High Street Retail Property For Sale Wallasey, Merseyside

Hilton Smythe are instructed to offer this investment opportunity to the market at offers in the region of £495,000. We envisage that the property would be sold as a going concern. The business that currently occupies the ground floor space is also owned by our client, who is willing to sell the Stock at an additional value, should any purchaser wish to continue the furniture business for themselves.

The premises has a current passing rent in the region of £60,000, which is achieved purely on lettings relating to the bed sits, which currently have an occupancy at circa 86%. Additional income could be generated by letting the ground floor retail space either as a single unit or alternatively, the space itself could easily be converted back into a number of smaller units.

Premises Details:
The premises are substantial and spaciously positioned over three floors, comprising large ground floor retail space (formerly 5 individual retail units), 21 bed sits and a 2 bedroom apartment. In addition, there is a large storage unit also included within the sale price situated just yards away from the main premises. The rental for a bed sit currently stands at £60 per week, the flat £90 per week and the ground floor could be let for additional sums. Estimated potential rental would stand at circa £85,000 per annum, assuming total rentals of £15,000 were to be achieved from the ground floor retail space and the bed sits and apartment fully let. If achieved, fully let, the property would achieve initial yield in the region of 17.5% which represents a purchaser with a fantastic investment opportunity. The ground floor retail space benefits from partitioned office, kitchen and WC. The second and third floors house 3 kitchen areas, 5 WC's, Bathroom with WC and 3 shower rooms. The property benefits from fully compliant fire systems, central heating and double glazing. The separate storage unit is accessed via a gated entrance and benefits from a large concreted area to the side and front aspects, which provides ample storage and parking spaces. The unit itself used to be a gymnasium and is now used purely as storage, benefitting from excellent security by way of roller shutters to the doors and windows; the unit itself occupies a 123m2 area.