The property comprises a substantial Victorian building erected 90 – 100 years ago, with accommodation arranged on ground and two upper floors.
Gateford Road’s main frontage consists of 5 individual shops, 2 of which are occupied by 1 tenant, including 2 residential apartments above. Approached from the rear, there are 6 individual flats, including those referred to above, with some occupied as double units.
No 5 has been recently re-let as a Takeaway retail unit for desserts, ice cream, coffee, milk shakes, etc. Nos 7, 7a and 9 have also been recently let on a new 25 year lease without breaks to an individual for the retail/takeaway of pizzas, kebabs and associated foods, etc. 9a (self-contained flat) has been recently re-let at £XXX
At the rear of the property there are a number of dilapidated buildings which, subject to planning consent, are capable of being developed to provide further residential accommodation.
Location
Worksop is a north Nottinghamshire market town with a resident population of approximately 39,000 and a district population of circa 108,000.
The prime shopping facilities for Worksop are located upon the pedestrianised centre of Bridge Place and Priory Centre. In Worksop town centre there are many multiple retailers represented including; B&M Bargains, Peacocks, Bonmarche, Iceland, Wilkinsons, M&Co, Thomas Cook and JD Sports. Close by there are branches of Matalan and Halfords.
Gateford Road is a northern continuation of Bridge Place and one of the main thoroughfares out of the town centre connecting ultimately with the M1, M18 and M62 Motorway. This property is located in the middle of Worksop town centre fronting onto the busy Victoria Square which in turn connects with the main arterial roads through Gateford Road, Carlton Road, Eastgate and Watson Road.
The property, being north of the town centre, occupies a secondary retail position but remains popular with retailers with significant traffic and footfall as a result of its location.
Accommodation
Unit 5:
Sales - 698 sq ft
Ancillary 43 sq ft
ITZA - 518 sq ft
Unit 5a - Residential
Units 7, 7a & 9:
Ground Floor Shop - 927 sq ft
Ancillary - 247 sq ft
ITZA - 807 sq ft
Unit 9a - Residential
Unit 11:
Sales - 518 sq ft
Ancillary - 229 sq ft
ITZA - 430 sq ft
Unit 11a - Residential
Unit 13 - Ground Floor Shop- 1,571 sq ft
Unit 13a - Residential
Unit 13b - Residential
Please see attached brochure for further details
Terms
Tenancies and Income - The property currently produces a gross income of £XXX per annum with a potential reversionary income of £XXX per annum. Under the terms of the commercial leases the tenants are responsible for all repairs and decorations and reimbursement of the landlord for the fire insurance premium. The landlord is responsible for external repairs and decoration and the insurance premium in relation to the residential element.
Under the terms of the new lease on 7, 7a & 9 the rent increases to £XXX as at 18th October 2021 and thereafter every 3 years it rises by £XXX per annum as at the date of the review.
The rent on Unit 5 increases by £XXX to £XXX per annum as at 15th December 2023.
The residential element of 5a is let at £XXX per annum and is capable of being split into 2 flats producing therefore an income of approximately £XXX per annum
EPC - Full details of the EPC are available upon request.
Additional Documents - ASTs, leases, credit rating reports and expired planning consents are all available upon request.
Tenant's Covenant - All of the tenants are of secondary covenants. At the date of the preparation of these particulars, all rents are paid up to date and paid regularly on time.
Tenure - Freehold
VAT and Costs - The property is partially elected for VAT (No. 7 & 9). VAT is not payable on the remaining part of the purchase. Each side will be responsible Additional Documents for their own costs.
Price - Offers are invited at:- £XXX (Seven Hundred and Fifty Thousand Pounds)
This will show an initial yield of 10.81% and a reversionary yield of 11.44%. It should be noted that this has been calculated on the basis of a yield of 10% on the residential gross income and 11.25% on the net commercial income
Specification
- 4 ground floor units and 6 flats - fully let - £XXX p.a.
- Asset management potential
- High income producing investment - ERV £XXX p.a.
- Offers sought in the region of £XXX to show a gross yield of 10.81% and a reversionary yield of 11.44% net of costs. This breaks back to 10% on the residential income and 11.25% on the commercial
- Partially elected for VAT