Investment Consideration:
Gross Initial Yield: 8.00%
Rental Income: £12,000 p.a.
VAT is applicable to this property
Pedestrianised town centre location
Comprises ground floor shop/café trading as a micropub and two residential flats above which have been sold off on a long lease
Occupiers close by include Thomson, Greggs, Lloyds Pharmacy, Coral, Boots, Wilko and Wellington market, which is a major attraction
Property Description:
Comprises ground floor shop/café trading as a micropub and two residential flats above which have been sold off on a long lease, providing the following accommodation and dimensions:
Ground Floor Shop: 83 sq m (893 sq ft)
Open plan sales, Kitchen, Storage, WCs
Basement: Ancillary
First/Second Floor: 2 Flats (sold-off)
Tenancy:
The retail unit is at present let to Bloody Good Brews Ltd for a term of 6 years and 11 months from 14th February 2022 at a current rent of £12,000 per annum and the lease contains full repairing and insuring covenants. Rent review in February 2025 and 2028 (open market). Break clause in August 2022 NOT exercised. Personal guarantee.
The first and second floor residential flats are sold off on long leasehold to Gunship Ltd for a term of 999 years from 29th May 2008 at a ground rent of peppercorn.
Location:
Wellington is located north of the M54 Motorway and is one of the three satellite towns of Telford. The town is situated some 10 miles east of Shrewsbury and approximately 20 miles north-west of Wolverhampton. This Grade II listed property, which is in a conservation area, occupies a prominent position and benefits from frontages to the pedestrianised Market Square and Market Street in the heart of the town centre. Occupiers close by include Thomson, Greggs, Lloyds Pharmacy, Coral, Boots, Wilko and Wellington market, which is a major attraction.
