Investment Consideration:
Gross Initial Yield: 8.22%
Rental Income: £18,500 p.a.
VAT is applicable to this property
Rent review open market, upward only for 2022 is outstanding
Comprises ground floor shop t/a Coral with self-contained ancillary accommodation above
Future residential development potential, subject to obtaining consents
Town centre location opposite Post Office, with occupiers nearby including Barclays, Costa Coffee, Lloyds Bank and Greggs, amongst many more.
Property Description:
The property comprises ground floor retail shop t/a Coral with self-contained ancillary accommodation at first and second floor, providing the following accommodation and dimensions:
Ground Floor: 91.50 sq m (985 sq ft)
Open plan Retail, office, storage, WCs
First Floor: 102 sq m (1,100 sq ft)
5 rooms, storage
Second Floor: 102 sq m (1,100 sq ft)
5 rooms, bathroom/wc
Total area size: 295.50 sq m (3,185 sq ft)
Tenancy:
The property is at present let to Coral Racing Limited for a term of 10 Years from 24th June 2017 at a current rent of £18,500 p.a. and the lease contains full repairing and insuring covenants. Rent review open market, upward only for June 2022 is outstanding. Tenant in occupation since 2007.
Location:
Welshpool is a market town and community in Wales, administered as part of the unitary authority of Powys. The town is well located to allow access to the A483 and A458 and the national motorway network. The property is located within 10 minutes walk of Welshpool station, providing good connections to Wales and the rest of the UK. Town centre location opposite Post Office, with occupiers nearby including Barclays, Costa Coffee, Lloyds Bank and Greggs, amongst many more.
