Town Centre Retail Investment 188.7m2 (2031 sq ft
Town Centre Retail Investment 188.7m2 (2,031 sq ft) plus Basement 41-43 Sankey Street Warrington WA1 1SL
• Highly prominent location • Opportunity to convert upper floors into residential (STPP & VP) • 5.9 years unexpired term • 6.19% Net Initial Yield
Location The property is located on the corner of Sankey Street and Bold Street in Warrington Town Centre. Situated directly opposite the property is the entrance to the Golden Square Shopping Centre which is Warrington’s prime retail pitch. Nearby occupiers include Specsavers, Boots, Entwistle Green, Games Workshop, Poundland, M & S etc.
General Description The property comprises a three storey corner plot of traditional brick construction with rendered upper floors beneath a pitched roof. The ground floor is fitted out as a pawnbroker with main sales area to the front with partitioning creating office and storage space to the rear. The upper floors are currently in shell condition and are used for additional storage by the tenant. Upper floors may suit residential development subject to vacant possession and planning permission. There is a small courtyard to the rear providing space for bin storage and access onto Bold Street.
Purchase Price We are instructed to seek offers in the region of £350,000 subject to contract. This represents a net initial yield of 6.19% assuming purchaser’s costs of 3.80%.
Tenancy Speed Loan Finance Ltd are currently in occupation via an assignment of a lease granted to Albemarle Bond Jewellers & Pawnbrokers Ltd on 1st March 2014. The lease was granted for a term of 10 years (expiry 29th February 2024) leaving 5.9 years unexpired and has a passing rent of £22,500 per annum. There is an upwards only rent review from 1st March 2019. In our opinion, there is scope for a rental uplift making the lease reversionary.
Tenure Believed freehold.
EPC A copy of the EPC is available on request.
VAT Speed Loan Finance Ltd were established in 2001 and is owned by private equity firm Asia Growth Capital Ltd. Speed Loan Finance recorded the following financials:2016 2015 2014 Turnover £35.8m £42.3m £3.8m Profit - £7m £5.1m - £2.5m Net Worth £1.2m £7.4m - £1.3m Accommodation As measured on a net internal basis in accordance with the RICS Property Measurement 1st Edition, the areas are as follows:Ground Floor 747 sq ft First Floor 603 sq ft Second Floor 437 sq ft Total 1,787 sq ft Plus Basement storage not measured
We understand there is no VAT payable.
Viewing By appointment with the sole agent: W T Gunson For the attention of:Jack McCabe (Email: [email protected]) Tel: 0161 833 9797 Date of Preparation: 14 March 2018
• Highly prominent location • Opportunity to convert upper floors into residential (STPP & VP) • 5.9 years unexpired term • 6.19% Net Initial Yield
Location The property is located on the corner of Sankey Street and Bold Street in Warrington Town Centre. Situated directly opposite the property is the entrance to the Golden Square Shopping Centre which is Warrington’s prime retail pitch. Nearby occupiers include Specsavers, Boots, Entwistle Green, Games Workshop, Poundland, M & S etc.
General Description The property comprises a three storey corner plot of traditional brick construction with rendered upper floors beneath a pitched roof. The ground floor is fitted out as a pawnbroker with main sales area to the front with partitioning creating office and storage space to the rear. The upper floors are currently in shell condition and are used for additional storage by the tenant. Upper floors may suit residential development subject to vacant possession and planning permission. There is a small courtyard to the rear providing space for bin storage and access onto Bold Street.
Purchase Price We are instructed to seek offers in the region of £350,000 subject to contract. This represents a net initial yield of 6.19% assuming purchaser’s costs of 3.80%.
Tenancy Speed Loan Finance Ltd are currently in occupation via an assignment of a lease granted to Albemarle Bond Jewellers & Pawnbrokers Ltd on 1st March 2014. The lease was granted for a term of 10 years (expiry 29th February 2024) leaving 5.9 years unexpired and has a passing rent of £22,500 per annum. There is an upwards only rent review from 1st March 2019. In our opinion, there is scope for a rental uplift making the lease reversionary.
Tenure Believed freehold.
EPC A copy of the EPC is available on request.
VAT Speed Loan Finance Ltd were established in 2001 and is owned by private equity firm Asia Growth Capital Ltd. Speed Loan Finance recorded the following financials:2016 2015 2014 Turnover £35.8m £42.3m £3.8m Profit - £7m £5.1m - £2.5m Net Worth £1.2m £7.4m - £1.3m Accommodation As measured on a net internal basis in accordance with the RICS Property Measurement 1st Edition, the areas are as follows:Ground Floor 747 sq ft First Floor 603 sq ft Second Floor 437 sq ft Total 1,787 sq ft Plus Basement storage not measured
We understand there is no VAT payable.
Viewing By appointment with the sole agent: W T Gunson For the attention of:Jack McCabe (Email: [email protected]) Tel: 0161 833 9797 Date of Preparation: 14 March 2018
