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£1,975,000Retail property (high street) for sale
Royal Oak Court, Frogmore Road, Market Drayton, TF9 3FD
Retail property (high street)
0.50 acre(s)
Features and description
- A prominently located mixed retail and residential investment with over 72% of the current income secured from national covenants
- Net Initial Yield of 10.5% after allowing for normal purchasers costs
- Current income £220,850 per annum
- Prominently located property in the town centre of Market Drayton
- Two ground floor shop units currently let to national retailers
- 14 two bedroomed residential flats (2 having been sold off on long leases)
- Service yard area and car parking within the property ownership
- Significant asset management opportunities
Description
The property comprises of a detached part three, part two and part single storey property that is arranged to provide two lock up shop units and 14 two bedroomed residential apartments. The modern detached property is of traditional construction with glazed frontages at ground floor level to three elevations of the property.
The property is held under the ownership of Title Number SL67563.
The two lock up shop units have a ground floor sales area and a first floor ancillary accommodation. Units 1 and 2 (Savers) has a Ground Floor with a Total Gross Floor Area of approximately 4,618 ft sq (428.98 m sq) and First Floor with a Total Gross Floor Area of approximately 1,843 ft sq (171.20 m sq).
Unit 3 (B & M not in occupation) has a Ground Floor with a Total Gross Floor Area of approximately 9,039 ft sq (839.67 m sq) and a First Floor with a Total Gross Floor Area of approximately 2,503 ft sq (232.51 m sq).
The 14 two bedroomed residential apartments (2 of the residential flats have been sold off on long leasehold tenures of 999 years at peppercorn rents) have a self contained ground floor entrance on Frogmore Road. Within the property ownership there is car parking and a servicing yard. Two of the car parking spaces have been sold off and are in the ownership of the two residential flats that have been sold on long leasehold tenures.
The flats are all separately metered and therefore in the future the 12 residential flats that are currently income producing could be sold off on long leasehold tenures providing a very valuable asset management opportunity.
The property benefits from access from Frogmore Road.
Location
The property is prominently located fronting onto Frogmore Road in the Town Centre of Market Drayton. The property is located adjacent to the Frogmore Road public car park and other surrounding occupiers include Iceland, Wilkinsons, Argos and Market Drayton Public Library.
The property is accessed directly off Frogmore Road and is arranged with frontages onto Frogmore Road, onto Frogmore Public Car Park and onto the pedestrian link from Frogmore Road onto Cheshire Street.
Market Drayton is an established market town and administrative centre that is in North East Shropshire on the Shropshire/Staffordshire Border. The town had a population of 11,733 at the 2011 Census.
The town has all local amenities and is situated approximately 20.5 miles north east of the County Town of Shrewsbury, approximately 21 miles north of the Town of Telford, approximately 13 miles south east of the town of Whitchurch and approximately 17 miles south west of the City of Stoke.
The town is located at the intersection of the A53 and the A41, which provide access to the national road network.
Anti-money laundering (AML) checks
We are legally obligated to undertake anti-money laundering checks on all property purchasers. Whilst we are responsible for ensuring that these checks, and any ongoing monitoring, are conducted properly; the initial checks will be handled on our behalf by a specialist company, Movebutler, who will reach out to you once your offer has been accepted.
The charge for these checks is £30 (including VAT) per purchaser, which covers the necessary data collection and any manual checks or monitoring that may be required. This cost must be paid in advance, directly to Movebutler, before a memorandum of sale can be issued, and is non-refundable. We thank you for your cooperation.
The property comprises of a detached part three, part two and part single storey property that is arranged to provide two lock up shop units and 14 two bedroomed residential apartments. The modern detached property is of traditional construction with glazed frontages at ground floor level to three elevations of the property.
The property is held under the ownership of Title Number SL67563.
The two lock up shop units have a ground floor sales area and a first floor ancillary accommodation. Units 1 and 2 (Savers) has a Ground Floor with a Total Gross Floor Area of approximately 4,618 ft sq (428.98 m sq) and First Floor with a Total Gross Floor Area of approximately 1,843 ft sq (171.20 m sq).
Unit 3 (B & M not in occupation) has a Ground Floor with a Total Gross Floor Area of approximately 9,039 ft sq (839.67 m sq) and a First Floor with a Total Gross Floor Area of approximately 2,503 ft sq (232.51 m sq).
The 14 two bedroomed residential apartments (2 of the residential flats have been sold off on long leasehold tenures of 999 years at peppercorn rents) have a self contained ground floor entrance on Frogmore Road. Within the property ownership there is car parking and a servicing yard. Two of the car parking spaces have been sold off and are in the ownership of the two residential flats that have been sold on long leasehold tenures.
The flats are all separately metered and therefore in the future the 12 residential flats that are currently income producing could be sold off on long leasehold tenures providing a very valuable asset management opportunity.
The property benefits from access from Frogmore Road.
Location
The property is prominently located fronting onto Frogmore Road in the Town Centre of Market Drayton. The property is located adjacent to the Frogmore Road public car park and other surrounding occupiers include Iceland, Wilkinsons, Argos and Market Drayton Public Library.
The property is accessed directly off Frogmore Road and is arranged with frontages onto Frogmore Road, onto Frogmore Public Car Park and onto the pedestrian link from Frogmore Road onto Cheshire Street.
Market Drayton is an established market town and administrative centre that is in North East Shropshire on the Shropshire/Staffordshire Border. The town had a population of 11,733 at the 2011 Census.
The town has all local amenities and is situated approximately 20.5 miles north east of the County Town of Shrewsbury, approximately 21 miles north of the Town of Telford, approximately 13 miles south east of the town of Whitchurch and approximately 17 miles south west of the City of Stoke.
The town is located at the intersection of the A53 and the A41, which provide access to the national road network.
Anti-money laundering (AML) checks
We are legally obligated to undertake anti-money laundering checks on all property purchasers. Whilst we are responsible for ensuring that these checks, and any ongoing monitoring, are conducted properly; the initial checks will be handled on our behalf by a specialist company, Movebutler, who will reach out to you once your offer has been accepted.
The charge for these checks is £30 (including VAT) per purchaser, which covers the necessary data collection and any manual checks or monitoring that may be required. This cost must be paid in advance, directly to Movebutler, before a memorandum of sale can be issued, and is non-refundable. We thank you for your cooperation.
Property information from this agent
About this agent
Halls - Commercial Property
Halls Holdings House, Bowmen Way, Battlefield
Shrewsbury, Shropshire
SY4 3DR
01743 534860Halls Commercial provides a range of specialist commercial property services to clients of all sizes across the UK. We have a comprehensive knowledge of our markets developed over many years operating in this sector. Our service is forward thinking, personal and professional, designed to achieve the best results for our clients whatever their requirements. Although we operate nationwide, we retain a particular emphasis on the Midlands. Agency Services Our commercial agency team are on hand to offer friendly advice and market appraisals, helping you buy and sell commercial property throughout Shropshire, Worcestershire, Mid Wales, the West Midlands and beyond. We advise investors and developers on selling and acquiring commercial property, while also assisting with the acquisition of new premises or disposing of unwanted space. From offices and retail to industrial and leisure-based properties, we can guide you through the sale of all types of commercial property. Offering advice at every stage, we will help you find the best route to market and give you advice on how to attract the right buyers. We can also give guidance on development land, whether owner occupied or held as an investment. With strong links to buyers, our skilled and knowledgeable team are on hand to advise from start to finish. This includes guidance on any works required prior to sale, including applications for planning consent, refurbishment programmes and tenant disputes. Management Services Offering a strategic approach, we always have your future needs in mind. Whether you’re an experienced landlord or a one-off investor, we understand that your priority is to increase the value of your investment while minimising void periods and building a strong tenant profile. Working closely with our in-house marketing and PR team, we have a comprehensive tenant vetting process to help minimise your risks. If you’re looking to expand your commercial property portfolio, we will take the time needed to gain a full understanding of your needs and match you with properties suited to your business requirements within your timescales. Professional Property Services Halls Commercial is a team of RICS Registered Valuers with professional indemnity insurance cover of £10 million. As you would expect we are on the valuation panels of most of the major banks including Barclays, Lloyds, Royal Bank of Scotland, HSBC, NatWest, Handelsbanken, and Clydesdale. Our experienced team of valuers operates in accordance with RICS Valuation Standards (Red Book), International Financial Reporting Standards (IFRS) and UK GAAP and alongside the years of experience across our Commercial team, our valuations are backed by the latest valuation and appraisal software.