For Sale - 14-16 Stafford Street, Market Drayton, Shropshire, TF9 1HY

£175,000

Property Summary

Property Description

•Town Centre Mixed Use Investment Property •Prominent location fronting Stafford Street •The property is for sale subject to the existing tenancies •Three ground floor shops with three bedroom flat above, gross estimated rental income of £15,600 per annum •Gross Initial Yield 8.92% •Potential for rental uplift upon lease expiries

Property Full Details

LOCATION
The property, which fronts onto Stafford Street, is situated within Market Drayton Town Centre, a north Shropshire Market Town with a population of approximately 12,000 located 20 miles north east of Shrewsbury, 14 miles south west of Newcastle-under-Lyme and 22 miles north of Telford.

The town benefits from excellent road communications being located on the A53 which connects Newcastle-under-Lyme with Shrewsbury. The M6 motorway is approximately 12 miles to the east and provides access to the national motorway network.

Retailers within proximity of this unit include Post Office, Boots, W H Smith, Argos, B & M, Greggs and Barclays Bank. Supermarkets in the town include Asda, Lidl and Morrisons and major employers include Muller and Kerry Group.

DESCRIPTION
The property comprises a Grade II Listed mid-terraced, three storey property with 3 shops on the ground floor and a large 3 bedroom flat over the first and second floors. The flat is accessed from the rear of the property and is known as 3 Swan Mews. There is the possibility for residential development at the rear of the site, although no planning application has been made.

ACCOMMODATION
all measurements are approximate)
Ground Floor
16 Stafford Street (vacant)
Main sales area 32.7 sq m
Rear sales area 11.3 sq m
Store 3.5 sq m
Kitchen 8.9 sq m
WC NA
Rear Store 11.49 sq m
Total NIA 68.15 sq m
Asking rent £3,640 per annum

16a Stafford Street (occupied)
Main sales area 17.83 sq m
Kitchen 7.52 sq m
WC NA
Cellar 17.88 sq m
Total NIA 43.23 sq m
Shop Let on a 1 year lease from February 2017, at a rental figure of £2,340 per annum

14 Stafford Street (vacant)
Main sales area 23.82 sq m
Rear Store 8.93 sq m
External WC NA
Total NIA 32.75 sq m
14 Stafford Street asking rent £3,640

First and second floors:
3 Swan Mews
2/3 bedroom apartment: Let on an Assured Shorthold Tenancy, at a rental figure of £500 per calendar month £6,000 per annum.

Total Estimated Rental Income: £15,620 per annum

SERVICES
We understand that mains water, electricity and drainage services are located in the vicinity of the site. Interested parties should make their own enquiries with the appropriate suppliers regarding any connection arrangements.

OUTGOINGS
The Valuation Office Agency Website gives the draft 2017 rateable values of the shops as follows:
16 Stafford Street: £4,650
16a Stafford Street: £2,225
14 Stafford Street: Not rated

VAT
All figures quoted are exclusive of VAT which may be payable under the prevailing rate.

LEGAL COSTS
Each party is to be responsible for their own legal costs in connection with this matter.

OTHER
No EPC - Listed Building Exemption

VIEWING
Strictly by prior appointment with the sole agent, Barbers:
Tel: 01952 221220
Email: commercial@barbers-online.co.uk
1 Church Street
Wellington
Telford
Shropshire
TF1 1DD