Retail premises for sale in St. Mary's Street, Newport TF10

Key Points

Providing a Net Initial Yield of 7.56% increasing to 7.82% with effect from August 2027

Substantial modern building extending to approximately 109.7 sq m (1180 sq ft)

Mixed two storey retail and residential investment property

Recently refurbished

Popular town centre location overlooking St Nicholas Church

Description

The property comprises an attractive recently renovated mixed use building which is freehold. The property is over 2 floors with the ground floor being a retail shop and the first floor being a 1 bed recently refurbished apartment.

The property is brick construction with a flat roof. The brickwork has been rendered with traditional wooden shop front and windows. The flat has separate access via a side passage to the rear of the property.

Internally, the ground floor accommodation has been modernised to create an open plan sales area with offices and WC facilities to the rear. The property has been used most recently as a kitchen showroom. The residential accommodation is accessed via a door at the rear which is accessed from the side passage. The property is 1 bed with open plan kitchen and living room area. The apartment is modernised to a high standard.

Tenure

The property is available freehold subject to the following occupational tenancies:

The shop is let on a 5 year lease from 1st August 2023 at £14,400 pa, increasing to £15,120 pa from 1st August 2027.

The first floor flat is let on an assured shorthold tenancy at £550 per calendar month.

The Net Initial Yield is 7.56% increasing to 7.82% with effect from August 2027.

Location

The property itself occupies a mid-terraced position on St Mary's Street, situated just off the end of the High Street. The building falls within Newport Conservation Area and overlooks St Nicholas Church.

Newport is an attractive market town situated on the Shropshire/Staffordshire Border. The town is located approximately 6 miles north of the town of Telford, 12 miles west of the town of Stafford and 25 miles north east of the County Town of Shropshire. The town had a population of 11,387 at the 2011 census. The town lies approximately 9 miles from the M54, which provides access to the national road network.