Savills has not yet released its catalogue for next month’s regional auction in Nottingham, but one lot that we know will be offered under the hammer is a city centre bar and nightclub on St James’s Street, which provides a ‘good rental income’.
The freehold property offered by Savills, jointly with Fisher Hargreaves Proctor, will be offered at the auction, to be held at the Nottingham Race Course on 1 September, at a guide price of £475,000 to £500,000.
The lot comprises two properties, 26 St James’s Street, which includes a ground floor bar and cellar totalling 1,241 sq ft and 26-28 St James’s Street, a bar and nightclub, which totals 5,773 sq ft.
Trading as Bar Schnapps and Arriba Bar respectively, the combined properties generate an annual rental income of £71,625.
Situated on the northern side of St James’s Street, an established leisure destination in Nottingham city centre, the premises benefits from footfall generated by the nearby Old Market Square.
Victor Ktori, head of office at Savills Nottingham, commented: “This is a rare opportunity to acquire a high quality leisure venue in a top city centre location. Providing good rental income and the possibility for future asset management, 26-28 St James’s Street is likely to be extremely popular in the room.”
Savills Nottingham’s last auction, held on 7 July, saw 23 of the 31 lots offered sold - 75% sales success - raising £2.6m.