24 and 25 The Tything, Worcester, WR1 1JL
FOR SALE BY AUCTION 20TH OCTOBER 2021 A part income producing mixed use investment property with residential development (including HMO) potential above.
- Two self-contained retail units on ground floor achieving £10,200 pa
- Vacant office space on first and second floors with good potential for conversion
- Previous planning permission for change to HMO
- Car park to rear producing £600 pa
- Freehold - guide price of £395,000+
LocationThe properties occupy a prominent corner position at the junction of The Tything and Brittania Square in Worcester City Centre. The Tything is one of the main arterial roads leading into the city centre from the north, being under a quarter of a mile from Worcester’s main pedestrianised shopping area. The area is a secondary shopping location extremely popular with independent retailers whilst also being surrounded by residential property in a sought after area.
24 & 25 The Tything comprise two self-contained retail units across the ground floor, with vacant accommodation to the first and second floors. The upper floors were previously used as offices and benefit from a previous planning permission (P15D0246) for a change of use to a 6 bedroom House of Multiple Occupation (HMO). There is also a car park to the rear which provides further income by way of a licence agreement for one space.
AccommodationGround Floor – Two self-contained retail units, both currently let
First Floor – 4 offices, kitchen, WC
Second Floor – 4 offices
Plans for the proposed conversion of the upper parts to a 6 bedroom HMO are available within the legal pack.
PlanningOn 30/9/2015 planning consent was granted for a change of use of the first and second floors to a six bedroom HMO (under application number P15D0246)
Tenancy24 The Tything – let to Victoria Evans on a four year lease from 17/12/2020 at a passing rent of £10,800 per annum
25a The Tything - let to Orathai Machacek on a three year lease from 12th March 2021 at a passing rent of £7,500 per annum
Car Park – One licence at £600 per annum.
Total income - £18,900 per annum
2 & 4 Parade, Leamington Spa, Warwickshire, CV32 4DW
Investment, Retail For Sale
Offers in the region of £625,000