Business premises for sale at 2 to 8 Corporation Street, Chesterfield, S41 7TP

Location

Situated within the town centre, opposite the Pomegranate Theatre (located within the Grade 2 listed Stephenson Memorial Hall) and close to Chesterfield’s famed ‘Crooked Spire Church’, the Church of St Mary and All Saints.

Corporation Street is the town’s hot spot for bars, restaurants and, of course, the aforementioned theatre - currently undergoing renovation works as part of ambitious plans to refurbish and reimagine the venue.

Corporation Street is within two minutes walking distance of Chesterfield railway station.

Sale information

For sale by auction
Freehold Investment
Guide price: £650,000

Details

The property comprises the following individual units/lettings:

2 to 4 Corporation Street 

Shop (Central Cars Taxi Rank)

Floorspace: 1,184 square foot (110 square metres)

Lease details:

• let on a five-year lease granted in June 2016 (currently holding over)
• rent: £13,850 per annum (£11.70/square foot) 

First floor office 1 (NJM London)

Floorspace: 202 square foot (18.72 square metres)

Lease details:

• let on a three-year lease granted in December 2023 
• rent: £1,450 per annum (£7.18/square foot) 

First floor office 2 (vacant)

Floorspace: (227 square foot (21.05 square metres)

First floor office 3 (Handley Care Services)

Floorspace: 237 square foot (22 square metres)

Lease details:

• let on a three-year lease granted in August 2023
• rent: £1,700 per annum (£7/square foot) 

Second floor office 4 (vacant)

Floorspace: 182 square foot (16.9 square metres)

Second floor office 5 (Holman Stanley)

Floorspace: 142 square foot (13.2 square metres)

Lease details:

• let on a three-year lease granted in September 2023 
• rent: £995 per annum (£7.01/square foot) 

Second floor office 6 (vacant)

Floorspace: 220 square foot (20.45 square metres)

Second floor office 7 (vacant)

Floorspace: 167 square foot (15.5 square metres)

Sub total: £17,995 (potential rent of £23,570 if fully let)

6 to 8 Corporation Street 

Shop unit 1 (Aruba Bar)

Floorspace: 2,738 square foot (254 square metres)

Lease details:

• on a five-year lease granted in May 2017 (currently holding over)
• rent: £25,000 per annum (£9.13/square foot) 

Shop unit 2 (Indian Blues Restaurant)

Floorspace: 1,269 square foot (118 square metres)

Lease details:

• let on a ten-year lease granted in January 2020 (rent review 2025)
• rent: £12,050 per annum (£9.49/square foot) 

Shop unit 3 (The Loop Bar)

Floorspace: 3,330 square foot (309 square metres)

Lease details:

• let on a ten-year lease granted in May 2023
• rent: £22,500 per annum (£6.76/square foot) 

Shop unit 4 (vacant)

Floorspace: 151 square foot (14.05 square metres)

Number 3 Theatre Lane (basement level at rear - inclusive to above shop premises)

First floor office 1A (vacant)

Floorspace: 1,004 square foot (93.27 square metres)

First floor office 1B (Pearson Driving Assessment)

Floorspace: 2,027 square foot (188.31 square metres)

Lease details: 

• let on a five-year lease granted in October 2019 
• rent: £18,000 per annum (£8.88/square foot)

In the process of renewing the agreement at the same rental level for a 2-year period (subject to a mutual break clause at 12 months), commencing in October 2024.

The new lease will be contracted out of the Landlord and Tenant Act 1954.

First floor office 1C (vacant)

Floorspace: 468 square foot (43.43 square metres)

First floor office 2A (vacant)

Floorspace: 834 square foot (77.44 square metres)

First floor office 2B (vacant)

Floorspace: 439 square foot (40.77 square metres)

First floor office 2C (vacant)

Floorspace: 461 square foot (42.83 square metres)

First floor office 2D (vacant)

Floorspace: 1,051 square foot (97.62 square metres)

Sub total: £77,550 (potential rent of £90,550 if fully let)

Total rent: £95,545 (potential rent of £114,120 if fully let)

These particulars, whilst believed to be accurate, are set out as a general outline only for guidance and do not constitute any part of an offer or contract.

Intending purchasers should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to their accuracy.

No person in our employment has the authority to make or give any representation or warranty in respect of the property.

Marketing details

Further information, including energy performance certification, will be available from the auctioneer’s website closer to the auction date, a link to which is provided below. 

A legal pack will also be available prior to the auction on request from the auctioneer. This will include the usual searches, title information, including copies of the leases and information concerning service charges and any tenant rent arrears, together with contract and transfer documentation.

To be auctioned online by SDL Auctions at their National Property Auction on Tuesday 10 December 2024. The auction will be conducted behind closed doors, by auctioneers Andrew Parker or Graham Penny, and broadcast live online with remote bidding only. For further details concerning this property and purchasing by auction please contact SDL Auctions by email at enquiries@sdlauctions.co.uk or call 0800 046 5454.

Further information

If you require any further information from the council, then please contact:

Richard Mottram:
Phone: 01246 959762 / 07968 464195
Email: richard.mottram@chesterfield.gov.uk