Retail premises for sale in Market Place, Wirksworth, Matlock, Derbyshire DE4

Location

The property is located fronting Market Place in Wirksworth, a market town in the Peak District, approximately four miles south of Matlock and twelve miles north of Derby. Wirksworth was granted a market charter in 1306 and is known for its excellent range of independent shops and cafes, alongside its annual art and book festivals.

The property is 23.5 miles away from Nottingham, 26.5 miles away from Sheffield and 44 miles away from Leicester. Wirksworth allows for easy access with the A6 being within 9 miles and the M1, Junction 28 being approximately 15 miles away. In regards to public transport, there is a bus stop adjacent to the premises, providing services to Derby, Ashbourne and Matlock.

Description

The mixed-use investment comprises five commercial units to the ground floor (11-14A Market Place) with nine residential apartments above. The commercial units are occupied by several independent retailers and benefit from the large frontage onto Market Place. The premise, was Grade II listed in 1973 and extends across 0.14 acres (0.05 ha).

Unit 11-13 occupy a three-storey, stone structure building, enclosed by a natural slate roof to the front and plain clay tiles to the rear. Units 14-14A are situated in a three-storey, traditional red brick structure building, and includes a plain clay tiled roof covering, stone parapets, and cornices. Unit 11-13 benefit from a shared courtyard with toilets which can be accessed through the back of the properties or the alleyway between 11-12 Market Place.

The residential accommodation benefits from separate access. Depending on the residential address, the domestic properties are accessible either through the ginnel between 11-12, or the main entrance between 14-14A. The property also benefits from stairs leading from the rear yard area to one of the town's car parks.

Lease Summary

The residential accommodation is let on standard Assured Shorthold Tenancies (ASTs), in which the tenants have no security of tenure beyond expiry of the respective lease terms. The commercial element is let on effective full repairing and insuring terms, passing the liability to repair and maintain onto the tenants. All the commercial tenancies are outside of the security of tenure provision, of the Landlord and Tenant Act 1954 with tenants paying quarterly, monthly and weekly.

The commercial accommodation has a current rental income of £31,236 per annum with the residential element retaining a rental income of £48,060 per annum, overall providing a total rental income of £79,296 per annum. The estimated rental value (erv) for the residential accommodation is £54,360 per annum, reflecting a total revisionary income of £85,596 per annum and a reversionary yield of 10%.

Opportunity to purchase a three-storey, mixed-use investment in Wirksworth

Comprising five ground floor commercial units (11-14A) and nine residential flats

Wirksworth is situated approximately 12 miles north of Derby

Rental income of £79,296 per annum with a reversion to £85,596

Offers in excess of £810,000 (Eight hundred and ten thousand pounds). A purchase at this level reflects a net initial yield (NIA) of approximately 9.3% and a reversion to 10% assuming usual purchaser costs.