The Barrel, Bromsgrove Street, Kidderminster, Worcestershire, DY10 1PW
Guide Price
£1,900,000
Business rates & charges may apply
- SIZE
Ask agent
- SECTOR
Commercial property for sale
Key features
- Fully refurbished Vat free freehold investment opportunity.
- Town centre location close to retail and railway station.
- Comprising restaurant, 12 self-contained apartments, and 9 self-storage units.
- Currently producing £129,540 per annum, rising to £154,540 per annum once fully let.
- Restaurant let for 10 years from May 2023.
- Adjacent to major proposed redevelopment of Lion Fields.
- All apartments let on AST's.
- Offers based on £1,900,000, equating to a net initial yield of 6.42% and a reversionary yield of 7.66%
Description
For Sale by private treaty.
Offers based on £1,900,000, equating to a net initial yield of 6.42% and a reversionary yield of 7.66%.
Prime Mixed-Use Town Centre Investment Opportunity
The property comprises a ground floor refurbished restaurant trading as The Monarch Spice. The restaurant extends to approximately 123.5 sq m ( 1,328 sq ft ) and comprises a ground floor restaurant area, commercial kitchen, staff WC's , customer WC's and further storage space.
Additionally , there are 12 apartments situated over rear ground, first and second floors. The apartments are made up of 6 x 1 bedroom and 6 x 2 bedroom apartments , being all fully let on assured shorthold tenancies.
The basement incorporates 9 self-storage units under B8 commercial storage and distribution use. The current vendor has implemented a fully automated system allowing remote management and access. Refurbishment of the units has just been completed in readiness for letting on individual or a collective basis.
Location
The property occupies a prominent town centre location at the heart of Kidderminster's Eastern Gateway regeneration project. It is situated at the corner of Bromsgrove Street & Lion Street, close to the retail core and the railway station.
Kidderminster is located within Worcestershire, approximately 31 km (19 miles) south west of Birmingham, 24 km (15 miles) north of Worcester and 23 km (14 miles) south-west of Dudley.
The town benefits from good transport links with several major routes running through the town including the A456 and A449 which provide access to Junction 3 of the M5 Motorway, approximately 18 km (11 miles) to the north-east and Junction 6 of the M5 Motorway approximately 23 km (14 miles) to the south. The town is connected to the national railway network with regular services to London Euston and Birmingham. Birmingham Airport is approximately 51 km (32 miles) to the north-east.
Tenure
Freehold with vacant possession.
Planning
Additionally, under application number 22/0957/FUL, planning consent has been granted for conversion of the restaurant to 2 x 2 bedroom apartments.
Tenancy
Ground Floor restaurant Let to The Monarch Spice for a term of 10 years from May 2023 at a passing rent of £18,000 per annum.
Self-contained apartments All let on AST's at a collective rent of £111,540 per annum.
Basement storage units Now being offered to let at an estimated rental value of £25,000 per annum.
The passing rent is £129,540 per annum, which will rise to £154,540 per annum once the storage units have been let. A full breakdown of the rental income is available upon request.
VAT
We are advised that VAT is not applicable
EPC
Available on request.
Legal Costs
Each party are to be responsible for their own legal costs that may be incurred in this transaction.
Anti Money Laundering
In accordance with anti-money laundering regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.
Offers based on £1,900,000, equating to a net initial yield of 6.42% and a reversionary yield of 7.66%.
Prime Mixed-Use Town Centre Investment Opportunity
The property comprises a ground floor refurbished restaurant trading as The Monarch Spice. The restaurant extends to approximately 123.5 sq m ( 1,328 sq ft ) and comprises a ground floor restaurant area, commercial kitchen, staff WC's , customer WC's and further storage space.
Additionally , there are 12 apartments situated over rear ground, first and second floors. The apartments are made up of 6 x 1 bedroom and 6 x 2 bedroom apartments , being all fully let on assured shorthold tenancies.
The basement incorporates 9 self-storage units under B8 commercial storage and distribution use. The current vendor has implemented a fully automated system allowing remote management and access. Refurbishment of the units has just been completed in readiness for letting on individual or a collective basis.
Location
The property occupies a prominent town centre location at the heart of Kidderminster's Eastern Gateway regeneration project. It is situated at the corner of Bromsgrove Street & Lion Street, close to the retail core and the railway station.
Kidderminster is located within Worcestershire, approximately 31 km (19 miles) south west of Birmingham, 24 km (15 miles) north of Worcester and 23 km (14 miles) south-west of Dudley.
The town benefits from good transport links with several major routes running through the town including the A456 and A449 which provide access to Junction 3 of the M5 Motorway, approximately 18 km (11 miles) to the north-east and Junction 6 of the M5 Motorway approximately 23 km (14 miles) to the south. The town is connected to the national railway network with regular services to London Euston and Birmingham. Birmingham Airport is approximately 51 km (32 miles) to the north-east.
Tenure
Freehold with vacant possession.
Planning
Additionally, under application number 22/0957/FUL, planning consent has been granted for conversion of the restaurant to 2 x 2 bedroom apartments.
Tenancy
Ground Floor restaurant Let to The Monarch Spice for a term of 10 years from May 2023 at a passing rent of £18,000 per annum.
Self-contained apartments All let on AST's at a collective rent of £111,540 per annum.
Basement storage units Now being offered to let at an estimated rental value of £25,000 per annum.
The passing rent is £129,540 per annum, which will rise to £154,540 per annum once the storage units have been let. A full breakdown of the rental income is available upon request.
VAT
We are advised that VAT is not applicable
EPC
Available on request.
Legal Costs
Each party are to be responsible for their own legal costs that may be incurred in this transaction.
Anti Money Laundering
In accordance with anti-money laundering regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.
The Barrel, Bromsgrove Street, Kidderminster, Worcestershire, DY10 1PW
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Kidderminster Station0.4 miles
- Blakedown Station3.2 miles
- Hartlebury Station3.9 miles
Notes
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