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Prime city centre mixed retail/residential fully let income producing investment
Comprising a large restaurant/retail unit at ground floor with four flats above.
Producing a total rental income of £58,180 per annum.
Restaurant currently subject to covid related rent reduction.
Location The subject property is located in a prominent position in a section of Northgate Street which links the primary retailing centre of Chester with the more artisan sector of the city including Rufus Court. Both national multiple retailers and more specialist and quality retailers are well-represented in the vicinity. Located opposite is the new Storyhouse theatre, adjoining which is the proposed 500,000 sq ft Chester Northgate Project comprising of retail, leisure and residential. In conclusion, this is a prime location for restaurants / retail and city centre living as is demonstrated by the fact that the whole of the property is fully let for such uses.
Description The property comprises a mid-terraced building of traditional brick construction under a pitched and slated roof with original period sash windows. At ground floor level the property comprises a restaurant / retail unit with large glazed frontage and pedestrian access directly onto street level. The unit has been well fitted out to include an entrance waiting area and bar, restaurant seating, ancillary space / kitchen and WC. To the side of the restaurant there is a separate street level entrance leading to four residential flats above. These have been recently refurbished to a modern specification and are detailed as follows:
Flat 1: Front 1st floor flat with kitchen / living space, double bedroom and shower / wash room, overlooks Northgate Street. Flat 2: Rear 1st floor flat with separate kitchen, separate lounge, shower / wash room, double bedroom overlooking the rear. Flat 3: Rear 1st / 2nd floor flat with kitchen / living space and split level shower / wash room overlooking the rear. Flat 4: 2nd floor flat with kitchen / living space, double bedroom, shower room and separate wash room overlooking Northgate Street.
Accommodation The property has been measured on a Gross Internal Area basis in accordance with the RICS Code of Measuring Practice 6th Edition May 2015 as follows:
Ground Floor Restaurant / Retail Unit Sales Area: 890 sq ft (82.7 sq m) Ancillary Space / Kitchen: 95 sq ft (8.8 sq m) WC: Not measured Total Area: 985 sq ft (91.5 sq m)
Flat 1: 344 sq ft (32.0 sq m) Flat 2: 398 sq ft (37.0 sq m) Flat 3: 398 sq ft (37.0 sq m Flat 4: 387 sq ft |(36.0 sq m)
Tenancies The ground floor restaurant is let to Picnic (Chester) Ltd on a 15 year lease from April 2019 with a tenant break clause at the end of the 5th year. The lease is a full repairing lease with the tenant directly responsible for all internal repairs and shop front and responsible under a service charge for a fair proportion of all other repairs and services. The current rent passing under the lease is £32,500 per annum but this has temporarily been reduced to £25,000 per annum by agreement between the landlord and tenant due to the covid related restrictions on trading.
All 4 flats are currently let on periodic tenancies at the following rentals:
Flat 1: £495 per calendar month Flat 2: £550 per calendar month Flat 3: £595 per calendar month Flat 4: £500 per calendar month
Rent From Flats: £25,680 per annum. Rent From Restaurant: £32,550 per annum Total Rent: £58,230 per annum
Tenure We are advised that the property is held freehold.
VAT All figures quoted are exclusive of, and may be liable to, VAT at the standard rate prevailing.
Legal Costs Each party is to be responsible for their own legal costs incurred in the transaction.
Energy Performance The property has the following Energy Performance Asset Ratings:
For more information about this property, please contact Bolton Birch, CH1 on +44 1244 988997 * (local rate)
Contact Bolton Birch about this property
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