Retail premises for sale in Mealchapen Street, Worcester WR1

Investment Consideration:
Gross Initial Yield: 6.94%
Rental Income: £10,750 p.a.
VAT is applicable to this property
Comprises two-storey retail unit, t/a lingerie boutique
Total area size of 81.30 sq m (875 sq ft)
Located inside Reindeer Court between The Shambles and New Street, which is home to retailers such as jd Sports, M&S, Greggs, Café Nero, Vodafone, tk Maxx and more.

Property Description:
The property comprises two-storey retail unit t/a lingerie boutique and provides the following accommodation and dimensions:

Ground Floor: 32.80 sq m (353 sq ft)
Open Plan Retail
First Floor: 44.50 sq m (522 sq ft)
Ancillary, WC
Total NIA: 81.30 sq m (875 sq ft)

Tenancy:
The property is at present let to Embrace (Cheltenham) Limited for a term of 5 years from 10th October 2023* at a current rent of £10,750 p.a. And the lease contains full repairing and insuring covenants. Tenant option to determine in April 2025 and 2027 with min 6 month`s notice. Deposit held of £3,600.

* Lease renewal. Tenant in occupation since 2018 and currently paying £10,000 p.a. Vendor will top up rent so the buyer receives the equivalent of £10,750 p.a. From completion.

Location:
Worcester is a city in central England`s West Midlands region. The city is a major retail centre, with several covered shopping centres to accommodate the major chains and many independent shops and restaurants, particularly in Friar Street and New Street. The M5 Motorway runs north-south immediately to the east of the city. It is accessed by Junction 6 (Worcester North) and Junction 7 (Worcester South). Worcester has three stations. Worcester Foregate Street and Worcester Shrub Hill are in the city centre. A third station on the edge of the city, Worcestershire Parkway opened in 2020. The property is located within 0.3 miles from Worcester Foregate Street train station. Nearby occupiers include M&S, Greggs, jd Sports, Costa Coffee and Waterstones, amongst many more.