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10 St Swithins Street, Worcester
10 St Swithins Street,Worcester
FOR SALE - 10 ST SWITHINS STREET, WORCESTER
10 St Swithins Street, Worcester, WR1 2PS
Mixed Use Investment
• Retail area 1,378 sq ft (128 sq m)• Established opticians business• Two self contained 2 bed flats on the upper floors• Total income £45,300 per annum
We are instructed to seek a price of £750,000subject to contract. A purchase at this levelreflects a Net Initial Yield of 5.73%.
Luke Weaver 07794 990 221
fishergerman.co.uk
Richard Tomlinson 07967 195 147
City Centre Freehold Mixed Use Investment
LocationWorcester is a Cathedral City located in thesouth-west Midlands. The city is locatedapproximately 30 miles south-west ofBirmingham and 25 miles north-east ofCheltenham along the M5 corridor. Worcesteris very well placed for access to the nationalmotorway network with both Junction 6 andJunction 7 of the M5 being easily accessiblefrom the city centre. Worcester City has apopulation just under 100,000 and acts as themain administrative centre for the county ofWorcestershire.
Worcester is the main retailing destination forthe county with well-known retailers such asPrimark, M & S, TK Maxx, Debenhams, Boots,Waterstones and Jack Wills all occupying spacein the city centre. There are two shoppingcentres, Crowngate and the newly developedCathedral Square together with a number ofindependent boutiques along Friar Street andNew Street.
The property is located on St Swithins Street atthe junction with Trinity Street. St SwithinsStreet links the High Street and The Cross toThe Shambles as well as Mealcheapen Street.A number of well known retailers are in closeproximity, including Halifax, Natwest, TSB,Argos, TK Maxx, JD Sports, Holland and Barrettand Pret a Manger.
The property is well located for access to publictransport with Foregate Street Train Station andthe bus station at Crowngate all within easywalking distance.
DescriptionThe property comprises a four storey building ofbrick construction under a traditional pitchedslate roof. The ground floor is occupied bySpectrumoptic and predominantly open planwith separate consulting rooms to the rear withglazed return frontage onto St Swithins Streetand Trinity Street.
The lower ground floor is currently utilised asstorage.
A small lab room and WC located on the 1st flooris occupied by the opticians business.
The opticians have recently carried out a shoprefit.
The first and second floors are accessedseparately off Trinity Street with a centralstaircase leading to two flats, one on each floor.Both flats benefit from two bedrooms, lounge,kitchen, bathroom and w/c facilities.
AccommodationRetail Unit Sq M Sq FtLower Ground Floor 54.30 584Ground Floor 73.76 794
FlatsFirst Floor 2 bed flat 58.00 624Second Floor 2 bed flat 57.00 613
TenancyThe property is let on the following basis;
Tenant: Spectrum Optics LtdGuarantor: Zohra and Kasim SumarTerm: 15 yearsDate: 30th January 2018Passing Rent: £30,000 per annum exclusiveRent Review: 5 yearlyBreak Clause: End of the 5th yearRepairs: Effective FRI
First Floor Flat: £650 pcmSecond Floor Flat: £625 pcm
Total Annual Income: £45,300
CovenantSpectrum Optics Ltd was incorporated in July2017 as the purchasing vehicle for the existingopticians business which had successfullyoperated as Specs Express from this premisesfor over 20 years.
Business Rates - Shop and PremisesRateable Value £25,000
Council TaxThe flat Council Tax bandings are to beconfirmed.
EPCEnergy Performance Ratings:Retail: D99First Floor Flat: E40Second Floor Flat: F26
ProposalWe are instructed to seek a price of £750,000,subject to contract. A purchase at this levelreflects a Net Initial Yield of 5.73%.
Money LaunderingThe successful Purchaser will be required toprovide information to comply with MoneyLaundering Regulations.
VATUnless otherwise stated, all prices and rentsquoted are exclusively of Valued Added Tax(VAT), Any intending Purchaser should satisfythemselves independently as to VAT in respectof any transaction.
We have however been informed that theproperty is not elected for VAT.
ViewingsStrictly by prior arrangement with the agents.
Locations
● Cheltenham 25 miles
● Birmingham 30 miles
● London 134 miles
Approximate Travel Distances
Nearest station
● Foregate Street 0.2 miles
Nearest Airports
● Birmingham Int 36.7 miles
Please note: Fisher German LLP and any Joint Agents givenotice that: The particulars are produced in good faith areset out as a general guide only and do not constitute orform any part of an offer or any contract. No personwithin Fisher German has any authority to make orgive representation or warranty on any property.
FOR SALE - 10 ST SWITHINS STREET, WORCESTER
Sat Nav Post Code
● WR1 2PS
Licence Number - 100022432 - Not to Scale
