Mixed Use Investment For Sale 21-23 Friar Gate, Derby, Derbyshire

21/23 Friar Gate is an attractive Grade ll listed building which occupies a prominent corner location at the junction of Ford Street and Friargate with the Ford Street pay and display car park to the rear.

Opposite is the Derby University Law School and the stunning Business School, with a variety of student schemes in the immediate area.

Friargate is home to a range of bar and restaurant units including Bistro Pierre , The Friary and Fat Cats and is located within easy walking of Valliant Live the new 3,500 seat live music and conference centre opened a year ago.

Highly prominent mixed use investment. Popular Irish Pub with live music tenanted to 2038 with fixed increase to £55,000 p.a. in 2029 and a further Index Linked review in 2034. + 7 residential Lets fully refurbished in 2021. Comprising 2x apartments, 4x studios & a 4-bed HMO.

O'DWYERS Venue - a hugely successful Irish pub, Sports Bar and Live Music venue with live music all weekend and a very strong and loyal following - search O'Dwyers Bar for a flavour of what's been on and what's coming up soon.

RESIDENTIAL - The residential accommodation offers affordable all inclusive accommodation opposite the Derby University's Business School and Law School which appeals to students but which also appeals to those working in and around the City.

Furthermore with Valliant Live close by we would suggest the residential accommodation would be ideal for AirBnB type short term lets to drive the yield.

There are two entrances to the residential; one off Ford Street to 5 Flats, and one off Friar Gate to 2 Flats, limiting common areas for reduced maintenance costs.

Areas are from Architect plans and should be confirmed.

The commercial unit has been used under Sui Generis and the Apartment under C3 (Residential) of the Town and Country Planning (Use Classes) Order 1987. The buildings are Grade II listed ref 1216455 & 1366060, and are within the Friar Gate Conservation Area.

The Irish Pub is separately metered and benefits from mains gas and 3 Phase Electric. There is a separate electric supply to the residential element, the residential rents include electric costs.

The Irish Bar and premises is on VOA.gov.uk with a rateable value of £77,000. Each residential unit has a Council Tax Band of A. With the exception of Cluster Flat E, the tenants are directly responsible for these bills

Freehold

The FR&I lease to O'Dwyers ( The Drinking Establishment Ltd ) runs until 29th April 2039 with a tenant option to break in 2034. The rent is £47,500 + VAT pa payable monthly in advance. The Landlord holds a 3 month rent deposit as security. All due rents have been paid by standing order on the due dates . In 2029 there is a guaranteed rental increase to £55,000 pa and then a further CPI increase in 2034

The Gross Annual Residential Income is currently £5,750/m - £69,060 Pa. The residential rent includes costs of utilities, Internet and insurance for the upper floors of circa £24k Pa.

Accessed from Ford Street
Studio A - £710/m
Studio B - £600/m
Studio C - £550/m
Studio D - £710/m
Flat E - 4 Bed - £1,560/m
Accessed from Friargate
Flat F 1 bed - £750/m
Flat G 1 bed - £875/m

£975,000 for the Freehold. All figures are quoted exclusive of VAT. We are advised the Pub (the commercial element) is registered for VAT. VAT will be applicable at the prevailing rate, however the sale may be treated as a TOGC to save on VAT payments and lower the SDLT cost.

Pub D(95), Flat A C(71), Flat B C(70), Flat C C(78), Flat D C(76), The Cluster D(67), Apt 1 and Apt 2 C(72).

Please contact us or visit www.omeeto.co.uk for full details. Physical viewings with proceedable parties can be arranged on request by contacting our commercial property agents. OMEETO do not take any responsibility for any loss or injury caused whilst carrying out a site visit.