Prime Freehold Retail Investment with Additional Development Opportunity
Shop on High Street and separate rear building
Shop let until 2032 (subject to option)
Redevelopment Potential (subject to consents)
Prominent Location in City Centre opposite The Guildhall
Nearby occupiers include Marks and Spencer, Primark, Costa, Fat Face, Tesco Express, Boots and TK Maxx
Lot 4
Auction 18th May 2023
Rent £35,000 per Annum Exclusive plus vacant rear building
Status Sold
Price £390,000
Sector High Street Retail, Residential, Development
Auction Venue Live Streamed Auction
Property Information
Location
Miles
22 miles south west of Birmingham, 22 miles north of Gloucester,
Roads
A44, A38, M5
Rail
Worcester Foregate Street, Worcester Shrub Hill
Air
Birmingham Airport
Situation
Worcester is an historic cathedral city and county town of Worcestershire. The property is prominently situated in the centre of High Street directly opposite The Guildhall of Worcester. The high street is a busy and popular shopping and dining destination with the Worcester Street Market, Crowngate Shopping Centre and Cathedral Square Shopping Centre. Other nearby occupiers include Marks and Spencer, Primark, Costa, Fat Face, Tesco Express, Boots and TK Maxx.
Tenure
Freehold.
Location
Miles
22 miles south west of Birmingham, 22 miles north of Gloucester,
Roads
A44, A38, M5
Rail
Worcester Foregate Street, Worcester Shrub Hill
Air
Birmingham Airport
Situation
Worcester is an historic cathedral city and county town of Worcestershire. The property is prominently situated in the centre of High Street directly opposite The Guildhall of Worcester. The high street is a busy and popular shopping and dining destination with the Worcester Street Market, Crowngate Shopping Centre and Cathedral Square Shopping Centre. Other nearby occupiers include Marks and Spencer, Primark, Costa, Fat Face, Tesco Express, Boots and TK Maxx.
Tenure
Freehold.
Description
The property comprises 2 buildings. The first, fronting High Street comprises a ground floor shop together with ancillary accommodation on the first and second floors and unused accommodation on the third floor. The sale also includes a vacant building to the rear, accessed via an entrance fronting High Street, arranged over basement, ground, first and second floors. The rear building currently has no access to the basement, first and second floors.
The vacant rear building, 32 High Street, may be suitable for redevelopment subject to the necessary consents.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises 2 buildings. The first, fronting High Street comprises a ground floor shop together with ancillary accommodation on the first and second floors and unused accommodation on the third floor. The sale also includes a vacant building to the rear, accessed via an entrance fronting High Street, arranged over basement, ground, first and second floors. The rear building currently has no access to the basement, first and second floors.
The vacant rear building, 32 High Street, may be suitable for redevelopment subject to the necessary consents.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
33 High Street
Ground First Second Third
Retail/Ancillary Ancillary Ancillary Disused
54.34 58.99 41.80 55.10
(585) (635) (450) (593)
ISMART RETAIL LIMITED t/a Ismart (1)
10 years from 21/12/2022 (2) (3)
£35,000
21/12/2027
32 High Street (Rear Building)
Basement/Ground/First/Second
Former Commercial
294.73 (4)
(3,172) (4)
VACANT POSSESSION
-
-
-
Total Approximate Floor Area
504.96
(5,435)
£35,000
(1) iSmart was founded in 2015 specialising in express repair of tablets, laptops, macbooks, Xbox and Playstation (iSmart Worcester). (2) The lease provides for a tenant option to determine the lease on 20/12/2027. (3) The lease provides for a half rent period until 20/09/2023. The Seller will pay to the Buyer the rent that would have been due from completion of the sale until the end of the half rent period. (4) The areas stated for 32 High Street (rear building) are Gross Internal Areas (GIA).
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
