No longer on the market
This property is no longer on the market
MapIndustrial unit
Sold STC
Industrial unit
7261
Features and description
- Opportunity to purchase a three-storey, mixed-use investment in Wirksworth
- Comprising five ground floor commercial units (11-14 A) and nine residential flats
- Wirksworth is situated approximately 12 miles north of Derby
- Rental income of £79,296 per annum with a reversion to £85,596
- Offers in excess of £810,000 (Eight hundred and ten thousand pounds). A purchase at this level reflects a net initial yield (NIA) of approximately 9.3
Location
The property is located fronting Market Place in Wirksworth, a market town in the Peak District, approximately four miles south of Matlock and twelve miles north of Derby. Wirksworth was granted a market charter in 1306 and is known for its excellent range of independent shops and cafes, alongside its annual art and book festivals.
The property is 23.5 miles away from Nottingham, 26.5 miles away from Sheffield and 44 miles away from Leicester. Wirksworth allows for easy access with the A6 being within 9 miles and the M1, Junction 28 being approximately 15 miles away. In regards to public transport, there is a bus stop adjacent to the premises, providing services to Derby, Ashbourne and Matlock.
Description
The mixed-use investment comprises five commercial units to the ground floor (11-14A Market Place) with nine residential apartments above. The commercial units are occupied by several independent retailers and benefit from the large frontage onto Market Place. The premise, was Grade II listed in 1973 and extends across 0.14 acres (0.05 ha).
Unit 11-13 occupy a three-storey, stone structure building, enclosed by a natural slate roof to the front and plain clay tiles to the rear. Units 14-14A are situated in a three-storey, traditional red brick structure building, and includes a plain clay tiled roof covering, stone parapets, and cornices. Unit 11-13 benefit from a shared courtyard with toilets which can be accessed through the back of the properties or the alleyway between 11-12 Market Place.
The residential accommodation benefits from separate access. Depending on the residential address, the domestic properties are accessible either through the ginnel between 11-12, or the main entrance between 14-14A. The property also benefits from stairs leading from the rear yard area to one of the town's car parks.
Lease Summary
The residential accommodation is let on standard Assured Shorthold Tenancies (ASTs), in which the tenants have no security of tenure beyond expiry of the respective lease terms. The commercial element is let on effective full repairing and insuring terms, passing the liability to repair and maintain onto the tenants. All the commercial tenancies are outside of the security of tenure provision, of the Landlord and Tenant Act 1954 with tenants paying quarterly, monthly and weekly.
The commercial accommodation has a current rental income of £31,236 per annum with the residential element retaining a rental income of £48,060 per annum, overall providing a total rental income of £79,296 per annum. The estimated rental value (ERV) for the residential accommodation is £54,360 per annum, reflecting a total revisionary income of £85,596 per annum and a reversionary yield of 10%.
Opportunity to purchase a three-storey, mixed-use investment in Wirksworth
Comprising five ground floor commercial units (11-14A) and nine residential flats
Wirksworth is situated approximately 12 miles north of Derby
Rental income of £79,296 per annum with a reversion to £85,596
Offers in excess of £810,000 (Eight hundred and ten thousand pounds). A purchase at this level reflects a net initial yield (NIA) of approximately 9.3% and a reversion to 10% assuming usual purchaser costs.
The property is located fronting Market Place in Wirksworth, a market town in the Peak District, approximately four miles south of Matlock and twelve miles north of Derby. Wirksworth was granted a market charter in 1306 and is known for its excellent range of independent shops and cafes, alongside its annual art and book festivals.
The property is 23.5 miles away from Nottingham, 26.5 miles away from Sheffield and 44 miles away from Leicester. Wirksworth allows for easy access with the A6 being within 9 miles and the M1, Junction 28 being approximately 15 miles away. In regards to public transport, there is a bus stop adjacent to the premises, providing services to Derby, Ashbourne and Matlock.
Description
The mixed-use investment comprises five commercial units to the ground floor (11-14A Market Place) with nine residential apartments above. The commercial units are occupied by several independent retailers and benefit from the large frontage onto Market Place. The premise, was Grade II listed in 1973 and extends across 0.14 acres (0.05 ha).
Unit 11-13 occupy a three-storey, stone structure building, enclosed by a natural slate roof to the front and plain clay tiles to the rear. Units 14-14A are situated in a three-storey, traditional red brick structure building, and includes a plain clay tiled roof covering, stone parapets, and cornices. Unit 11-13 benefit from a shared courtyard with toilets which can be accessed through the back of the properties or the alleyway between 11-12 Market Place.
The residential accommodation benefits from separate access. Depending on the residential address, the domestic properties are accessible either through the ginnel between 11-12, or the main entrance between 14-14A. The property also benefits from stairs leading from the rear yard area to one of the town's car parks.
Lease Summary
The residential accommodation is let on standard Assured Shorthold Tenancies (ASTs), in which the tenants have no security of tenure beyond expiry of the respective lease terms. The commercial element is let on effective full repairing and insuring terms, passing the liability to repair and maintain onto the tenants. All the commercial tenancies are outside of the security of tenure provision, of the Landlord and Tenant Act 1954 with tenants paying quarterly, monthly and weekly.
The commercial accommodation has a current rental income of £31,236 per annum with the residential element retaining a rental income of £48,060 per annum, overall providing a total rental income of £79,296 per annum. The estimated rental value (ERV) for the residential accommodation is £54,360 per annum, reflecting a total revisionary income of £85,596 per annum and a reversionary yield of 10%.
Opportunity to purchase a three-storey, mixed-use investment in Wirksworth
Comprising five ground floor commercial units (11-14A) and nine residential flats
Wirksworth is situated approximately 12 miles north of Derby
Rental income of £79,296 per annum with a reversion to £85,596
Offers in excess of £810,000 (Eight hundred and ten thousand pounds). A purchase at this level reflects a net initial yield (NIA) of approximately 9.3% and a reversion to 10% assuming usual purchaser costs.
Property information from this agent
About this agent
Fisher German - Doncaster, Commercial
Unit 2 Carolina Court, Lakeside Business Park
Doncaster
DN4 5RA
01302 457485Fisher German was founded in 2000, although the founding firms have a history dating back 200 years. Since then we have grown at an impressive rate and now have national reach with a network of offices. This evolution keeps us at the forefront of the market and makes us a go-to specialist for land and property. Our national network comprises teams of specialists who have the skills, experience, and expertise to help clients meet their strategic, financial, and operational goals. We offer an unrivalled breadth of expertise across land and property services in the UK and our local knowledge allows us to operate a localised approach to deliver a wide range of integrated chartered surveying, planning, consultancy and estate agency services on a national basis. We are in the privileged position to work across the full property spectrum and influence a wide range of environmental and social policy issues.