Investment Under Offer 24 & 24a Iron Gate, Derby, Derbyshire

Shop to let in Derby Cathedral Quarter, with frontage onto the pedestrianised Iron Gate; one of Derby's prime retail and leisure destinations. Near Slug & Lettuce (Stonegate), Pizza Express, Nando's, The Standing Order (Weatherspoon's), Bear Coffee and a number of high quality niche / independent retailers.

The opportunity is just 0.1 miles north of the Becketwell regeneration area; home to Derby's first purpose built PRS scheme "The Condor" a 269 unit development & the new Becketwell Performance Venue; a 3,500 seat arena.

Close to Derby's refurbished Market Hall, a new city centre market hub with a vibrant food and beverage offering.

Derby bus station is 0.3 miles to the east and ParkSafe Car Park is 0.2 miles to the north.

High Street Class E premises. In Cathedral Quarter. Self contained ground floor shop tenanted to Solicitors to 2030. Rent increases to £27,500 p.a. Dec 2025. Upper floors with direct street access. Vacant and with Planning for resi conversion to 4 apartments. Rear yard with parking; two small spaces in the lean-to leased by the solicitors and two in the yard.

The consented residential scheme comprises;

Apartment 1 (1 bed) 49 sq m 527 sq ft
Apartment 2 (1 bed) 42 sq m 452 sq ft
Apartment 3 (2 bed) 72 sq m 775 sq ft
Apartment 4 (3 bed) 111 sq m 1,195 sq ft

The accommodation has been measured on a Net Internal Area basis (NIA), in accordance with the RICS Code of Measuring Practice. Areas have been taken from the VOA and should be confirmed.

We believe the property has been used under Class E - Commercial, Business and Service of the Town and Country Planning (Use Classes) Order 1987 (as amended) but may be suitable for a range of professional uses STP. By way of applications referenced 21/00597/FUL & 22/01176/LBA Planning and Listed Building Consent was been granted October 2023 for conversion of the upper floors to four apartments. The property is Grade II listed: List Entry No. 1096115. All parties should confirm the planning position with the relevant Local Authority.

All mains services with the exception of gas are connected to the property. There is a sub eclectic meter for the ground floor. The agents give no guarantee in respect of connectivity or capacity and interested parties must rely on their own investigations.

The property is currently listed under two separate rating assessments as follows;

24 Iron Gate office and premises £19,250 RV
24a Iron Gate office and premises £13,250 RV

Freehold

Shop for Sale Freehold. The ground floor is currently tenanted by FLG Limited under a 9 year IRI lease expiring 14th December 2030. The current rent passing is £26,250 p.a. with a fixed increase to £27,500 p.a. in Dec 2025. There is a tenant only break December 2027 subject to 6 months prior notice and a £,2,500 rent penalty. There is a further "Development Break" effective 10 days before the Landlord's Work commence, in the event the Landlord wishes to implement the residential planning. The landlord shall give the tenant at least 12 months notice of these works.

FLG Limited trade as the Family Law Group. They were incorporated 2005 and have a Credit Score of A, with a contract Limit of £225,000

£365,000 for the Freehold. All figures are quoted exclusive of VAT, we are advised the property is registered for VAT.

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Please visit the OMEETO website for full details and a virtual tour. Physical viewings with proceedable parties can be arranged on request by contacting OMEETO or our joint agents Raybould & Sons. The agents do not take any responsibility for any loss or injury caused whilst carrying out a site visit.