FOR SALE BY AUCTION
The property is accessed from St Julian's Friars and externally benefits from ownership of four car parking spaces in the car park, which are situated at the front.
The three storey property provides high quality office accommodation with a Total Net Internal Floor Area of approximately 2,795 sq ft (259.66 sq m). The accommodation is currently configured as four suites of office accommodation. One suite is owner occupied by the vendors and the other three suites are tenanted.
The offices are accessed via a central ground floor entrance hallway and have been the subject to a comprehensive scheme of refurbishment works during the vendor's ownership.
The property is only offered for sale due to the vendor's requirement to relocate.
The property provides an attractive building benefiting from a wealth of features and is of brick construction under a tiled roof cover. A viewing of the property is highly recommended.
1. The property provides Total Net Internal office accommodation of approximately 2,795 sq ft (259.66 sq m) and Total Gross Internal office accommodation of approximately 4,182 sq ft (388.51 sq m) arranged over three floors.
2. The property benefits from four car parking spaces within its ownership.
3. The property is in part income producing a current rent passing of £10,163 per annum.
4. There is the opportunity for part owner occupation or further income generation by the occupying or letting of the 1,240 sq ft (115.2 sq m) of accommodation, which will become available when the vendor vacates the property on completion.
5. The property offers further asset management potential, due to its inherent character and town centre location, with potential for a variety of alternative uses subject to the receipt of any statutory consents.
We are instructed to seek proposals for our client's freehold interest, subject to the existing occupational leases, of £360,000 (Three hundred and sixty thousand pounds) exclusive, which shows a net initial yield of circa 8% (based upon an Estimated Rental Value of £24,280 per annum calculated from current rent passing and the potential letting of the office space, which is to be vacated) and applying a capital value to the car parking spaces (after allowing for normal purchasers costs).
The property is located just off St Julian's Friars in the town centre of the county town of Shrewsbury. St Julian's Friars is located on the east side of the town centre and serves as an important link between the town centre and Longden Coleham.
The surrounding occupiers are in a variety of commercial and residential uses and include The Hop and Friar Pub, Tanners Wines, The County Sleep Shop, The Lion Hotel, and a variety of unique boutique retailers, cafés and wine bars.
The St Julian's public car park is within close proximity of the property. Shrewsbury has a population in excess of 100,000 people. The road communications are excellent with the A5 Trunk Road leading to the M54 8 miles to the east, which leads to Junctions 10 and 11 of the M6 Motorway. Shrewsbury Railway station provides direct access to Telford, Wolverhampton, Birmingham and London. Shrewsbury is the administrative centre for Shropshire and a historic tourist centre.
The premises are understood to be located in a Conservation Area.
The property is understood to benefit from planning consent for B1(office) Use under The Town and Country Use Classes Order 1987.
The property could lend itself to a variety of alternative uses, subject to the receipt of any statutory consents.
Prospective purchasers should make their own enquiries.
The premises are offered for sale freehold, subject to the existing occupational tenancies, under Property Title Numbers SL199520 and SL180687.
(The Title is subject to a restrictive covenant prohibiting residential use - the beneficiary of this covenant is known and further details are available from the selling agents upon request.)
The property is currently subject to a variety of short term occupational leases currently providing a rent passing of £10,167 per annum.
All the occupational leases are subject to service charge provisions.
Further details are available from the selling agents upon request.