The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:
55-57 Worcester Street - Vacant
|Net Frontage||13.49 m||44’3”|
|Gross Frontage||13.84 m||45’5”|
|Zone A||74.41 sq m||801 sq ft|
|Zone B||95.22 sq m||1,025 sq ft|
|Zone C||97.92 sq m||1,054 sq ft|
|Remainder||22.48 sq m||242 sq ft|
|Total Ground Floor||290.03 sq m||3,122 sq ft|
|First Floor||273.03 sq m||2,939 sq ft|
|Total||563.07 sq m||6,061 sq ft|
58-59 Worcester Street - Regenerate
|Gross Frontage||11.35 m||37’3”|
|Zone A||66.42 sq m||715 sq ft|
|Zone B||66.05 sq m||711 sq ft|
|Zone C||23.50 sq m||253 sq ft|
|Total Ground Floor||155.98 sq m||1,679 sq ft|
|First Floor||150.68 sq m||1,622 sq ft|
|Total||306.66 sq m||3,301 sq ft|
62-63 Worcester Street – Forces Support
|Gross Frontage||15.98 m||52’5”|
|Zone A||98.20 sq m||1,057 sq ft|
|Zone B||101.63 sq m||1,094 sq ft|
|Zone C||109.44 sq m||1,178 sq ft|
|Remainder||99.96 sq m||1,076 sq ft|
|Total Ground Floor||409.22 sq m||4,405 sq ft|
|First Floor||111.48 sq m||1,200 sq ft|
|Total||494.60 sq m||5,324 sq ft|
64-65 Worcester Street – Peacocks
|Gross Frontage||11.66 m||38’3”|
|Zone A||62.15 sq m||669 sq ft|
|Zone B||64.38 sq m||693 sq ft|
|Zone C||70.51 sq m||759 sq ft|
|Remainder||186.08 sq m||2,003 sq ft|
|Total Ground Floor||383.12 sq m||4,124 sq ft|
|First Floor||111.48 sq m||1,200 sq ft|
|Total||494.60 sq m||5,324 sq ft|
4-5 Oxford Street – 45 Live
|Gross Frontage||11.84 m||38’10”|
|Zone A||64.19 sq m||691 sq ft|
|Zone B||86.77 sq m||934 sq ft|
|Zone C||112.32 sq m||1,209 sq ft|
|Remainder||155.42 sq m||1,673 sq ft|
|Total||418.70 sq m||4,507 sq ft|
6 Oxford Street – Vacant
|Zone A||54.35 sq m||585 sq ft|
|Zone B||28.61 sq m||308 sq ft|
|Total||82.96 sq m||893 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 £1,195 + VAT.
According to the Valuation Office website the rateable value for the property is as follows:
|55-57 Worcester Street||£36,000|
|58-59 Worcester Street||£36,000|
|62-63 Worcester Street||£39,250|
|64-65 Worcester Street||£38,750|
|4-5 Oxford Street||£24,375|
|6 Oxford Street||£17,750|
The business rate multiplier is 49.9 pence per pound.
In accordance with the tenancy schedule which is available to download, the property is multi-let as follows:
55-57 Worcester Street
The property is currently vacant. The unit is on the market to let at a quoting rent of £23,500 per annum.
58-59 Worcester Street
Let to Regenerate (2016) Limited on a full repairing and insuring lease for a term of 10 years from 18th July 2018, expiring on 17th July 2028 at a passing rent of £19,000 per annum. There is a tenant break option on 18th January 2025 and an upwards only rent review on 18th July 2023.
62-63 Worcester Street
Let to Forces Support Limited on a full repairing and insuring lease for a term of 5 years from 10th November 2021, expiring on 9th November 2026 at a passing rent of £21,500 per annum. There is a tenant break option on 10th November 2024, subject to six months’ prior written notice. The lease is outside 1954 Act protection.
64-65 Worcester Street
Let to Peacocks Stores Properties Limited on a full repairing and insuring lease for a term of 5 years from 12th April 2021, expiring on 11th April 2026 at a passing rent of £20,000 per annum. There is a side letter permitting the rent to be paid monthly and the lease has a Covid clause stating that there is no rent payable during any enforced closures, subject to a maximum of 50% discount in any 12 month period.
4-5 Oxford Street
Let to Live Leisure Kidderminster Limited (trading as 45 Live), on a full repairing and insuring lease for a term of ten years from 6th November 2020, expiring on 25th November 2030, at a current passing rent of £35,000 per annum. There is a tenant break option on 28th September 2026. The lease is guaranteed by Mr Mark Carter and a £9,000 rent deposit is held by the Landlord.
The lease incorporates the following stepped rents:
|6th November 2020 to 24th December 2020||£7,460.13 per annum|
|25th December 2020 to 24th December 2021||£36,000 per annum|
|25th December 2021 to 28th September 2022||£30,000 per annum|
|29th September 2022 to 28th September 2024||£35,000 per annum|
|29th September 2024 to 28th September 2026||£40,000 per annum|
There is an open market rent review on 28th September 2026.
6 Oxford Street
The property is currently vacant.
Therefore, an investor will benefit from a total income of £95,500 per annum, rising to an anticipated £124,000 per annum once the vacant units are re-let.
Peacocks offer quality, fashionable clothes for women, men and children at value prices. Albert Frank Peacock founded the company in Warrington, Cheshire in 1884. The Peacocks retail portfolio is throughout England, Northern Ireland, Scotland and Wales. For further information visit www.peacocks.co.uk.
In April 2021 Peacocks was bought out of administration by an international investment consortium.
Forces Support is a UK Bereavement and Veterans Charity launched in March 2010, with the aim to create a national network of Forces Support outlets to raise funds needed to run the practical support project nationally. For the year ending 31st March 2022 Forces Support Limited reported Net Assets of £2,478,013.
The objectives of the charity are:
• To provide support to the families and dependants of servicemen and women who have lost their lives whilst serving in the British armed Forces.
• To support ex-servicemen and women, their families and dependants who are in need through financial hardship by assisting in conjunction with the charity’s partners the provision of housing and other forms of charitable support.
The charity’s aim is to ensure that the parents, widows and children of families bereaved through military death can access practical support throughout the UK and that each have equal access to support.
The charity’s national shops sell donated furniture, clothing, electricals and bric-a-brac. For further information visit forcessupport.org.uk.
Regenerate was established in 1995 and is a group of 16 stores throughout the UK which buy and sell new and used products, and offer an easy buyback service, where customers are able to sell items for cash, and then buy those same items back later. All of the company’s stores offer an easy, interest-free payment plan and also have a travel money agency and cheque cashing agency in most shops. For further information visit regenerate.co.uk.
For the year ending 31st January 2022, Regenerate (2016) Limited reported Shareholders’ Funds of £274,917.
45 Live is an entertainment venue hosting a wide range of live music and events. The venue is available for hire and can be adapted to host a range of events including private parties, weddings, receptions and conferences. For further information visit www.45live.co.uk.
The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
We are instructed to seek a figure of £750,000 (Seven Hundred and Fifty Thousand Pounds), subject to contract, reflecting a net initial yield of 12.0%, rising to an estimated 15.7% once the vacant units are let, assuming standard purchaser’s costs of 5.4%.
Please note that a purchaser will be re-charged the costs of the measured survey (£1,195 + VAT) and searches (£884.06) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of £5,000 plus VAT.
It should be noted that the vendor will also consider individual offers for the units.
- An opportunity to acquire a multi-let retail investment;
- The property is situated in the heart of the town centre;
- Active management opportunities and potential future large scale redevelopment;
- Opportunity to enhance income on letting vacant units.
- Attractive lot size to an investor;
- Attractive yield profile.