26-28 Market St 23,196 SF Retail Building Nottingham NG1 6HW $2,523,944 ($108.81/SF) 9.16% Cap Rate

Offers in the order of £1,900,000 are invited for the benefit of our clients freehold interest. A sale at this level would reflect a net initial yield of 8.67%.
Description
The five storey terrace building is arranged over lower ground, ground, first, second and third floors with exposed stone and brick elevations beneath a multi pitched tiled roof.
Tenure
The property is held freehold (Title number NT12906)
Accommodation
Cellar – The cellar comprises multiple storage rooms, a beer store, and a reserved stock area, ideal for back-of-house operations and inventory management.
Lower Ground Floor – The lower ground floor offers further storage and preparation areas and features a commercial kitchen. This level also includes multiple male and female toilet facilities, as well as a staircase providing access to the upper floors.
Ground Floor – The ground floor is split into two main sections. The primary area is a large open-plan space with a main bar running along one elevation, complemented by a spacious hall with high ceilings and multiple access points. The secondary area includes an additional room fitted with fixed booths and a disabled toilet.
First Floor – The first floor features two bars, fixed seating throughout, and additional male and female toilet facilities.
Second Floor – This level consists of several rooms of varying sizes, currently used as back of house for office, meeting and storage space.
Third Floor – Again this space provides back of house accommodation and provides additional rooms including dedicated space for utilities and tanking system.
Tenancy
Freehold. The property is now let to NEOS 26 Ltd 16965866 T/A Revolucion De Cuba Nottingham on a 25 year FRI lease from 26th August 2015 to 28th August 2043 with a break on 27th August 2032. The rent passing has been regeared following Neos Hospitalities acquisition of Revel Collection to £175,000pa and is subject to five yearly rent reviews on an upward only basis in line with RPI, with a collar and cap of 1 and 3%.
Local information
The property is located in the city centre of Nottingham, on Market Street, just south of Nottingham Trent University and east of the University of Nottingham, which together have a student population of over 60,000. It sits approximately 50 yards from the Theatre Royal and Royal Concert Hall, a major cultural venue with a combined capacity of 3,634 and year-round footfall. It is also close to The Cornerhouse, a popular leisure complex featuring a multi-screen cinema, bars, and restaurants. The site benefits from excellent connectivity, positioned on Nottingham’s main tram line.
Revolution is situated in the heart of the leisure circuit in Nottingham with nearby operators including Be at One, Cosy Club, Lloyds No.1 Bar (JD Wetherspoon), The Loxley (Stonegate) and a number of independent bar and restaurant operators.