Retail property (high street) for sale
Property description & features
- Tenure: Freehold
- A prominently located mixed retail and residential investment with over 72% of the current income secured from national covenants
- Net Initial Yield of 10.5% after allowing for normal purchasers costs
- Current income £220,850 per annum
- Prominently located property in the town centre of Market Drayton
- Two ground floor shop units currently let to national retailers
- 14 two bedroomed residential flats (2 having been sold off on long leases)
- Service yard area and car parking within the property ownership
- Significant asset management opportunities
The property comprises of a detached part three, part two and part single storey property that is arranged to provide two lock up shop units and 14 two bedroomed residential apartments. The modern detached property is of traditional construction with glazed frontages at ground floor level to three elevations of the property.
The property is held under the ownership of Title Number SL67563.
The two lock up shop units have a ground floor sales area and a first floor ancillary accommodation. Units 1 and 2 (Savers) has a Ground Floor with a Total Gross Floor Area of approximately 4,618 ft sq (428.98 m sq) and First Floor with a Total Gross Floor Area of approximately 1,843 ft sq (171.20 m sq).
Unit 3 (B & M not in occupation) has a Ground Floor with a Total Gross Floor Area of approximately 9,039 ft sq (839.67 m sq) and a First Floor with a Total Gross Floor Area of approximately 2,503 ft sq (232.51 m sq).
The 14 two bedroomed residential apartments (2 of the residential flats have been sold off on long leasehold tenures of 999 years at peppercorn rents) have a self contained ground floor entrance on Frogmore Road. Within the property ownership there is car parking and a servicing yard. Two of the car parking spaces have been sold off and are in the ownership of the two residential flats that have been sold on long leasehold tenures.
The flats are all separately metered and therefore in the future the 12 residential flats that are currently income producing could be sold off on long leasehold tenures providing a very valuable asset management opportunity.
The property benefits from access from Frogmore Road.
Location
The property is prominently located fronting onto Frogmore Road in the Town Centre of Market Drayton. The property is located adjacent to the Frogmore Road public car park and other surrounding occupiers include Iceland, Wilkinsons, Argos and Market Drayton Public Library.
The property is accessed directly off Frogmore Road and is arranged with frontages onto Frogmore Road, onto Frogmore Public Car Park and onto the pedestrian link from Frogmore Road onto Cheshire Street.
Market Drayton is an established market town and administrative centre that is in North East Shropshire on the Shropshire/Staffordshire Border. The town had a population of 11,733 at the 2011 Census.
The town has all local amenities and is situated approximately 20.5 miles north east of the County Town of Shrewsbury, approximately 21 miles north of the Town of Telford, approximately 13 miles south east of the town of Whitchurch and approximately 17 miles south west of the City of Stoke.
The town is located at the intersection of the A53 and the A41, which provide access to the national road network.
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Broadband availability and predicted speed: obtained from Ofcom on January 8, 2022
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Energy Performance data and Internal floor area
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