A mixed use, multi-let investment opportunity in a prominent location, with parking potential to increase rental income quickly.
The properties are located on the corner of Church Street and Hill Street in the town of Swadlincote.
Swadlincote is a former mining town in South Derbyshire, lying within the National Forest area. Church Street and Hill Street are on a corner at the end of the pedestrian High Street area where the main shops and shopping centres are located in the town. It is in walking distance to the large shop retailers including Argos, Aldi, Iceland, Odeon and Morrisons.
There is parking to the rear of the property as well as on street parking and a free car park near by.
The property is well connected to major road links with the A511 and A444 linking to the M42 and M1.
The properties consist of a series of terraced units, providing an array of office, retail and residential accommodation.
1 Church Street - 6a Hill Street (Shown in yellow on below plan)
This is a terrace of 2 storey buildings let out to various parties. It is of brick construction under a tile clad roof. There are 4 retail / office units and a 2 bed residential flat.
To the rear there is a large yard area providing some outdoor courtyard area and ample parking for tenants.
3 Church Street (shown in purple below)
This is a 2 bed mid terrace residential property with planning permission to convert into a ground floor retail unit with a 1 bed residential property above.
Externally there is a yard area to the rear, and part ownership of a brick outbuilding as well as a yard area including a garage.
9 / 9a Church Street (shown in green below)
This is the end terrace property. This has been converted into a ground floor retail unit with a 1 bed flat above. There is an external staircase to the rear of the property accessing the flat and a small courtyard area for bin storage.
1 Church St286.72 sq ft
2 Hill St 702.11 sq ft
4 Hill St 528.80 sq ft
6 Hill St 1,015 sq ft
6a Hill St 968.80 sq ft
3 Church St 728 sq ft
9 Church St 398.09 sq ft
Total NIA 4,951.52 sq ft
Guide Price £695,000
The local planning authority is South Derbyshire District Council. (01283 595795)
We understand that 1 Church Street - 6a Hill Street has the following planning permissions:
-2-6 Hill Street had a change of use granted for the conversion of an existing office to form retail units and offices in December 2009
-1 Church Street had a change of use from hairdressers (A1 retail) to recruitment and personnel consultant (A2) in July 2006.
-6 Hill Street had a change of use from accounting firm (B1 / A2) to Private Healthcare Clinic (Chiropractic) in October 2011
-6a Hill Street had a change of use from office to residential in April 2018
We understand that 3 Church Street is currently use class C3 (residential) and has permission for change of use to therapy space (use class D1) and residential at first floor (C3). Planning application number DMPA/2020/1073.
3 Church Street has been vacant for over 2 years, and therefore the purchaser may be eligible for reduced VAT on the refurbishment of this property; purchasers to make their own enquiries into this.
We understand that 9 / 9a Church Street was granted a change of use from residential to form a ground floor shop with new shop front and first floor self-contained flat in April 2007.
The property is available freehold subject to existing occupational leases.
- 1 Church St is let on a business lease with an end date in April 2025. The next review is in April 2022 and there is a tenant break in April 2023
- 2 Hill St is let on a business lease with an end date in August 2025. The next rent review is in August 2024
- 4 Hill St is let on a business lease with an end date in May 2027 with a stepped rent review.
- 6 Hill St is let on a business lease with an end date in November 2024. The next rent review is in March 2022 and there is a tenant only break in November 2021
- 6a Hill St is a 2 bed flat let on an AST
- 3 Church St is vacant - ready for refurbishment
- 9 Church St is let on a business lease due to come to an end in August 2021. We are currently advertising the property for a new tenant.
- 9a Church St is a 1 bed flat let on an AST
We understand that the properties benefit from mains water, electricity, gas and drainage. These services have not been tested; purchasers are to make their own enquires as to connectivity.
1 Church Street, Rateable Value £4,500
2 Hill Street, Rateable Value £6,200
4 Hill Street, Rateable Value £5,100
6 Hill Street, Rateable Value £10,750
6a Hill Street, Council Tax Band A
3 Church Street, Currently Council Tax Band A
9 Church Street, Rateable Value £7,000
9a Church Street, Council Tax Band A
Maintenance and Insurance
The properties are held on internal repairing leases.
The landlord insures the property and recharges to tenants.
1 Church Street: awaiting assessment
2 Hill Street: E (118)
4 Hill Street: awaiting assessment
6 Hill Street: awaiting assessment
6a Hill Street: C (69)
3 Church Street: D (62)
9 Church Street: C (62)
9a Church Street: D (62)
Strictly by appointment with Howkins and Harrison LLP. Please contact Tori Whinder at the Ashby de la Zouch branch
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