Retail premises for sale

Marmion House, 91-93 High Street, Worcester WR1

Location

The cathedral city of Worcester is a well-established retail centre and is the administrative hub for the county of Worcestershire. Worcester lies approximately 129 miles north west of London, 29 miles south west Birmingham and 28 miles north of Cheltenham.

Marmion House is situated in Worcester’s prime retail location on High Street and benefits from a return frontage to Copenhagen Street, which is a narrow, characterful and pedestrianised street populated with city centre bars and restaurants. The property is adjacent to The Guildhall, a historic Worcester landmark, very close to the Cathedral Quarter and is in a retail location comprising many national retailers including Marks & Spencer, River Island, Pandora and Hotel Chocolat.

There is plentiful secure public car parking nearby – Copenhagen Street car park is less than 2 minutes’ walk from Marmion House.

Public transport is highly accessible. Worcester Foregate Street station is 5-6 minutes’ walk from Marmion House and Worcester Shrub Street 12-15 minutes distant. Numerous bus routes serve Worcester city centre with many bus stops within a 3 minute walk of the property.

Viewings

Strictly via prior appointment

Terms

We are instructed to seek offers of £2,850,000, subject to contract and exclusive of VAT.

A purchase at this level reflects a net initial yield of 9.16%, assuming purchasers costs of 6.43% and a low unit capital value of £171.77 psf.

Specifications

Marmion House is let to 11 tenants. There is 1 vacant office suite available to let at £8,700 pa.

Total contracted income is £277,783 pa. 60% of the current income is attributable to the retail and leisure elements and 40% to the office element of Marmion House.

Marmion House offers both immediate and medium / longer term asset enhancement potential:

Adjacent to Alcôve Wine Bar is an over-sized service yard / bin store. The vendor is in discussion with the tenant to reduce the size of the service yard / bin store area to create an outside seating area fronting Copenhagen Street. This would create additional rental income and add amenity to Alcôve Wine Bar. In addition, Worcester bid is proposing to enhance Copenhagen Street where Marmion House is situated by adding festoon lighting to the street to enhance its attractiveness, particularly at night.

Structurally, Marmion House could be extended by 1 – 2 floors, subject to necessary consents. Each of these new floors could be configured to accommodate 4 – 5 residential apartments. In addition, the 3 current office floors could ultimately be converted to residential use.

VAT

This property is elected for VAT

Legal Costs

Each party is responsible for their own legal costs incurred in this transaction.

Anti-Money Laundering

Successful bidders will be required to submit information to comply with Anti Money Laundering Regulations.