ONLINE AUCTION THU 03/12/2020 AT 13:00
Freehold Retail and Residential Parade & Ground Rent Investment With Car Park – Currently Producing £82,280 pa
Prominently situated on the eastern side of Market Street, the prime retail pitch within Hoylake. Nearby occupiers include Sainsbury’s Local, Subway, Carphone Warehouse and Subway together with independent retailers.
Hoylake is a popular coastal resort and commuter town on the north west corner of Wirral, approximately 12 miles west of Liverpool.
The town has a population of 13,348 which is boosted by tourism and day trippers visiting the area and world famous Royal Liverpool Golf Course, situated in the town, with the beach just 0.5 miles away
Hoylake is a popular commuter town with direct rail links into Liverpool Lime Street with a journey time of 29 minutes.
Briefly comprising a former Co-op convenience store together with a parade of nine retail units and nine self-contained apartments above. All but one of the upper floor flats have been sold off on a long leasehold basis due to expire 2101, with a ground rent received and approximately 81 years unexpired. Three of the ground floor retail units (2, 3 and 4) have also been sold on a long leasehold basis with the similar ground rent provision and expiry period. Over 45% of the rent is secured by Co-op. (Food & Funeral Care) The Co-op foodstore is no longer trading from this location as they have re-located nearby, however they are fulfilling their full lease obligation until 2025.
Included within the demise is a rear service area and car park providing 34 spaces. In addition to this, there is also street car parking directly to the front of The Row along Market Street, for up to 5 vehicles, that is outside of the ownership. In addition to this, there is also street car parking directly to the front of The Row along Market Street, for up to 5 vehicles, that is outside of the ownership.
The total site area is c0.75 acre (3,019 m2)
The site represents potential to add value via the reconfiguration and/or re-development of some or all of the parking area, subject to the required consents being obtained.
See Legal Pack
Tenancy Schedule - Please see additional document in Legal Pack
Unit 1 & Flat 1 - 561 sq ft - Let at £12,000 pa from 31/01/20 - 30/1/2041
Unit 2 - 561 sq ft - Let at £30.00 pa from 24/06/1976 - 23/06/2101
Unit 3 - 714 sq ft - Let at £30.00 pa from 24/06/1976 - 23/06/2101
Unit 4 - 746 sq ft - Let at £30.00 pa from 24/06/1976 - 23/06/2101
Unit 5 - 700 sq ft - Let at £9,000 pa from 01/08/2020 - 31/07/2025
Unit 6 - 686 sq ft - Let at £8,500 pa from 03/01/2020 - 02/01/2030
Unit 7 - 674 sq ft - Let at £7,000 pa from 29/07/2019 - 28/07/2022
Unit 8 - 686 sq ft - Let at £7,950 pa from 03/06/2017 - 02/06/2022
Unit 9 - 640 sq ft - Let at £8,000 pa from 01/01/2020 - 30/12/2025
Unit 10 - 5,603 sq ft - Let at £29,500 pa from 03/01/2020 - 02/01/2025
Further information regarding Break Options and Fixed Rental Increases can be found in the Tenancy Schedule document within the Legal Pack
Flats 12-19 Inclusive
All 8 flats are let at £30.00 pa from 24/06/1976 - 23/06/2101 and are on fixed rental increases each 25 years, by £15.00. 81 years remaining of LLH interest. Note: Flat 11 is leased with Unit 1, and is a self-contained 3 bed flat leased to the tenant of Unit 1.
Energy Efficiency Rating (EPC)
Current Rating C,C,C,D,D,D,C,C
Wirral Metropolitan Borough Council
Administration Charge - 1.5% inc VAT of the purchase price, subject to a minimum of £1500 inc VAT, payable on exchange of contracts.
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.
Please call Auction House North West on 0800 050 1234 to arrange a viewing