frame (columns and beams) with reinforced concrete floor slabs. The building is clad with a combination of brickwork spandrels, precast reinforced concrete panels, which have recently been replaced, and extensive glazing. The property is set below a flat roof.

In total there are 4 ground floor retail units. One larger unit, which mainly fronts New Square, but with a return frontage on to West Bars, and three smaller units, one fronting New Square and two fronting West Bars. There is a separate entrance to the upper floor offices from New Square which has a staircase and a lift.

Internally, each of the ground floor retail units have been finished to the individual occupiers standard corporate retail fit out. The larger unit, which is occupied by Chesterfield Bargain Centre, has the benefit of the mezzanine floor.

Internally, the upper floor office accommodation, is self-contained to each individual floor. There are a number of stud partition walls, which have been installed to create separate office accommodation. Heating is provided by wall mounted hot water radiators. Each floor has the benefit of a kitchen and WC’s.

Location

Chesterfield is the second largest town in Derbyshire, it is approximately 24 miles north of Derby and 11 miles south of Sheffield.

The property is located in Chesterfield town centre, situated prominently to the western side of New Square, together with a second frontage to West Bars, and immediately adjacent to the outdoor marketplace, which has recently undergone extensive public realm works.

The property effectively forms an extension to Market Place, in a semi-pedestrianised location. The Pavements Shopping Precinct is within close proximity.

The former Chesterfield Borough Council Service Centre, which is earmarked for redevelopment, is situated to the side of the property. There are a number of national retailers within the immediate area. The premises are also positioned towards the towns professional business district and Chesterfield’s Town Hall.

Tenancy Schedule

Address Floor Use Sq M Sq Ft Tenant Tenancy Rent (£ pa)
3 West Bars Ground Retail 74.30 800 Vacant
5 West Bars Ground Retail/Office 49.50 533 Vacant
79-81 New Square Ground Retail 81.30 895 Subway 15 years from 09/2020 £10,000
81 New Square Mezzanine Office/storage 10.80 116 MN Enterprises (SY) Ltd 3 years from 07/2022 (holding over) £20,000
Dents Chamber First Office 297.10 3,198 Derbyshire Alcohol Advice Centre (1) 15 years from 04/2012 £12,500
Dents Chamber Second Office 344.50 3,708 Vacant
Dents Chamber Third Office 312.70 3,366 Vacant (2)
TOTAL 1,394.50 15,012 £42,500

Planning

The property is currently used for retail and office purposes. It is possible that the property would be suitable for a wide spectrum of alternative uses (subject to planning).
Enquiries regarding your proposed use of the property should be discussed with Chesterfield Borough Council Planning Department www.chesterfield.gov.uk.

Note

(1) Derbyshire Alcohol Advice Centre have served their notice and expect to vacate the premises by the end of October. Their rent will be due until 30/04/2027.
(2) The former tenant has vacated the premises but have been allowed access to remove their office furniture and we expect this to be completed before the auction date.

EPC Rating

3 West Bars - C (68)
5 West Bars - C (51)
5 West Bars - E (118)
79 New Square - C (73)
83 New Square - D (99)
1st Floor, Dents Chambers - D (79)
2nd Floor, Dents Chambers - C (71)
3rd Floor, Dents Chambers - E (125)

VAT

We understand VAT is payable

Disclaimer*

* Guide Prices are provided as an indication of each seller's minimum expectation (also known as the 'Reserve Price'). They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve Price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide Price.

The Guide Price for the Lot does not include the Buyers Administration Fee of £2,400 (inclusive of VAT). In addition, the Guide Price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.

To participate in the sale, SW Property Auctions must hold a minimum amount from all bidders. This participation amount and administration fee is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £5,900 comprises £3,500 relating to your bidder security (partial deposit payment) and the buyers administration fee of £2,400 (inc. VAT).

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