Retail property (high street) for sale
Property description & features
- Tenure: Freehold
- Providing a Net Initial Yield of 7.56% increasing to 7.82% with effect from August 2027
- Substantial modern building extending to approximately 109.7 sq m (1180 sq ft)
- Mixed two storey retail and residential investment property
- Recently refurbished
- Popular town centre location overlooking St Nicholas Church
The property comprises an attractive recently renovated mixed use building which is freehold. The property is over 2 floors with the ground floor being a retail shop and the first floor being a 1 bed recently refurbished apartment.
The property is brick construction with a flat roof. The brickwork has been rendered with traditional wooden shop front and windows. The flat has separate access via a side passage to the rear of the property.
Internally, the ground floor accommodation has been modernised to create an open plan sales area with offices and WC facilities to the rear. The property has been used most recently as a kitchen showroom. The residential accommodation is accessed via a door at the rear which is accessed from the side passage. The property is 1 bed with open plan kitchen and living room area. The apartment is modernised to a high standard.
Location
The property itself occupies a mid-terraced position on St Mary's Street, situated just off the end of the High Street. The building falls within Newport Conservation Area and overlooks St Nicholas Church.
Newport is an attractive market town situated on the Shropshire/Staffordshire Border. The town is located approximately 6 miles north of the town of Telford, 12 miles west of the town of Stafford and 25 miles north east of the County Town of Shropshire. The town had a population of 11,387 at the 2011 census. The town lies approximately 9 miles from the M54, which provides access to the national road network.
Tenure
The property is available freehold subject to the following occupational tenancies:
The shop is let on a 5 year lease from 1st August 2023 at £14,400 pa, increasing to £15,120 pa from 1st August 2027.
The first floor flat is let on an assured shorthold tenancy at £550 per calendar month.
The Net Initial Yield is 7.56% increasing to 7.82% with effect from August 2027.
What3words
slip.pampered.succeed
Services
(Not tested at the time of inspection) Mains water, electricity and drainage are connected to the property.
The water and electricity is on a shared meter and recharged via sub meters.
The first floor residential accommodation benefits from Gas central heating.
Local Authority
Telford & Wrekin Council
PO Box 457
Wellington Civic Offices
Telford
TF2 2FH
[use Contact Agent Button]
Planning
Prospective tenants to make their own enquiries.
The property does offer some residential development potential, subject to obtaining the necessary planning permission and/or the rear garden could easily be converted to car parking. Interested parties are advised to make their own enquiries with the Local Planning Authority. The property does offer significant development potential in particular residential.
Property information from this agent
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