13 Park Street, Worcester, Worcestershire, WR5 1AA
Guide Price
£550,000
Business rates & charges may apply
- SIZE
Ask agent
- SECTOR
Commercial property for sale
- USE CLASSUse class orders: C3 Dwelling Houses and Class E
C3, E
Key features
- Reversionary rental growth on residential space
- Excellent Financial statements for commercial element
Description
Location
The property is located in a predominantly residential area which is circa 500 metres from the core centre of Worcester City. The property is less than 300 metres from the A44 London Road. The location will be a key driver in the tenant demand for the residential space.
Description
A three storey former warehouse that now comprises a ground floor office together with two 2 bed flats - one at first floor and one at second floor.
The commercial unit can be accessed from the Park Street elevation or from Lock Street to the rear. This space is generally open plan and has ben subdivided by the current tenant. The space is supported by a dedicated kitchen and male, female and disabled toilets
The two flats are accessed from Park Street via a dedicated stair core. The two flats are essentially identical except that the first floor flat has a private roof terrace at the rear. Each flat contains a large living room/kitchen, a bathroom/WC and two bedrooms.
To the rear are 6 car parking spaces which are allocated to the commercial tenant. This is a considerable attribute to the property given the pressure of "on-road" parking in the immediate vicinity.
Accommodation
Commercial unit 108.28 sqm (1,116 sqft) on a Net Internal basis
Flat 13a (first floor) 67.14 sqm (722 sqft) on a Gross Internal basis
External roof terrace 19.18 sqm (206 sqft)
Flat 13b (second floor) 67.14 sqm (722 sqft) on a Gross Internal basis
Planning Policy
The property has no particular planning use allocation, however, it is situated in the Sidbury and Fort Royal Conservation Area.
Tenure
The property is held Freehold.
Tenancies
The property is being sold subject to the statutory protection that the tenants have.
The Commercial unit is let on lease to InHealth Intelligence Limited (Co Reg: 03257228) on a lease expiring 30th September 2030. The rent under the lease is £14,500 per annum. The lease contains a Rent Review effective 30th September 2028 - upwards only and not Time of the Essence. There is also a Tenant's Break Clause effective 30th September 2028 subject to a 6 months formal Notice period. The lease is made on internal repairing terms with a Service Charge provision in relation to the building's exterior, structure and internal common parts. Insurance costs are recoverable under the lease.
Both flats are currently occupied on Assured Shorthold Tenancy agreements. Both tenants are "holding over" on their initial 12 month terms. The rent from Flat 13a is £775 pcm and the rent from Flat 13b is £750 pcm. Both rents date back to 2022.
Services
All mains services are connected to the property. Each unit has its own gas central heating boiler that provided heating and hot water.
EPC
There are three separate EPCs for the property.
Commercial Unit D (98) Expires June 2029
Flat 13a C (78) Expires May 2032
Flat 13b C (79) Expires May 2032
Business Rates / Council Tax
Commercial Unit RV £7,500
Flat 13a Band A
Flat 13b Band A
Price
Guide price - £550,000 for the freehold interest.
VAT
The property is not registered for VAT.
Legal Costs
Each party to bear their own professional costs.
Viewing
By appointment only. Interested parties should note that block viewings will be undertaken to minimise disruption for the tenants.
The property is located in a predominantly residential area which is circa 500 metres from the core centre of Worcester City. The property is less than 300 metres from the A44 London Road. The location will be a key driver in the tenant demand for the residential space.
Description
A three storey former warehouse that now comprises a ground floor office together with two 2 bed flats - one at first floor and one at second floor.
The commercial unit can be accessed from the Park Street elevation or from Lock Street to the rear. This space is generally open plan and has ben subdivided by the current tenant. The space is supported by a dedicated kitchen and male, female and disabled toilets
The two flats are accessed from Park Street via a dedicated stair core. The two flats are essentially identical except that the first floor flat has a private roof terrace at the rear. Each flat contains a large living room/kitchen, a bathroom/WC and two bedrooms.
To the rear are 6 car parking spaces which are allocated to the commercial tenant. This is a considerable attribute to the property given the pressure of "on-road" parking in the immediate vicinity.
Accommodation
Commercial unit 108.28 sqm (1,116 sqft) on a Net Internal basis
Flat 13a (first floor) 67.14 sqm (722 sqft) on a Gross Internal basis
External roof terrace 19.18 sqm (206 sqft)
Flat 13b (second floor) 67.14 sqm (722 sqft) on a Gross Internal basis
Planning Policy
The property has no particular planning use allocation, however, it is situated in the Sidbury and Fort Royal Conservation Area.
Tenure
The property is held Freehold.
Tenancies
The property is being sold subject to the statutory protection that the tenants have.
The Commercial unit is let on lease to InHealth Intelligence Limited (Co Reg: 03257228) on a lease expiring 30th September 2030. The rent under the lease is £14,500 per annum. The lease contains a Rent Review effective 30th September 2028 - upwards only and not Time of the Essence. There is also a Tenant's Break Clause effective 30th September 2028 subject to a 6 months formal Notice period. The lease is made on internal repairing terms with a Service Charge provision in relation to the building's exterior, structure and internal common parts. Insurance costs are recoverable under the lease.
Both flats are currently occupied on Assured Shorthold Tenancy agreements. Both tenants are "holding over" on their initial 12 month terms. The rent from Flat 13a is £775 pcm and the rent from Flat 13b is £750 pcm. Both rents date back to 2022.
Services
All mains services are connected to the property. Each unit has its own gas central heating boiler that provided heating and hot water.
EPC
There are three separate EPCs for the property.
Commercial Unit D (98) Expires June 2029
Flat 13a C (78) Expires May 2032
Flat 13b C (79) Expires May 2032
Business Rates / Council Tax
Commercial Unit RV £7,500
Flat 13a Band A
Flat 13b Band A
Price
Guide price - £550,000 for the freehold interest.
VAT
The property is not registered for VAT.
Legal Costs
Each party to bear their own professional costs.
Viewing
By appointment only. Interested parties should note that block viewings will be undertaken to minimise disruption for the tenants.
Brochures
13 Park Street, Worcester, Worcestershire, WR5 1AA
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Worcester Shrub Hill Station0.5 miles
- Worcester Foregate Street Station0.5 miles
- Worcestershire Parkway Station3.3 miles
Notes
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