THE OLD POST OFFICE, VICTORIA STREET, DERBY DE1 1EQFREEHOLD CITY CENTRE DEVELOPMENT OPPORTUNITY

Executive Summary

- Prime development opportunity located within Derby City Centre

- Situated within Derby’s cultural ‘Cathedral Quarter’ and ‘St

Peter’s Quarter’ close to Intu Derby and the thoroughfares of

Cornmarket, St Peter’s Street and Irongate

- Prominently located building occupying a return frontage at a

busy four-way intersection

- Attractive imposing building comprising Derby’s former Post

Office dating back to 1860s totalling 2,068 sq m (22,259 sq ft)

arranged over basement ground and two upper floors

- Currently trading as Lola Lo Themed Bar and Club however to

be sold with vacant possession

- Freehold

- Attractive leisure opportunity offering excellent scope for change

of use to residential, hotel, student, retail, commercial or other

alternative use subject to obtaining necessary consents

- Offers are sought for the freehold interest subject to contract

Location

Derby is the administrative and commercial centre of Derbyshire and one of the strongest retailing centres in the East Midlands.

The Cathedral City is located approximately 206 km (129 miles) north west of Central London, 65 km (40 miles) north east of Birmingham, 50 km south of Sheffield and 16 km (10 miles) west of Nottingham.

Road communications are good being situated approximately 11 km (7 miles) west of Junction 25 of the M1 Motorway, accessed via the A52 whilst the A50 dual carriageway approximately 6 km (4 miles) to the south provides direct access to the M6 Motorway.

In addition, the city is connected to the national railway network with a fastest journey time of 1 hour 25 minutes to London St Pancras. East Midlands Airport is situated approximately 14 km (9 miles) south east of the city centre.

Major corporate occupiers in the city include Rolls Royce, Toyota Motor Corporation and Yorkshire Bank.

Derby has a resident population of some 250,000 and a large catchment population of 1.7 million within a 45 minute drive time.

The City attracts high levels of tourism due to its proximity to many nearby attractions including the Peak District National Park and the National Forest UNESCO World Heritage Site. Derby Festé, a major international street festival is held in the city each year.

Situation

The property occupies a prominent position on the northern side of Victoria Street with a return frontage to St James’s Street at a busy four way intersection which also incorporates Strand and Wardwick.

The immediate area borders Derby’s Cathedral and St Peter’s Quarters in the heart of Derby’s leisure district benefiting from a vibrant nightlife with many theatres, restaurants and clubs; whilst enjoying a good daytime pedestrian flow considering its proximity to Intu Derby, St Peter’s Street, Cornmarket and Irongate.

Surrounding occupiers include many well-known retailers, namely, Primark, Sports Direct, Boots, Tesco Metro, Paddy Power and Premier Convenience Store. A number of smaller independent boutique shops are situated within the nearby attractive covered Strand Arcade. Financial institutions comprise HSBC, Leeds United Building Society and RBS. Bar and restaurant operators include Nandos, Little Frankies Italian Restaurant, Café Nero, Subway, Book Café, Turtle Bay, Revolution, The Haus.

Directly adjacent to the property along St James’s Street are numerous estate agency offices which appear to be the focal destination within the City Centre.

Attractions in the immediate vicinity include the Central Library, Derby’s Museum and Art Gallery, The Assembly Rooms, Guildhall Theatre, The Quad, Market Hall, Market Place, Derby Cathedral and Bennets Independent Department Store.

Derby has significantly improved its catchment as a retail centre following the opening of the former Westfield, now Intu Derby, in 2007 which annually attracts over 25 million visitors. The City Centre also benefits from Derby University with over 22,000 students enrolled.

In recent years, ongoing regeneration projects in the City Centre including St Peter’s Cross which has attracted further business and investment to the area. Directly opposite the property, the former Debenhams Department Store together with the Duckworth Square land to its rear is a priority and substantial regeneration scheme for the City Centre with initial proposals suggesting a large scale mixed-use development.

It is widely anticipated this project will have a considerable positive impact on the immediate area encouraging further investment and development.

Site

The property comprises a building effectively occupying the entire site which is regular and flat with a site area of approximately 0.06 hectare (0.16 acre).

Description

The property comprises the former main City Centre Post Office, a renaissance-style Victorian stone building constructed circa 1869.

Currently trading as Lola Lo, an exotic themed bar and club concept, the property is arranged over basement, ground and two upper floors with a gross internal floor area of 2,068 sq m (22,259 sq ft). The property benefits from a 24m frontage to Victoria Street and a 30m return frontage to St James’s Street.

The club underwent a significant refurbishment in 2014 totalling approximately £1.2 million which included substantial repairs to the property, electrical and mechanical, fit out and furniture, audio visual and kitchen equipment and presents in very good condition.

The ground floor provides a large open plan bar and seating area benefitting from double height ceilings (5.12m). A wide feature staircase (together with four other staircases) and a platform lift leads up to the first floor providing a further large open plan bar and seating area with a generous floor to ceiling height of 4.2m.

Ancillary accommodation together with customer and staff WCs are situated on both ground and first floor levels. A large kitchen, staff rooms and offices are situated on the first floor. The second floor, originally provided office and residential accommodation although is now vacant. It benefits from significantly large rooms benefitting from excellent natural light and very generous floor to ceiling heights of up to 3.9m.

The property benefits from an extensive basement which provides generous ancillary accommodation.

Accommodation

The schedule of accommodation below has been measured off plans in

accordance with the RICS Code of Measuring Practice (6th Edition) and

provides the following gross internal floor areas.

Tenure

The property is held freehold and to be sold with vacant possession.

Planning

The property is Grade II listed and situated within the Derby City Centre

Conservation Area.

The ground floor and first floor club benefits from a Premises Licence to

allow the club to remain open 24 hours permitting the sale and

consumption of alcohol until 3am.

Energy Performance Certificates

The EPC rating for the property is ‘D’ and CO2 emissions is ‘99’. The full

EPC report can be provided upon request.

VAT

The property is elected for VAT and shall be payable on the purchase price.

Floor Use Sq m Sq ft

Second Office, residential 335.01 3,606

First Club, kitchen, offices, WCs 490.72 5,282

Ground Club, kitchen, offices, WCs 585.95 6,307

Basement Ancillary, Storage 656.22 7,064

2,067.90 22,259

Fixtures and Fittings

The fixtures, fittings and furniture within the property may be available by separate negotiation.

Development Potential

An exciting opportunity exists to purchase a magnificent building with vacant possession benefiting from excellent natural light and extremely generous floor to ceiling heights in the heart of Derby City Centre.

It is anticipated the subject building will be suitable for a range of different uses including the retention of the property as a themed bar and club considering its prominent location in the heart of the nightclub and entertainment district. The property may also be suitable but not limited to other leisure uses including gym and hotel.

Considering the close proximity to St Peter’s Street and Cornmarket, Derby’s prime retail pitch, the property may suit retail, commercial and restaurant uses or a spectacular office building. Alternatively, the property offers excellent scope for a change of use to residential or student accommodation. Any alternative use will be subject to obtaining the necessary consents.

Derby Council has identified the former Debenhams Department Store and Duckworth Square, situated directly opposite the subject property, as a priority regeneration site with the likely prospect of a substantial mixed use scheme. Furthermore, it is understood terms have been agreed on several neighbouring vacant premises which shall further enhance the vibrancy of the area.

Pricing

Offers are sought for the freehold interest with vacant possession. subject

to contract.

Further Information

For further information or to arrange an inspection, please contact:

Paul Hanison +44(0)20 7493 9911

paulhanison@ianscott.com

15 Bolton Street, Mayfair, London W1J 8BG

www.ianscott.com

Misrepresentation Notice – September 2016 – Subject To ContractIan Scott International for themselves and for the vendors or lessors of this property for whom they act give notice that (1.) These particulars are only intended as a general outline for the guidance of the intending lessees or

purchasers. (2.) All descriptions, dimensions, references to condition, necessary permissions for use and occupation and other details are given in good faith and are believed to be correct but any intending lessee or purchaser should not rely on them as statements or representations of fact but must satisfy themselves by inspection, or otherwise, as to the correctness of each of them. (3.) If for any reason any party wishes to rely on any aspect of the

particulars or statements at any particular date without further investigation such interested party should seek written confirmation from Ian Scott International who reserve the right to charge a fee for this service. (4.) The particulars do not constitute any part of an offer or a contract. (5.) Whilst every effort has been made to check the floor areas provided, complete accuracy cannot be guaranteed and intending lessees or purchasers must satisfy

themselves with regard to this information. (6.) Any quoting terms have been summarised for the purposes of presentation. Intending lessees or purchasers must satisfy themselves as to the accuracy of this information by reference to the legal documentation, which is available from the vendor’s solicitors. (7.) The vendor does not make or give any representation or warranty whatsoever by these particulars, neither does Ian Scott International nor

any employee of theirs have any authority to do so. (8.) The information provided is believed to be correct as at the date below but may be subject to variation thereafter.