English 
Arabic 
Chinese 
French 
German 
Hebrew 
Spanish 
Accommodation
The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:
| 69 Church Street (Vintage Barbers) | ||
| Zone A | 39.02 sq m | 420 sq ft |
| Zone B | 30.29 sq m | 326 sq ft |
| Zone C | 10.13 sq m | 109 sq ft |
| Zone D | 0.28 sq m | 3 sq ft |
| Total Ground Floor | 79.71 sq m | 858 sq ft |
| ITZA | 611 | |
| First Floor | 129.13 sq m | 1,390 sq ft |
| Total | 208.84 sq m | 2,248 sq ft |
| 70 Church Street (Vodafone) | ||
| Zone A | 31.77 sq m | 342 sq ft |
| Zone B | 21.46 sq m | 231 sq ft |
| Zone C | 0.84 sq m | 9 sq ft |
| Total Ground Floor | 54.07 sq m | 582 sq ft |
| ITZA | 460 | |
| 5 Royal George Buildings (Karak Chaii) | ||
| Zone A | 56.48 sq m | 608 sq ft |
| Zone B | 36.60 sq m | 394 sq ft |
| Zone C | 10.68 sq m | 115 sq ft |
| Total Ground Floor | 103.77 sq m | 1,117 sq ft |
| ITZA | 834 | |
| First Floor | 60.94 sq m | 656 sq ft |
| Second Floor | 21.37 sq m | 230 sq ft |
| Total | 186.08 sq m | 2,003 sq ft |
| 6 Royal George Buildings (Dr Noodles) | ||
| Zone A | 29.82 sq m | 321 sq ft |
| Zone B | 26.20 sq m | 282 sq ft |
| Zone C | 22.39 sq m | 241 sq ft |
| Total Ground Floor | 78.41 sq m | 844 sq ft |
| ITZA | 522 | |
| First Floor | 22.76 sq m | 245 sq ft |
| Second Floor | 21.27 sq m | 229 sq ft |
| Total | 122.44 sq m | 1,318 sq ft |
| TOTAL | 571.43 SQ M | 6,151 SQ FT |
A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £195 + VAT.
Rateable Value
According to the Valuation Office website the rateable value for the property is as follows:
| Address | Description | Rateable Value |
| 69 Church Street | Shop & Premises | £21,250 |
| 70 Church Street | Shop & Premises | £12,000 |
| 5 Royal George Buildings | Shop & Premises | £23,000 |
| 6 Royal George Buildings | Shop & Premises | £14,500 |
The business rate multiplier is 49.9 pence per pound.
Planning & Future Development Potential
The property is situated within a Conservation area.
The property previously benefitted from planning permission for conversion of the upper parts and extension to form 12 flats.
Planning consent was granted on 29th March 2019 for “Conversion and extension of upper floors to twelve dwellings (8 x 1-bed, 3 x 2-bed & 1 x 3-bed) with associated works, including provision of ground floor door to front elevation.” In accordance with the consent, all apartments to be private with no requirement for affordable housing.
This consent has since lapsed, but precedent has been set. Therefore, potential exists to exploit this development potential in the future.
A copy of the planning consent and scheme drawings are available to download.
Tenure
Freehold.
Tenancies
The property is multi-let to four tenants, producing a total income of £108,000 per annum.
The property benefits from an attractive Weighted Unexpired Lease Term (WAULT) of 8.6 years to expiry.
Please refer to the summary below and the tenancy schedule which is available to download.
69 Church Street
Let to Mohammed Tahir Abdul Karim (t/a Vintage Barbers) on a full repairing and insuring lease for a term of 10 years from 17th May 2023, expiring on 16th May 2033 at a passing rent of £31,000 per annum. The lease benefits from an upwards only rent review on 17th May 2028. A rent deposit of £18,600 (inclusive of VAT) is held by the landlord.
The unit was previously occupied by Betfred at a rent of £47,000 per annum. Hence, the rent has been rebased.
The tenant has been granted permission to convert the upper parts to residential use, subject to them obtaining the necessary consents.
70 Church Street
Let to Vodafone Limited on a full repairing and insuring lease for a term of 10 years from 1st April 2018, expiring on 31st March 2028 at a passing rent of £24,000 per annum.
The tenant had a break option on 1st April 2023 which was not exercised. The rent has been rebased from a previous rent of £37,000 per annum.
5 Royal George Buildings
Let to Karak Chaii Rugby Limited on a full repairing and insuring lease for a term of 15 years from 15th September 2023, expiring on 14th September 2038. There is a tenant break option on 15th September 2031, subject to six months’ notice. The passing rent is £33,000 per annum and the lease benefits from 5 yearly upward only rent reviews. A rent deposit of £9,900 (inclusive of VAT) is held by the landlord.
The tenant benefits from a twelve-month rent-free period expiring on 14th September 2024. The vendor will ‘top-up’ the income by way of an appropriate adjustment on the completion sum in order that a purchaser does not suffer an income shortfall.
6 Royal George Buildings
Let to Desi Fuzion Limited (t/a Dr Noodles) on a full repairing and insuring lease, subject to a Schedule of Condition, for a term of 5 years from 22nd December 2023, expiring on 21st December 2028. The passing rent is £20,000 per annum and the lease benefits from an upwards only rent review on 22nd December 2026. A rent deposit of £6,000 (inclusive of VAT) is held by the landlord.
Covenants
Vodafone Limited (Co. No. 01471587) has reported the following figures:
| 31st March 2023 | 31st March 2017 | |
| Revenue | £5,810.6 million | £5,543.2 million |
| Pre-Tax Profits (Loss) | (£0.8 million) | (£346 million) |
| Shareholders’ Funds | £6,286.2 million | £6,450.5 million |
Vodafone is one of the world’s largest telecommunications companies providing mobile and fixed services to over 330 million customers in 15 countries. For further information see www.vodafone.com.
Karak Chaii is a stylish desi café known for its namesake chai-style tea and desi street food offerings. After travelling through the Indian sub-continent and throughout the middle east, the company’s founders, with over 15 years’ experience in food, set up their first store in Birmingham. With the success of this store, they opened their second site in Handsworth just 18 months later. Shortly after came their first franchise in Slough. Karak Chaii now has 18 stores with a further 50 national and international sites set to open over the next few years. The company was winner of the Chaii Restaurant Of The Year 2020-2022 at the Prestige Awards. For further information visit www.karakchaii.co.uk.
As additional security, a rent deposit of £9,900 (inclusive of VAT) is held by the landlord.
Dr Noodles – Inspired by unique flavours of the East, Dr Noodles Noodle Bar offers a healthy alternative to the modern diet with a simple concept – to serve up fresh Asian cuisine that is high in nutrients, full of flavour and low in fat. In addition to the subject property there are stores in St Andrews, Dundee, Perth, Stirling and Edinburgh. For further information visit www.drnoodles.co.uk.
As additional security, a rent deposit of £6,000 (inclusive of VAT) is held by the landlord.
VAT
The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Proposal
We are instructed to seek a figure of £1,175,000 (One Million, One Hundred and Seventy-Five Thousand Pounds), subject to contract, reflecting a net initial yield of 8.7%.
Please note that a purchaser will be re-charged the costs of the measued survey (£195 + VAT) and searches (£1,224.41) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of £10,000 plus VAT.
Investment Considerations
An opportunity to acquire a multi-let retail/restaurant investment;
The property occupies a prime retailing pitch in the heart of the town centre;
Three of the four units have been let on new leases from 2023;
The units have been fitted out to a high standard by the tenants;
Vodafone did not exercise their 2023 break option, demonstrating their commitment to this location;
Re-based rents;
Repurposing potential via future development of the upper parts;
A purchase at the asking price reflects an attractive net initial yield;
