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Accommodation
The property has been measured by BKR Floor Plans and provides the following accommodation:
| Net Frontage | 27.84 m | 91’4” |
| Gross Frontage | 28.60 m | 93’10” |
| Gross Internal Area | ||
| Ground Floor | 1,538.70 sq m | 16,563 sq ft |
| First Floor | 1,500.52 sq m | 16,152 sq ft |
| Second Floor | 302.30 sq m | 3,254 sq ft |
| Third Floor (Plant) | 43.76 sq m | 471 sq ft |
| Total | 3,385.28 sq m | 36,440 sq ft |
| Net Internal Area | ||
| Ground Floor | 1,479.53 sq m | 15,926 sq ft |
| First Floor | 1,264.28 sq m | 13,609 sq ft |
| Second Floor | 156.44 sq m | 1,684 sq ft |
| Third Floor (Plant) | 38.00 sq m | 409 sq ft |
| Total | 2,938.24 sq m | 31,628 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 £1,395 + VAT.
Rateable Value
According to the Valuation Office website the rateable value for the property is £112,000. The business rates multiplier is 54.6 pence. However, listed property rates exemption applies so there are no rates currently payable.
Tenure
Freehold.
Tenancy
The property is offered for sale with vacant possession.
The property was previously let to Wilko Retail Limited for a term of 15 years from 5th March 2014, expiring on 4th March 2029 at a rent of £160,758 per annum. Wilko went into administration in August 2023.
Planning
The building’s frontages are Grade II listed and located in a Conservation Area.
The planning history of the property can be viewed on the Bedford Borough Council website, please see here.
In June 1994, planning permission was granted for “Demolition of existing buildings to rear of site, refurbishment of buildings fronting High Street, including alternations to ground floor, new shop fronts and new buildings to rear”. Please see here under reference 93/01599/FUL.
We suggest that this history demonstrates the potential to exploit the depth of the existing property and redevelop.
VAT
The property has been registered for VAT.
Proposal
We are instructed to seek offers in the region of £1,300,000 (One Million, Three Hundred Thousand Pounds), subject to contract, reflecting a capital value of 35.68x per sq m / £384 per sq ft.
Please note that a purchaser will be re-charged the costs of the measured survey (£1,395 + VAT) and searches (£2,074.78) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1.0% of the Purchase Price plus VAT.
Investment Considerations
An opportunity to acquire a substantial property within Bedford town centre at a low capital value;
The property offers opportunities for redevelopment and refurbishment;
The size of the unit provides an opportunity to reconfigure into smaller retail units and re-purpose existing areas;
We suggest that the depth of the site provides an opportunity for redevelopment as highlighted by a previous planning permission for the property;
Opportunities for conversion to residential and other uses, subject to appropriate consents;
With the Wilko rent prior to vacancy at £160,758, the asking price reflects an attractive yield of over 12% at this rental level
