Retail Property (high street) for sale

44-47 Church Street, Tamworth, Staffordshire, B79

Guide Price 2,681 sq. ft. | £750,000

Property Description

Commercial information

  • 2,681 sq ft (249 sq m)

Key features

  • Prime Central Town Location
  • Ground Floor Retail/First Floor Residential
  • Current Rental Income over 79,000 Per Annum
  • Planning Permission for Conversion of 3 more Flats
  • Further Potential Income up to 20,000 Per Annum

Full description

Tenure: Freehold

Retail/Residential - Excellent Investment Opportunity in the Centre of Tamworth

Location

AN EXCELLENT INVESTMENT OPPORTUNITY IN THE CENTRE OF TAMWORTH TOWN CENTRE. CURRENT INCOME OVER £79,000 PER ANNUM WITH A FURTHER £20,000 PER ANNUM POTENTIAL INCOME.

Located at a central prime retail location at Church Street in Tamworth just to the rear of Market Street and in a pedestrianized zone. This is in a busy area of town with excellent pedestrian footfall and plenty of public parking nearby.

Accommodation

The property comprises a retail unit with residential development potential at first floor level. The property is located in the middle of a parade of shops in a popular Tamworth market area.

The ground floor retail area is currently being utilised as an indoor small market with various pitches let to individual retailers. Each retailer is in occupation under a Licence and at present the property produces £1,400 per week income.

The retail area could be split into 3 individual shops and the overall dimensions of the shop retail area is 15.89m width x 13.32m depth. There are two additional storage areas, one which could be converted into more retail space. There are also four car parking spaces at the rear of the property.

Retail area: 15.89m x 13.32m - 211.7 sq m (2,278 sq ft)
Store: 3.0m x 14.8m - 14.4 sq m (155 sq ft)
Store Area Two: 4.8m x 4.8m - 23 sq m (248 sq ft)

Total Ground Floor NIA: 249.1 sq m (2681 sq ft)

At first floor level there is currently one 2 bedroom flat producing an income of £550 pcm and there is planning permission in place to convert the rest of the first floor into two 1 bedroom flats and a bedsit which has just been granted.

Please contact agent for further information.

RENTAL INCOME
The property currently produces income from the retail area and the two bed flat.

The planning permission for 3 further dwellings could produce a further income in the region of £20,100

Rental income
Retail area - £1,400 per week - £72,800 per annum
Flat - £550 per month - £6,600 per annum
Potential income from new flats - Between £525 and £600 each pcm - £20,100 per annum
Total income potential - £99,500 per annum



Rental

Guide Price £795,000

Planning

The property is being sold subject to planning permission 0183/2014 Website Link: http://planning.tamworth.gov.uk/northgate/planningexplorer/generalsearch.aspx for the conversion of the first floor area into 2 one bed flats and 1 bedsit. Further details can be found on the Tamworth Borough Council website and through the selling agents.

The property falls within Tamworth Borough Council and further enquiries can be made to the planning department on 01827 709709.


Tenure

The property is available for sale freehold.

Services

We are advised that mains services are connected to the property including mains water, drainage, electricity and gas.

We would advise interested parties to undertake their own enquiries as to the adequacy and availability of these services, which have not been tested or verified by Howkins & Harrison LLP.

Outgoings

The property is subject to paying Business Rates and Council Tax. The current Rateable Value is £56,500 - Please note this includes the first floor area with planning permission. The existing flat has a Council Tax Band A.

LEGAL FEES
Each party to bear their own legal fees.

EPC
C(63)

VAT
Howkins & Harrison LLP stipulate that all prices and rents are stated exclusive of VAT whether or not payable.


Viewings

Strictly by appointment with Howkins and Harrison LLP. Please contact the Atherstone office on 01827 721380.

File Reference



Break Clauses


More information from this agent

Nearest stations

  • Tamworth (0.4 mi)
  • Wilnecote (1.7 mi)
  • Polesworth (3.6 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Howkins and Harrison, Atherstone

12 Church Street, Atherstone, Warwickshire CV9 1RN

01827 900001 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Tamworth (0.4 mi)
  • Wilnecote (1.7 mi)
  • Polesworth (3.6 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Howkins and Harrison, Atherstone

12 Church Street, Atherstone, Warwickshire CV9 1RN

01827 900001 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

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