TRINITY HOUSE LORD STREET/TRINITY STREET, WREXHAM, LL11 1NL REVISED PRICE. Investment & Development Opportunity ENTER

Transcription

1 REVISED PRICE Investment & Development Opportunity ENTER

2 INVESTMENT SUMMARY Significant town centre development / investment opportunity Planning permission for residential conversion Currently producing 13,00 per annum Net Internal Area 27,00 sq ft Offers in the region of the reduced price of 1.4m Attractive NIY of 9.13% plus asset management opportunities In same ownership since 1972 HOME INVESTMENT SUMMARY LOCATION DESCRIPTION TENANCY SCHEDULE FURTHER INFORMATION

3 LOCATION Wrexham is the largest town in North Wales and is located approximately 12 miles south of Chester and is accessed via the A483, one of the main trunk roads linking North to South Wales. The town also benefits from two railway stations with direct links to Chester and Shrewsbury. The town has a resident population of 3,000 persons and a district population of 128,00 (2011 census). The town is a popular regional commercial and retail destination as well as being home to Glyndwr University and Coleg Cambria. Travel Time Schedule Car (approx.) Train (approx.) Chester 30 minutes 17 minutes Liverpool minutes 1 hour 20 minutes Manchester 1 hour 1 minutes 2 hours Birmingham 1 hour 30 minutes 2 hours A494 A A48 1 Moreton 2 A3 Birkenhead 3 Heswall Flint A119 A40 M3 A41 4 A494 A117 WREXHAM LIVERPOOL River Mersey CHESTER A A483 A08 A2 8 Ellesmere Port 9 A2 Llangollen A M 12 M2 A300 A7 A2 Widnes Speke Liverpool John Lennon Airport A1 A7 A4 A33 A A49 A49 A 11 A33 A49 9 A1 Whitchurch A Nantwich M A NORTHWICH A30 A33 CREWE 19 A1 A A2 A1 M 17 1 A M 4 A37 A Manchester Airport A00 A0 1 M0 A CONGLETON A23 MACCLESFIELD A27 A3 A23 Stoke on-trent A SITUATION The property is centrally situated fronting both Lord Street and Trinity Street adjacent to the bus station and the pedestrianised retail area. HOME INVESTMENT SUMMARY LOCATION DESCRIPTION TENANCY SCHEDULE FURTHER INFORMATION

4 DESCRIPTION BUS STATION The property comprises of a part 3 storey, part 4 storey building with car parking to the rear totalling approximately 27,00 sq ft on a site of 0.3 acres. The ground floor fronting Lord Street is let to likes of Co-Op and RBS, the Egerton Street office is let to CAIS and the upper floors mostly vacant. A full tenancy schedule is overleaf. Planning permission was recently granted to convert the upper floors into 21 bed sits while there are 2 offices which were previously apartments giving a total of 23 units. The WCBC reference is P/201/0272. There is no requirement within the residential planning permission for car parking, section 10 or CIL. Wrexham Economy Wrexham is a busy and vibrant town centre and benefits from a significant catchment with Chester being the only major competition nearby. There has been significant investment in the town centre in recent years, in particular with Eagles Meadow Shopping Centre which is home to M&S, Next, Debenhams and Odeon Cinema. Wrexham Industrial Estate extends to some 0 hectares with approximately 7,000 staff employed on the site. Occupiers include Kelloggs, JCB, Duracell and Calypso. The Industrial Estate is also home to the new prison which will provide an investment of over 20m in the town and when completed in 2017 will be home to approximately 2,000 inmates. The estate is now linked to the town by a new dual carriageway. Re-generation/Grant Funding/Loan Schemes A number of grant funding/loan schemes may be available in Wrexham. Historically, approximately 0,000 was secured to replace the windows fronting the Trinity Street elevation. Interested parties are advised to contact Wrexham County Borough Council on HOME INVESTMENT SUMMARY LOCATION DESCRIPTION TENANCY SCHEDULE FURTHER INFORMATION

5 TENANCY SCHEDULE The property currently produces an income of 13,00 and 7.% of the income is secured against Co-Op, Gerrard s, Cats Protection and RBS. Unit Tenant Ground Floor (Sq Ft) Ancillary (Sq Ft) Rateable Value Lease Term Rent Comments Commencement Lord Street Co-Op 1,994 GF 374 2, /12/11 10 years 32,00 Recently re-fitted FF 29 SF Lord Street Gerrards 1,001 20,70.00 /2/11 10 years 2,000 Rent review 2/1 11 Lord Street Cats Protection 34 FF 43 10, /10/1 years 8,00 13 Lord Street RBS 1,19 (*not inspected areas provided by a Third Party) FF 1,129* BS 721* 23, //8 3 years 37,00 17 Egerton Street CAIS 809 FF 1,010 12, /11/14 3 years,000 vacating 2/11/17 Trinity Street Stephen Watson 40, //1 3 years,000 New letting A Trinity Street Angelito Sumang 477 7, /10/1 3 years,000 7 Trinity Street Mr R.V Oprea , /8/1 3 years 8,00 vacating 13/1/18 9 Trinity Street Hair Do s 43 GF -, /11/14 years,00 Tenant break clause following expiry of third year. Rent rising to 7,000 TOTAL 13,00 The upper floors are currently vacant and extend to the following Net internal areas:- First Floor,023 sq ft Second Floor 8,021 sq ft Third Floor 1,828 sq ft Total 14,872 sq ft The upper floor offices have a combined rateable value of 93,81. HOME INVESTMENT SUMMARY LOCATION DESCRIPTION TENANCY SCHEDULE FURTHER INFORMATION

6 EPC Individual EPC s are available for the properties, please contact the agents for further details and copies of the reports. SERVICE CHARGE The service charge for the property is currently 19,28 and a full breakdown can be provided to interested parties. The service charged is levied by Trinity House Tenant s Management, who are VAT registered. PROPOSAL It is envisaged the sale will be dealt with by way of a transfer of the holding company, Supreme Sites Limited, whose sole asset is Trinity House. Offers in the region of 1,40,000 are invited for the transfer, subject to the existing tenancies. A purchase at this level would show a net initial yield of 9.13% after allowing for purchasers costs of 2.3%. (It is understood no SDLT would be payable, but 0.% stamp would be payable on the share transfer). There is the opportunity to add significant value through the development of the upper floors. VAT FURTHER INFORMATION A pack of further information including leases, title documentation, EPC s, asbestos survey will be provided to interested parties upon request. Please contact the agents for further information; Richard Evans Wingetts Richard@wingetts.co.uk James Lutton Legat Owen jameslutton@legatowen.co.uk The property is not elected for VAT. MISREPRESENTATION ACT 197 (Conditions under which particulars are issued). Legat Owen Limited and Wingetts for themselves and the Vendors/Lessors of this property whose Agents they are given notice that these particulars do not constitute any part of an offer or contract, that all statements contained in these particulars as to this property are made without responsibility and are not to be relied on as statements or representations of fact and that they do not make or give any representation or warranty whatsoever in relation to this property. Any intending purchaser/lessees must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars. SUBJECT TO CONTRACT. Designed by Richard Barber & Company June 201. (Revised September 2017). HOME INVESTMENT SUMMARY LOCATION DESCRIPTION TENANCY SCHEDULE FURTHER INFORMATION