23 Market Street, Oakengates, Telford, Shropshire, TF2 6EL
Guide Price* : £270,000
Mixed Use Freehold Investment
- Ground and basement retail use with residential upper parts
- Let to secure local covenants who have traded well through the pandemic (when permitted)
- No rent arrears, with all tenants intent on trading post-covid restrictions
- Total annual income of £27,700
- Guide Price reflects attractive NIY of 9.97%
The property comprises a former restaurant that has now been split to provide three retail units to the basement and ground floors with a single, three bed, flat to the upper parts.
The ground floor unit with the frontage to Market Street is used as a barber shop and comprises a work area to the front with a bar space that has been retained from the former restaurant use. There is a waiting area to the rear with a small storage/staff area to the rear as well as a WC.
The ground floor rear unit is accessed from the rear, but the link to the front units has been retained for future use if required. The rear unit is used as a salon and is therefore fitted out with two rows of chairs and associated equipment, there is a small store as well as a few rooms used for tanning areas and other uses associated with the occupiers trade.
The basement unit is accessed from the rear and is used as a complimentary service to the salon. The unit is currently undergoing a redecoration with the existing tenant which is due for completion in time for the easing of Covid restrictions.
There is private parking to the rear of the property as well as a large public car park.
The first floor is used as a three bedroom flat and is let on a rolling six month AST. The flat is used by the operator of the nearby Subway franchise and provides accommodation for staff.
The property is located in Oakengates in northern Telford and is situated on Market Street, the principal retail street in the area. The street is partially pedestrianised and is popular with local covenants including barbers, hot food takeaway and restaurants. There are also several national retailers, including Greggs and Subway who are in adjacent units, as well as Nisa Local and Betfred.
The building heights along the street are mixed, with several properties providing second floor accommodation. Therefore there may be scope to provide additional residential accommodation in the future (subject to planning)
The ground floor at the front is let to an individual trading as a Barbers on a lease expiring 30/11/2026 and producing an annual rent of £7,800. Rent reviews are every third year with the first taking place 16/12/2022.
The ground floor rear is let to an individual and trading as a Beauty Salon on a lease expiring 01/01/2027 and producing an annual rent of £7,800. Rent reviews are every third year with the first taking place 01/02/2022.
The basement is let to an individual and also trading as a Beauty Salon on a lease expiring 01/01/2027 and producing an annual rent of £5,500. Rent reviews are every third year with the first taking place 01/02/2022.
The first floor flat is let on a rolling six month AST at a rent of £550 PCM which equates to £6,600 per annum.
The total rent roll for the property is therefore £27,700 per annum.
For more information please review the legal documents.
The property is not elected for VAT
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton May 2022
Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
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