Former Department Store Sold 8-9 Iron Gate, Derby

What is the Former Department Store address?

8-9 Iron Gate, Derby, Derbyshire, DE1 3FJ

Where is the Former Department Store located?

Former city centre department store and bistro in Derby Cathedral Quarter, with frontage onto the pedestrianised Iron Gate; one of Derby's prime retail and leisure destinations. Nearby occupiers include Slug & Lettuce (Stonegate), Pizza Express, Nando's, The Standing Order (Weatherspoon's), Bear Coffee, Brigdens and a number of high quality niche / independent retailers.

The opportunity is located 0.1 miles north of the Becketwell regeneration area which is home to Derby's first purpose built PRS scheme - The Condor - a 269 unit development owned by Grainger Plc. The Becketwell Performance Venue; a new 3,500 seat arena is under construction and will open in Q1, 2025.

The property is situated close to Derby's Market Hall, which is currently undergoing comprehensive restoration, and will be relaunched late 2024 as a city centre market hub with a vibrant food and beverage offering. The property also forms part of a wider "island" site, surrounded by Amen Alley, Full Street and Market Place. Derby City Council are shortly to announce the identity of a strategic development partner who will begin work in 2024 in developing the Market Place, Assembly Rooms and multi storey car park as part of that site, providing much needed confidence and stimulus to all the properties positioned along Iron Gate to the front and Full Street to the rear.

To the rear of the premises, Wavensmere Homes are running a Planning Application for a 190 unit PRS scheme, which sits fronting Cathedral Green, and where work is expected to start in Autumn 2024. Alongside the transformative proposals to regenerate the Assembly Rooms site on the Market Place, this further bookends the 8-9 Iron Gate premises as being very much in the hot spot of the area of rapid regeneration and change over the next 2-5 years.

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

What 3 Word location: snaps.funny.gain

Description

Former Bennetts department store and bistro. PP for mixed use scheme. Prime retail and F&B pitch in Cathedral Quarter within Derby city centre. Substantial and versatile accommodation split over basement, ground to fourth floor. Small loading area at the rear accessed from Full Street. The proposed accommodation extends 28,085 sq ft and comprises;

RETAIL UNIT 01
Basement: 103.51 sqm (1,114 sq ft)
Ground Floor: 289.55 sqm (3,117 sq ft)
First Floor: 166.09 sqm (1,788 sq ft)

RETAIL UNIT 02
Basement: 182.93 sqm (1,969 sq ft)
Ground Floor: 412.22 sqm (4,437 sq ft)

OFFICE UNIT 01
Ground Floor: 241.34 sqm (2,598 sq ft)
First Floor: 121.85 sqm (1,312 sq ft)

OFFICE UNIT 02
First Floor: 510.28 sqm (5,429 sq ft)
First Floor Mezzanine: 157.58 sqm (1,696 sq ft)

Apartments 1 - 8: 423.8 sqm (4,562 sq ft) a mix of 2 and 3 bed.

How has the accommodation been measured?

The accommodation has been quoted on a Gross Internal Area (GIA). Existing areas have been taken from the VOA, proposed have been taken from architect drawings and should be checked.

Planning

The property has been used under Class E (Commercial, Business and Service) of the Town and Country Planning (Use Classes) Order. By way of a consent referenced 23/00226/FUL, planning has been granted for conversion to retail/restaurant, offices and 8 x apartments (uses E(a), E(b), E(c) and C3). Works include renovation and repair to building envelope, layout alterations, partial demolition to rear of No. 8 with provision of new entrance and glazing to rear. 9 Iron Gate is Grade II List (Entry Number: 12278410). Listed building consent referenced 23/00227/LBA has been granted.

All parties should confirm the planning position with the relevant Local Authority.

Services

It is to our understanding that mains services to include 3 Phase electric are available at the property. No gas. The agents give no guarantee in respect of connectivity or capacity and interested parties must rely on their own investigations.

What is the Rateable Value?

The property is currently listed as a shop and premises on VOA.gov.uk.

Rateable Value: £78,000

Rates Payable: £42,588

How is the accommodation offered?

Freehold

Freehold for sale. the vendor has a preference for unconditional offers. Offers that are; subject to planning or without demonstrable proof of funds / finance will not be considered.

Price

£600,000 for the Freehold. All figures are quoted exclusive of VAT, we are advised the property is registered for VAT.

EPC

C (74) Expired Nov 2022. It is anticipated the property shall be sold for conversion.

What are the viewing arrangements

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 Rigby & Co. The agents do not take any responsibility for any loss or injury caused whilst carrying out a site visit.

Anti-Money Laundering (AML)

Any offer accepted is subject to completing AML checks.

Note

Plans, maps and drawings are not to scale.

Particulars Updated

27-Sep-2024