Retail premises to let in Watergate Street, Chester CH1

Proposition

These former banking premises were converted to a single property some years ago and currently present as a single building.

The Owners are proposing to subdivide the property into short term apartment rentals on the upper two floors (accessed from the rear), leaving the lower three floors as a self-contained unit, this is further described below.

Property

This is a self-contained property forming part of the City's famous rows, to which it has a frontage. It also abuts a passageway at row level that leads to a rear Courtyard and the Commercial Hotel, a busy open events space in the City, with a rear frontage to this area.

Having a double width shopfront, the ground floor is arranged with an open front sales area leading to two separate rear offices. This will be opened up as far a possible during the subdivision process.

These modernisation works will also include a replacement internal staircase up to the row level and works to further open up the row level by removal of non-structural internal partitions, and a new shopfront to the row.

Mindful of possible hospitality uses, provision will be made for enhanced use of the basement.

Plans are attached for better reference.

Accommodation (Post works)

Frontage 22'0”
Internal width 20'6” widening to 21'6”
Depth: 41'0”

Ground floor: Sales 844 sq ft
Basement: Stores/WC's 430 sq ft
Row Level; Sales 619 sq ft

total area 1,893 sq ft

Rating assessments

To be reassessed on subdivision and occupation.

Interested parties should make their own enquires with the Local Authority.

Planning

The property is grade II Listed and is located within a conservation area. Tenants will need to be aware that alterations and signage will need appropriate consents.

Lease

The property is to let by way of a new F&I lease for a term to be agreed, subject to 5 yearly rent reviews.

Rent

Offers in the region of £45,000 pa payable quarterly in advance on the usual quarter days.

VAT

The property is not elected for VAT.

EPC

The property has a current EPC rating of C this will need to be re-assessed after works.

Costs

Each party to be responsible for their own legal costs.

Agent's note
It is a legal requirement under Anti-Money Legislation that we must verify the identity of a proposed tenant once a letting has been agreed.

The proposed tenant will be required to provide appropriate information before instructing solicitors and consent to this being checked with an external agency.

Subject to contract