77 Northgate Street, Chester, Cheshire, CH1 2HQ

Location

The historic cathedral city of Chester is one of the strongest retailing centres in the country, benefiting from a substantial Primary Catchment of 810,000 and is the principal commercial and retailing centre for Cheshire. Its located 20 miles south of Liverpool and 40 miles south west of Manchester. Chester has excellent communications and is a hub for major road networks including the M56 towards Manchester and the M53 towards Liverpool. The M56 in turn links to the M6, the major arterial route along the west coast of England. Additionally the A483 links the city to nearby Wrexham.

Situation

Chester is a historic Roman town which was granted city status in 1541 and is now considered as one of the most iconic preserved walled cities in Britain. The city centre is renowned for its historic and architectural appeal, boasting a high proportion of attractive Tudor buildings. This combined with the city's highly distinctive and unique feature of 'The Rows', undoubtedly creates one of the UK's most attractive shopping environments. The subject property occupies a prime position fronting Northgate Street in the heart of the city centre and also connects on to King Charles Street, Canning Street, via King Street from the rear. St Martin's Way / St Oswalds Way the main arterial route through Chester is located circa 150 metre to the north. Northgate Street is a busy shopping street connecting directly onto Eastgate Street, 0.2 miles to the south and forms the main city centre prime retail pitch including the Grosvenor Shopping Centre. The property is within 100 metres from the Stony House Theatre and within a 2 minute walk of over 20 exciting pubs, bars and restaurants. In addition the train station is within a 15 minute walk or a 1 mile taxi ride and provides direct access to the North Wales coast and mountains.

The majority of the surrounding occupiers are located within period Georgian and Tudor buildings therefore making the area highly desirable. The famous city walls are located circa 10 metres to the north.

Description

The subject property fronts directly onto Northgate Street and comprises an extensive semi / part link detached five storey modern office building of brick and reinforced concrete frame construction with glazed cladding panels and painted metal windows under a flat roof. A brick canopy and main entrance provides access into a large reception area, open plan offices, staff canteen and stores. The upper floor office accommodation is arranged around a glazed atrium over first, second, third and part fourth floors with the top floors offering panoramic views that stretch across the North Wales Snowdonian landscapes. Part of the fourth floor forms a flat roof section over the front section of the building. The building extends significantly to the rear. The office accommodation, which was formerly used as an open plan multi level call centre, benefits from modern fitout and comprises raised flooring, carpet tiles and suspended ceilings with recessed lighting throughout. Further meeting rooms, communal kitchen facilities and staff toilets are located to each floor with the building serviced from a main stair and lift core (2 x lifts) and a secondary escape stair core to each side of the Property. A tarmac paved loading area and 11 space car park is located to the rear in addition to shuttered undercroft car parking area for 22 cars under the building (33 parking spaces in total). Efficient and direct vehicle access to 77 Northgate is easily accessible from Chester's road network whilst also avoiding the city centre's one-way system.

Planning

Planning policy governing the Property is adopted by Cheshire West and Chester Council. The Property is not listed but does abut 73 Northgate which is a Grade II listed property. 77 Northgate Street is located in the Chester City Centre Conservation area and is situated by the City Walls, which are classified as an ancient monument. Whilst 'Permitted Development Rights' (PD) are not applicable to the subject property on the basis the floor area exceeds 1,500 sq m, the Vendor has undertaken a preapplication enquiry for hotel and residential uses and the formal written response will be provided to interested parties.

Alternative Use Potential

The subject property offers a range of alternative uses (subject to the relevant consents) which include hotel (boutique and budget), aparthotel and residential uses. An architect has produced an indicative feasibility for the building which can be provided to interested parties.

Tenure

Freehold

Business Rates

£294,386 with effect from 1 April 2017. Rates Payable are in the region of £150,725 which is based on the business rates multiplier of 51.2p.

VAT

The property has been elected for VAT and therefore VAT will be payable upon the purchase price.

EPC

A full EPC report can be provided on request.

Services

We understand the property to benefit from mains gas, electricity, water, full building integrated air conditioning system, CCTV system and fob access and a fire detection system.

Vacant Possession

The Property benefits from full vacant possession.

Price

We are instructed to seek offers in excess of £2,500,000 exclusive of VAT which equates to a low underlying capital value of £90.74 per sq ft.

Best Bids

We are now in a position to request best and final bids for the property by 5pm on Thursday 9th June 2022.

We kindly request that all proposals specifically respond to the following clarification points:

- The identity and background information in respect of the purchaser;
- The proposed purchase price;
- Conditions of the offer;
- Proposed timescales to include exchange of contracts and completion of the transaction;
- Proof of funds to support the level of offer, or where using third party finance, please provide details and any conditions;
- Confirmation of the Purchaser's solicitors;
- Details of any further approvals or sign-off processes that may be required should you be chosen as preferred bidder.