Offers in region of
£2,750,000
(£108.49/sq. ft)
Retail premises for saleWatergate Street, Chester CH1
25,349 sq. ft
Just added
About this property
Let to Costa Ltd and Reiss Ltd at £116,000 pa
Planning consent for 18 apartments on the upper floors
Further Row level potential, subject to planning
Prime location within Chester's Roman Walls
Freehold
A freehold mixed-use investment on the northern side of Watergate Street, within Chester's historic Roman Walls and a short walk from The Cross. The property comprises two ground floor retail units let to Costa Ltd and Reiss Ltd, producing £116,000 per annum, together with vacant accommodation at Row level and on the two upper floors.
The leases have been re-geared to release the tenants' former ancillary space. Planning permission was granted on 17 October 2024 (ref 23/03821/ful) to convert the vacant upper floors into 18 apartments (10 one-bed and 8 two-bed, 11,517 sq ft saleable), with independent access from Goss Street.
The vacant Row level offers further asset management potential. Architects have prepared indicative proposals for six additional apartments and a smaller commercial unit fronting the Rows, subject to planning.
Accommodation
Ground floor, 14 Watergate Street (Costa Ltd): 1,779 sq ft, £40,000 pa, lease expiry 19 January 2028
Ground floor, 18-20 Watergate Street (Reiss Ltd): 2,869 sq ft, £76,000 pa, lease expiry 29 October 2029
Part ground floor and Row level: 5,577 sq ft, vacant
Upper floors (Row +1 and Row +2): 15,124 sq ft, vacant with residential consent
Tenure: Freehold.
VAT: The property is elected for VAT. The sale may be treated as a Transfer of Going Concern if the relevant criteria are met.
Proposal: Offers in the region of £2,750,000, subject to contract and exclusive of VAT. Planning documents, approved drawings and leases are available in the data room on request.
The leases have been re-geared to release the tenants' former ancillary space. Planning permission was granted on 17 October 2024 (ref 23/03821/ful) to convert the vacant upper floors into 18 apartments (10 one-bed and 8 two-bed, 11,517 sq ft saleable), with independent access from Goss Street.
The vacant Row level offers further asset management potential. Architects have prepared indicative proposals for six additional apartments and a smaller commercial unit fronting the Rows, subject to planning.
Accommodation
Ground floor, 14 Watergate Street (Costa Ltd): 1,779 sq ft, £40,000 pa, lease expiry 19 January 2028
Ground floor, 18-20 Watergate Street (Reiss Ltd): 2,869 sq ft, £76,000 pa, lease expiry 29 October 2029
Part ground floor and Row level: 5,577 sq ft, vacant
Upper floors (Row +1 and Row +2): 15,124 sq ft, vacant with residential consent
Tenure: Freehold.
VAT: The property is elected for VAT. The sale may be treated as a Transfer of Going Concern if the relevant criteria are met.
Proposal: Offers in the region of £2,750,000, subject to contract and exclusive of VAT. Planning documents, approved drawings and leases are available in the data room on request.
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Monthly repayment
£13,756 per month
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