53/54 Wyle Cop Shrewsbury, SY1 1XJ - Price: £525,000 For Sale - Prominently Situated Retail Investment
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53/54 Wyle Cop
Shrewsbury, SY1 1XJ
Price: £525,000
For Sale
Subject to contract
Prominently Situated Retail Investment
Let to Trek Bicycle Corporation Ltd
Total Income: £40,000 per annum
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DESCRIPTION The property comprises a substantial three storey brick built property having a pitched roof with a single storey showroom frontage having covered entrances and an external display/loading yard. SITUATION The property is prominently situated on Wyle Cop, the principal entrance to the town centre from the east. It is an established trading location close to a variety of businesses including the Lion & Pheasant Hotel, Tanners Wines and The House of Grain restaurant. St Julian's Friars public car park is a short distance from the premises and there is an NCP car park opposite. The main retail pitch of Pride Hill is about 1/3 mile distant. Shrewsbury is the county town of Shropshire with a borough population of about 90,000 and a catchment extending into Mid Wales of about 250,000 people. Telford is 12 miles distant; Chester 50 miles; Birmingham 55 miles. TENURE The property is available for sale on a freehold basis of £525,000, 7.62% gross yield. TENANCY The property is currently let to Trek Bicycle Corporation Ltd at a rent of £40,000 per annum, on tenant’s full repairing and insuring basis, under a lease running from 14 March 2018 to 13 March 2024, with tenant break option/rent review in March 2021. COVENANT Trek Bicycle Corporation Ltd (02355933) are a leading global cycling brand having traded since 1989, with the majority of sales now coming from the UK, Europe and USA. The company currently trades well with sales up from 4.60% to 8.27% from 2016 to 2017. Turnover for the past three years has averaged around £42m, with last three years average pre-tax profits are around £1.95m, and with total equity being at £13.8m to December 2017. ACCOMMODATION (all measurements are approximate and on a net internal basis) Covered vehicular entrances incorporating Display Area (16m x 9m) 144 sq m (1,550 sq ft) Front Loading/External Display Area approx. 16m x 5m Subject to obtaining the necessary planning consents it may be possible to redevelop the front area of the property by building over the external loading area, thereby adding considerably to the overall ground floor area and providing a covered link from the Wyle Cop frontage to the main building. Main Building Ground Floor Entrance with stairs to first floor, lift; toilets Sales Area 12.9m min. x 20.61m max. 259.26 sq m (2,790 sq ft) First Floor Landing Sales Area (similarly sized) 259.26 sq m (2,790 sq ft) Rear Stairs Second Floor Landing Sales/Storage 8.35 m min. x 20.61m max. 200.52 sq m (2,158 sq ft) Total area of main building 719.04 sq m (7,738 sq ft) SERVICES All mains services are available. FIXTURES & FITTINGS Items usually classed as tenant’s fixtures and fittings are excluded from the sale.
TOWN PLANNING We understand that the existing use is Class A1 (retail) of the Town & Country Planning Act 1987 (Use Classes) Order). RATING ASSESSMENT The Local Authority verbally advise us that the current assessment is: Rateable Value: £37,500.00 Rates Payable 2018/2019: £18,000 LOCAL AUTHORITY Shropshire Council The Shirehall Abbey Foregate Shrewsbury SY2 6ND Tel: 0345 678 9000 COSTS Each side to be responsible for their own legal costs. EPC Energy Performance Rating: C (68) VAT Prices and rents mentioned in these particulars and any subsequent correspondence are exclusive of VAT if applicable. It is envisaged that a sale be treated as a Transfer of a Going Concern and so VAT would not be applicable, however interested parties should take advice from their accountant on all VAT matters. VIEWING By arrangement with Cooper Green Pooks. Contact Alessio Dyfnallt 01743 276666 or ad@cgpooks.co.uk
Plans for identification only – not to scale.
Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office Crown
Copyright reserved Licence No. ES762482
Regulated by RICS
IMPORTANT NOTICE: Cooper Green Pooks for themselves and for the lessors or vendors of this property whose agents they are give notice that: 1 No appliances, services or service
installations have been tested and no warranty as to suitability or serviceability is implied. Any prospective purchaser or lessee is advised to obtain verification from their surveyor or solicitor. 2.
The particulars are set out as a general outline only for the guidance of the intended purchasers or lessees and do not constitute, nor constitute part of, an offer or contract. 3. All descriptions,
reference to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct but any intending purchasers or lessees should
not rely on them as statements or representation of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. 4. No person in the employment of Cooper
Green Pooks has any authority to make or give any representation or warranty whatsoever in relation to this property. 5. All rentals and prices are quoted exclusive of Stamp Duty, legal and
surveyors fees and any other associated purchasers or lessees costs. 6. Floor plans are indicative only and should not be relied on. 7. The plan showing the boundary of the property is
indicative only and has not been checked against the legal title so should not be relied on. 8. All dimensions, floor areas and site areas are only approximate and should not be relied on.
Dimensions are generally maximum room dimensions.
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