Unit 25 Reindeer Court, Mealcheapen Street, Worcester, Worcestershire, WR1 2DS
Guide Price* : £70,000
Retail Investment Opportunity
- Freehold retail investment Opportunity
- 666 sq ft (61.87 sq m)
- Let on a new 5 year lease producing £7,000 per annum
- Guide Price of £70,000 reflects a Net Initial Yield of 9.82%
The property comprises retail premises of sq of 666 sq ft (61.87 sq m) currently let to Izzy's Ices & Donuts Limited on a 5 year lease expiring from 01/09/2026.
The ground floor has an area of 372 sq ft with stairs to the left that lead to the first floor which comprises storage space complemented with a small kitchen and toilet totalling 280 sq ft.
The store has a main frontage out onto a popular thoroughfare within Reindeer Court.
The Shambles and Mealcheapen Street are both pedestrianised shopping streets and home to a number of national and local retailers and coffee shops, including J D Sports, Marks & Spencer, The Entertainer, Greggs, Caffé Nero, Holland & Barrett, Vodafone, TK Maxx and Card Factory.
Worcester is a Cathedral City with a population of just over 100,000 on the banks of the River Severn. Worcester is readily accessible by road, rail and air. Junctions 6 and 7 of the M5 provide easy access to the motorway network and Birmingham airport whilst the City has two railway stations, Foregate Street and Shrub Hill. A new Station, Worcestershire Parkway, is being constructed close to J7 of the M5 motorway, which will provide sustainable access to regional and national destinations including the southwest, north-east, the Thames Valley and London.
The property is let to Izzy's Ices & Donuts Limited on a 5 year lease expiring from 01/09/2026 and paying a rent of £7,000.
There is a break clause date of 0209/2024.
Rent Deposit: £4,200.
The lease is drafted within the Landlord and tenant (1954) Act.
Refer to the legal documentation
* 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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