Retail premises for sale in English Walls, Oswestry SY11

Investment

location

Oswestry, Shropshire’s third largest town with a former Borough population of approximately 33,000 and town population of approximately 17,500, has a wealth of character and facilities to offer. A strong and friendly community, the town has an excellent range of food stores, operating banks, good range of national retailers as well as a wealth of specialist shops of good quality.

The premises are situated close to Boots, Heron Foods, B & M and Marks & Spencer Simply Food and Day Lewis Pharmacy.

The town’s main shoppers’ car park (approx. 480 spaces) is immediately opposite the premises.

Description and tenancies

Ground Floor Retail, with First and Second Floor Offices

This building has been maintained to a high standard by the vendor.

First Floor - In January 2022 this whole area was divided into four separate rooms, plus shared kitchen, Ladies and Gents WCs. The work comprised a new modern suspended ceiling with LED lighting units, together with new efficient room heaters. Each room is wired for telephone and wifi internet connections.

The above works were carried out to a high standard, and cost in excess of £20,000.

Address Accommodation Tenants and Leases Rent/net licence fee received p.a.

Ground Floor
12 English Walls Front internal width – 4.4m/14’5”
Sales – 1,118 sq.ft./103.9 m.sq.
WC and Kitchen * Severn Hospice Ltd. 10 Years from 25th March 2021, with a 5 year rent review and tenant’s break. Tenant responsible on internal repairing and insuring basis, together with a common area service charge contribution * £14,500 p.a.
First Floor Gross internal area of 1,134 sq.ft., /105.4 m.sq. Offices * Divided into 4 office rooms, each separately licenced off to businesses. Room 1: Cynhenid Care Ltd.
Room 2: Cynhenid Care Ltd.
Room 3: M & S Care Solutions Ltd.
Room 4: Michelle Glynn (Ladies Hairdressers)

£12,486 p.a.
Second Floor Net internal area of 1,194 sq.ft./110.9 m.sq. Offices * Wendy Hickson. Licences on a room by room basis. £10,235 p.a.
Total rent and licence fee (1) Budget to March 2024 £37,221 p.a.

* Please note:-

- All floor areas are approximate.
- There are some variations in the make-up service charge between floors. The agents can provide information and the leases and licences are within the information pack.

Tenant information

The ground floor tenant, Severn Hospice, has a network of 30 shops (and growing) across Shropshire, Telford and Wrekin and Mid Wales, and raises around £1,000,000 p.a. Or more to fund the vital care they provide for local families.

Licenced space

Licensees are responsible to keep their space clean and to decorate. Licensor to provide heat, light and maintain common areas.

Proposal, and further information in an information pack

This freehold investment block currently produces a net annual income of £37,221 p.a., is offered at a price in the region of £375,000. An acquisition at this level reflects an attractive gross initial yield of approximately 9.93%. The owners and agents consider that the current net income is conservative, and it could rise to £36,000 p.a. To £37,000 p.a. Potentially.

For positively interested parties, further detailed information within an Information Pack will be provided and this will include:-

1. EPCs
2. Asbestos Report
3. Fire Risk Assessment
4. Lease and Licence Documents
5. Land Registry Title Documents
6. Other Reports – Electrical etc.
7. List of improvements (costing £20,000) undertaken to achieve Energy Performance standards and to significantly reduce future maintenance expenditure, together with a note of past works, including sketch floor plans.

The onus will be on the interested parties to satisfy themselves as to the accuracy of the information in the information pack.

The vendors are happy to provide assistance and support in the management of the building to the purchaser for an initial period following completion.

VAT

The property is not elected for VAT.

Business rates

We understand from viewing the Valuation Office Agency web site that the current Rateable Values are:-

Ground Floor: £10,250
First Floor: Office 1 - £1725, Office 2 - £1150, Office 3 - £840, Office 4 - £840
Second Floor: £ 3,900

Interested parties should contact the Local Authority (Shropshire Council – to establish the current rates payable.

EPC ratings

Ground Floor Shop – ‘C’
First and Second Floor Offices – ‘E’

Viewing

Strictly by appointment. Please contact the agents on