Savills is set to sell 26-28 St James’s Street in Nottingham at the next Savills regional auction being held at Nottingham Race Course on 1st September 2016, in conjunction with Fisher Hargreaves Proctor.

The guide price of the freehold lot is around £475,000 to £500,000 and is made up of two properties: 26 St James’s Street, which includes a ground floor bar and cellar totalling 1,241 sq ft (115 sq m) and 26-28 St James’s Street, a bar and nightclub, which totals 5,773 sq ft (534 sq m).

The number 26 property trades as Bar Schnapps, while the other property is called Arriba Bar and between them they generate an annual rental income of more than £71,000.

The premises are located near to an established leisure destination in Nottingham City Centre and benefits from the footfall generated by the nearby Old Market Square.

Head of Office at Savills Nottingham, Victor Ktori, said: “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.”

Meanwhile, a former boss at Savills has set up a new auction house at rival company Auction Estates.

Paul Giles, former head of Savills’ commercial auction team in Nottingham, has joined the rival firm where he will lead a new sector of the business.

Auction Estates is an auction house that forms part of city property investment at the ALB Group and he was approached for the role by former colleague Arran Bailey.

They worked together at ALB, one of Savills’ biggest clients in the city and the two men lead a number of large scale acquisitions of residential and commercial investment stock across the UK.