10 Market Street is a part three part single storey brick building under a pitched slate roof. At basement level is the ‘Now Serving’ bar with former nightclub at ground floor and two floors of office accommodation at first and second floor.
Externally the property is accessed off Market Street.
Location
10 Market Street is only a short distance off Westgate and within walking distance of both Unity Hall and Wakefield Westgate train station. Market Street backs onto Albion Court which is a well known leisure/pub courtyard ‘Latino Quarter’ serving Wakefield city centre.
Westgate – which leads through Wakefield city centre – links the busy A642 and to Ings Road, which includes Beck Retail Park and Cathedral Retail Park where occupiers include Sainsburys, Cineworld, The Range, Home Bargains and B&M.
Accommodation
Basement - 548m² (5,895 sq. ft)
Leased to ‘Now Serving’
Basement - 65m² (700 sq. ft)
Part of former Havana/Foundation
Ground floor - 474m² (5,100 sq. ft)
Comprising former Havana/Foundation nightclub
First floor - 98m² (1,060 sq. ft)
Vacant office accommodation
Second floor - 107m² (1,150 sq. ft)
Vacant office accommodation
Gross Internal Floor Area - 1,292m² (13,905 sq. ft)
Terms
Services - We are advised 10 Market Street benefits from mains water, sewer drainage and electricity in addition to individual appliances including lighting. However no tests have been carried out on any of the aforementioned services or appliances and therefore we are unable to comment as to their condition or capacity.
Non Domestic Rating - We are informed by the Valuation Office website the premises are assessed as:-
Basement (Now Serving bar) RV £25,750
Ground floor (former nightclub) RV £26,500
First floor (offices) RV £5,700
Second floor (office) RV £5,700
The National Uniform Business Rate for 2023/24 is 49.9p in the £, ignoring transitional phasing relief and allowances to small businesses.
Planning - We are advised the bar and former nightclub benefit from their ongoing consents although part of the building has also secured a planning consent for conversion to 13 apartments. The property is situated within the upper Westgate Conservation Area.
Prospective purchasers should satisfy themselves with regard to all rating and planning matters direct with the Local Authority, Wakefield Council Tel: 0345 850 6506.
Energy Performance Certificate - The premises are assessed with an EPC of C (57).
Tenancies - Now Serving occupies the majority of the basement by way of a 10 year lease from 2016 with a current passing rent of £20,000 per annum exclusive.
Price - Seeking offers in the offers in the region of £495,000 for the freehold.
VAT - All rents and prices are quoted exclusive of VAT, where applicable.
Anti-Money Laundering Regulations - In accordance with the Anti-Money Laundering Regulations evidence of identity and a source of funding will be required from the successful offeree prior to instructing solicitors
Specification
- Part single part three storey former nightclub with offices & presently generating (from basement only) £20,000 per annum
- Conveniently located within Wakefield city centre only a short distance off Westgate
- Benefitting from planning consent for conversion to residential or vacant space could be let to generate significant income