18-19 Worcester Street, Kidderminster, DY10 1ED
Freehold Town Centre Investment Opportunity
Features
- Freehold town centre retail investment opportunity fully let on new leases.
- Producing £16,500 per annum, rising to £18,500 per annum.
- Town centre location close to Rowland Hill shopping centre.
- 4,417 sq. ft. ( 410.50 sq m) over ground and first floors.
- Offers in excess of £195,000 are sought for the freehold interest. A purchase at this level would represent a net inital yield of 8.27% and a reversionary yield of 9.28%.
Description
The property, which extends in total to 4,417 sq.ft. (410.50 sq.m.), comprises a ground floor shop and a separate first floor retail unit, currently utilised as a dance studio.
Location
The shop is located in a prominent secondary trading position, being close to the entrance to Rowland Hill Shopping Centre with other nearby occupiers being; Vibe, Teaching Music Academy, Max Spielmann, Santander and Poundland.Accommodation
Ground Floor: Extending to 2,214 sq. ft. ( 205.76 sq m) comprising open plan sales area, rear ancillary space, office and staff room with WC’s.First Floor: Extending to 2,203 sq ft ( 204.73 sq m) comprising an open floor dance studio with ancillary & WC facilities.
Tenure
Freehold.Tenancy
Ground Floor: Let to KB Corporation Ltd (trading as Fitter Body Ladies Kidderminster) for a term of 5 years from 7/5/2024 with an option to determines at the 3rd anniversary. The passing rent is £10,000 per annum, which will increase to £12,000 per annum for years 4 & 5.First Floor: Let to Chloe Evans (trading as Chloe May’s Dance Academy) on renewed lease for a term of 5 years from 23/4/2024 with an option to determines at the 3rd anniversary. The passing rent is £6,500 per annum.
Total Income - £16,500 per annum, increasing to £18,500 per annum.
