Commercial properties for sale in Churchill Avenue, WR9
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The sale of this investment offers the opportunity to acquire an investment as a company purchase which offers significant tax advantages for purchasers further details are available from the selling agents. The company has been within a single family ownership for approximately 60 years. The owners have maintained near full occupancy by ensuring the property is well maintained and offering the smaller accommodation within the Pershore Market on 'easy in easy out' licences at competitive rental levels. The investment opportunity provides a balanced mix of income from commercial and residential uses. A significant number of the tenants are long standing occupiers. The gross income is summarised below. Full details are available on application from the selling agents, who can provide a full tenancy schedule by providing access to the Data Room.
The investment comprises of a significant town centre property holding totalling approximately 2.33 acres (0.942 ha), which is situated immediately adjoining Asda supermarket, the town's only supermarket and in turn providing the central focal point alongside the subject market for the town.
The Pershore Retail Market itself comprises, a long-standing and popular retail market, which consists of a recently refurbished detached building, which internally is fitted out with a series of permanent independent market stalls.
There is surrounding this building a number of single storey and two storey buildings offering a range of office, storage, retails and residential units. The property benefits from 104 customer car spaces within the site.
Fronting the High Street is a row of traditional retail units with predominantly self contained residential accommodation above.
The property also includes a single storey car workshop and separate car wash bay.
The full extensive nature of the investment opportunity can only be appreciated via undertaking an inspection of the property.
Summary Located in the heart of Worcester’s prime retailing centre.
Prime location on The Shambles with return frontage leading to High Street
Let to the secure covenant of Argos Limited (D&B Rating 5A1), owned by FTSE 100 company J Sainsbury plc
Offers in the region of £2,600,000 subject to contract
9.0% Net Initial Yield
Location The historic Cathedral City of Worcester is the administrative centre for the County of Worcestershire. Worcester is located approximately 206 km (129 miles) north west of London, 46.5 km (29 miles) south west Birmingham, 45 km (28 miles) north of Cheltenham and 43 km (27 miles) west of Stratford upon Avon.
Worcester benefits from good road communications, being situated approximately 5 km (3 miles) to the west of Junctions 6 and 7 of the M5 Motorway which in turn links with the M42 and M6 Motorways in the north and the M50 Motorway in the south.
The city is also connected to the UK railway network and is serviced by two railway stations; Worcester Shrub Hill provides services south-east into London Paddington, with a fastest journey time of 2 hours, and south to Bristol with a fastest journey time of 1 hour and 15 minutes. Worcester Foregate Street provides services north to Birmingham with a fastest journey time of 45 minutes.
Birmingham International Airport is located 43 km (27 miles) to the north-east. The third largest regional airport in the UK, it provided international flights for approximately 13 million passengers in 2017.
Situation The subject property occupies a prominent position on The Shambles, one of Worcester’s principal shopping streets. The property also benefits from return frontage onto Church Street, which leads to High Street, Worcester’s other principal shopping street. Nearby local occupiers include Marks & Spencer, T K Maxx, J D Sports, Superdrug, Thorntons, Vodafone, Halifax, TSB, Timpsons and Greggs.
Located off the High Street, Worcester also benefits from the Crowngate Shopping Centre which provides 300,000 sq ft of retail and restaurant space with tenants such as Debenhams, Boots, House of Fraser, Primark, HMV, Superdrug and Iceland.
Description The property comprises a 2-storey corner retail unit arranged as retail space on the ground floor with the customer entrance fronting The Shambles and, ancillary storage space at first floor. The unit has been fitted out by the tenant in their usual corporate style.
Tenancy The property is let to Argos Limited at £250,000 per annum on a full repairing and insuring lease for a term of 15 years from 19th November 2008, expiring on 18th November 2023.
Covenant Argos Limited is wholly owned by J Sainsbury’s plc (Co No. 00185647), which is a FTSE 100 company and listed on the London Stock Exchange. Argos have an estimated 29 million store customers and 1 billion online customers per year. The company offer 60,000 different products, and employ approximately 30,000 people in over 800 stores UK wide. For further information please visit: www.about.sainsburys.co.uk/great-products-and-services/argos
VAT The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern.
Proposal We are instructed to seek offers in the region of £2,600,000 (Two Million, Six Hundred Thousand Pounds), subject to contract, for the freehold interest. This reflects a net initial yield of 9.00% assuming purchaser’s costs of 6.40%.
Please note that a purchaser will be re-charged the costs of surveys and searches which are provided in the data room.
Investment Considerations An opportunity to acquire a freehold retail investment in a popular retailing destination;
The property occupies a highly prominent position on one of Worcester’s principal retailing thoroughfares;
Let to the secure covenant of Argos Limited (D&B Rating 5A1), owned by J Sainsbury plc, a FTSE 100 company;
Attractive lot size to an investor;
A purchase at the asking price reflects an attractive net initial yield of 9.0%.
High-Yielding, Prominent Town Centre Retail Investment – 9.0%
1-2 The Shambles, WR1 2RFGBWorcesterWorcestershireWR1 2RF1-2, The Shambles
The property comprises of a mid-terraced Grade II listed double fronted retail unit at ground floor level with first floor residential accommodation of brick built construction with a pitched tiled roof and wooden frame windows. Internally the property benefits from tiled/carpeted floors, fully fitted kitchen with extraction canopy system, fluorescent strip lighting and inset ceiling lights, CCTV & alarms, separate WC facilities and a basement. The first floor comprises of two self-contained four bedroom flats with kitchen and en-suite bathroom facilities which is accessed via a separate entrance to the side of the restaurant.