Located in an old established secondary trading position approximately half a mile to the east of the city centre, St Marys Street makes an ideal addition to any investor's portfolio. The immediate surrounding area is mainly commercial in character comprising local and specialist shopping with adjoining users being Corals Bookmakers and a food outlet.
One of the biggest benefits to the area is the regeneration projects that have taken place over recent years, with a multitude of modern flats bringing further footfall to the local area.
The premises comprise a large purpose-built ground floor lock-up retail unit previously trading as a Tesco supermarket, with the first floor being a disused snooker club. The property forms part of a larger two storey building thought to have been constructed in the 1970's as a block of retail units. The main structure appears to be steel framed having brickwork elevations under a flat roof. The shop has a shop front and fascia with fitted security shutters, along with the additional benefit of a rear service road leading to a rear loading bay.
Ground Floor Retail and Storage - 5,481 sq.ft (509.19 sq.m)
Rear Loading Bay- 559 sq.ft (51.93 sq.m)
First Floor Staff Room- 271 sq.ft (25.17 sq.m)
Total Net Internal Area - 6,311 sq.ft (586.29 sq.m)
Under the new planning regulations, we believe that the current permitted use of the ground floor to be use class 'E' which includes uses such as retail, professional services, caf�, health clinics, indoor recreation/sport and office.
All parties are advised to make their own enquiries into the local authority for confirmation.
Asset Rating - C54
Rateable Value £47,500
Source www.voa.org.uk The 2021/2022 small business multiplier multiplier is 0.499 (4.99p payable per £1). The 2020/2021 small business multiplier is 0.499 (49.9p payable per £1). This determines what business rates are payable. All parties are advised to make their own enquiries for confirmation. *If you qualify as a 'small business' you may be eligible for substantial relief in connection with business rates payable. We advise all parties speak to the local authority in the first instance for confirmation.
Offers sought in the region of £500,000 subject to contract for the long leasehold interest subject to and with the benefit of the subsisting occupational tenancy detailed above. A purchase at this level will show a very attractive net initial yield of 11.5% after allowance for purchaser's costs at 4.69%.
All interested parties should be aware of the Code of Leasing Premises 1st Edition, February 2020, for England and Wales, which recommends that they should seek professional advice from property professionals before agreeing or entering into a business tenancy.
Let by way of a single full repairing and insuring lease for a term of Twenty years from 11th September 2020 at a passing rent of £60,000 per annum exclusive. The lease is subject to open market rent review, repairs are limited by a schedule of condition and a tenants break option, every 5 years. The property is let to an individual trading as Rayan Food Centre.
( Agency Pilot Software Ref: 5148 )