Mansfield shopping arcade up for sale for £1.1 million

An entire shopping arcade is listed for sale in the town centre - but you will need a spare £1.1 million if you want to own it.

By Danielle Andrews
Monday, 15th April 2019, 10:45 am
Updated Monday, 15th April 2019, 10:54 am
Handley Arcade
Handley Arcade

Thirteen units in Handley Arcade, located on Leeming Street are listed on property website Rightmove.

The stores included are Militaria X, Arcade Collectables, Jack of all hearts brain cancer fundraising shop, and Handley Arcade Antiques, amongst others.

Estate agents Fisher Hargreaves Proctor Ltd are marketing the property and they have said they will listen to offers in excess of £1.1 million.

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Handley Arcade

Fisher Hargreaves Proctor Ltd have described the site as fully let, with an income of £132,744 per annum, with the added bonus of 'long term occupancy by many of the key tenants'.

The brochure listing reads: "[The arcade has been] In the same ownership for 35 years.

"The property was probably constructed during the early 1900's and has been well maintained over a long period.

"Immediately to the south of the property, adjacent to the building is a local authority car park and bus stops on Toothill Lane and Leeming Street.

The Tenants of 7 - 8 are in the process of expanding the business and upgrading the premises.

"They current have a late night liquor licence up to 4am.

"It is operated as a private members club. It should be noted that as some of the tenants businesses have expanded they have moved to larger premises within the Arcade."

"Nearby retailers include Wilkinsons Hardware Stores and JD Wetherspoon which has a considerable draw to the immediate area.

Included in the sale is the freehold interest of the adjacent car park, behind the arcade for 20 vehicles.

It is currently let and income producing £6,000 p.a. which should rise to £8,000 p.a. by March 2019.

When fully let it is capable of producing up to £10,000 p.a.

Viewing appointments are to be made through Fisher Hargreaves Proctor Ltd.

For more information or to arrange a viewing, call: 0113 451 3072