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    Key features

    • To be offered on Wednesday 23 July
    • High Yielding Mixed-Use Investment
    • Parade of Four Retail Units and Office Upper Parts
    • Fully Let to Five Tenants - Including Rowlands Pharmacy
    • Attractive WAULT of 6.49 Years
    • Asset Management Potential
    • Rolling Mutual Break to Upper Parts - Allowing for Increased Rent or Development
    • Development Potential (subject to consents)
    • Established and Popular Location
    • Investment Let at £41,940 p.a. (12.34% GIY on Guide Price)

    Description

    The property comprises a freehold mixed-use investment with a number of asset management and development opportunities (subject to consents).

    Arranged as four retail units with offices to the upper parts, the property is fully let to five tenants and producing a total rent of £41,940 per annum. The property boasts an attractive Weighted Average Unexpired Lease Term (WAULT) of 6.49 years to expiry and tenants include Rowlands Pharmacy.

    We consider the property offers a number of asset management opportunities, with the 2021 rent reviews outstanding for two retail units. Furthermore, there may be an opportunity to increase the overall rent by exercising the rolling break option for the upper parts and re-letting, moreover the same break option could be used to carry out development/conversion works to the upper parts, with the potential for residential use (subject to the existing leases and any requisite consents)

    The property is well located in the centre of Wem and comprises the principal local retail amenity for the area. the parade is anchored by a Co-op supermarket and Post Office immediately adjacent, providing regular footfall. There is a large car park immediately to the front of the property which is used by consumers in the town centre generally.

    Additional information

    Tenure

    Freehold

    Rent

    £41,940

    Notes

    We understand the property is elected for VAT.

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      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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