Freehold Retail Investment with Asset Management Opportunities
Majority let to McDonald's Restaurants Limited until December 2030 (No breaks)
Includes one vacant ground floor shop approx. 319 sq. m. (3,437 sq. ft.)
Approximately 1,412.12 sq. m. (15,200 sq. ft.) over Ground, First and Second floors
Prominent pedestrianised City Centre location, close to The Maylord Shopping Centre
Nearby occupiers include Marks & Spencer, Tesco, Boots the Chemist, Superdrug, Sports Direct, Burger King, Greggs and The Entertainer
Lot 24
Auction 7th November 2024
Rent £60,000 per Annum Exclusive plus vacant shop
Status Sold
Price £655,000
Sector High Street Retail
Auction Venue Live Streamed Auction
On behalf of a Major Investment Fund Manager
Property Information
Location
Miles
25 miles south-west of Worcester, 65 miles south-west of Birmingham
Roads
A49, A438, M5, M50
Rail
Hereford Railway Station
Air
Birmingham International Airport
Situation
The property is prominently situated on the southern side of the pedestrianised Commercial Street, Hereford's main retailing thoroughfare, at its junction with Union Passage, a short walk from The Maylord Shopping Centre, in the heart of the City Centre. Nearby occupiers include Marks & Spencer, Tesco, Boots the Chemist, Superdrug, Sports Direct, Burger King, Greggs and The Entertainer.
Tenure
Freehold.
Location
Miles
25 miles south-west of Worcester, 65 miles south-west of Birmingham
Roads
A49, A438, M5, M50
Rail
Hereford Railway Station
Air
Birmingham International Airport
Situation
The property is prominently situated on the southern side of the pedestrianised Commercial Street, Hereford's main retailing thoroughfare, at its junction with Union Passage, a short walk from The Maylord Shopping Centre, in the heart of the City Centre. Nearby occupiers include Marks & Spencer, Tesco, Boots the Chemist, Superdrug, Sports Direct, Burger King, Greggs and The Entertainer.
Tenure
Freehold.
Description
The property comprises a restaurant arranged on the ground, first, mezzanine and ancillary accommodation on the second floor. The restaurant unit also benefits from a frontage onto Union Street with deliveries received from there. In addition, the property provides for an additional ground floor retail unit.
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 a restaurant arranged on the ground, first, mezzanine and ancillary accommodation on the second floor. The restaurant unit also benefits from a frontage onto Union Street with deliveries received from there. In addition, the property provides for an additional ground floor retail unit.
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
Address
Floor
Use
Floor Areas Approx sq m (1)
Floor Areas (Approx sq ft (1)
Tenant
Term
Rent p.a.x.
Rent Review
48 Commercial Street
Ground First Mezzanine Second
Restaurant/Kitchen Restaurant Ancillary Ancillary
343.20 227.10 21.70 501.00
(3,694) (2,444) (233) (5,392)
MCDONALD'S RESTAURANTS LIMITED (2)
10 years from 25/12/2020 on a full repairing and insuring lease
£60,000
24/12/2025
46 Commercial Street
Ground
Retail/Ancillary
319.30
(3,437)
VACANT
-
-
-
Total
1,412.30
(15,200)
£60,000
(1) Areas provided by VOA (www.gov.uk/find-business-rates) (2) For the year ending 31/12/2022, McDonald's Restaurants Limited reported a turnover of £1,597,442,000,a pre-tax profit of £170,875,000 and a net worth of £675,611,000 (www.northrow.com)
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.
