Mixed use for sale

78 Wyle Cop, Shrewsbury, SY1 1UT

01743 534860

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Mixed use

0 bed

0 bath

2,492 sq ft / 232 sq m

Property description & features

Tenure: Freehold
Mid terraced property with basement area fronting onto Wyle Cop
Mixed use investment comprising of a lock up shop unit and three residential flats
Ground floor shop unit has a Total Net Internal Sales Area of approximately 490 ft sq (46.01 m sq)
Basement area that provides a Total Gross Internal Floor Area of approximately 298 ft sq (27.68 m sq)
Fully income producing showing a Net Initial Yield of 7.56%
Grade 2 listed

Description
The property comprises of a substantial Grade II Listed mid-terraced part four and part single storey property with a basement area.

The property is arranged to provide a lock up shop unit with a basement and three one bedroomed flats arranged over the upper floors. The property ownership also includes a single storey rear projection that comprises of a lock up shop unit that is subject to a long leasehold tenure.

The property is of traditional brick construction with a tiled roof cover and a glazed shop front at ground floor level. The residential part of the property is accessed from a self contained ground floor entrance and has a communal staircase with communal landing areas and there are one bedroomed flats arranged over the first floor and the second floor and third floors of the property.

The ground floor shop unit has a Total Net Internal Sales Area of approximately 490 ft sq (46.01 m sq) and a basement area that provides a Total Gross Internal Floor Area of approximately 298 ft sq (27.68 m sq).

The property is accessed from Wyle Cop and the residential accommodation from a passageway at the side of the property.

The property is held under the ownership of Title Number SL173796. The sale of this property offers the opportunity to acquire a fully income producing mixed commercial/residential investment in the sought after town of Shrewsbury.

Location
The property is prominently situated fronting onto Wyle Cop in the town centre of Shrewsbury. The property is situated on the south side of Wyle Cop, close to the junction of Wyle Cop with Dogpole. The property is located in a sought after retail location within the town centre with a strong reputation for independent retailers. The surrounding occupiers include Thai Food Bar, Soden, Bombos and Blushies. Wyle cop serves as an important vehicular route within the town centre and is located in close proximity to various public car parks serving the town.

Shrewsbury is the county town of Shropshire with a population approximately 76,600 at the 2021 census. The town is an established tourist centre and has a largely unspoilt medieval street plan and over 660 listed buildings. Shrewsbury is located adjacent to the A5 (M54) trunk road, which provides access to the national road network via the M54. The town is served by a number of main roads including the A5, A49, A53, A488, A528, A458 and A5112.

The town has a railway station with five railway lines, served by Transport for Wales Rail and West Midlands Trains. Shrewsbury is located approximately 58 miles west of Birmingham, 47 miles south of Chester and approximately 15 miles east of Telford.

Terms
The property is understood to be of freehold tenure held under the ownership of Title Number SL173796

The property is sold subject to the following occupational tenancies

78 Wyle Cop- shop and basement Michael Peter Hale t/a Wrekin Whiskies £14,000 6 year lease from 01/02/2023, Rent review 01/02/2026, Tenants Full Repairing and Insuring subject to service charge provision, Lease inside Landlord and Tenant Act 1954 Part 2
Flat 1 AST £6,300
Flat 2 AST £6,300
Flat 3 AST £6,480
78B Wyle Cop Long lease Peppercorn Sold off as 999 year lease at peppercorn rent

Total Rent £33,080

Planning
The property is understood to benefit Use Class E in respect of the shop unit and Use Class C3 (Residential) in respect of the upper floors.
The property is understood to be Grade 2 Listed

Services
Not tested prospective purchasers are to rely on their own enquiries.
All mains services are understood to be connected to the property.

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Halls - Commercial Property

Halls Holdings House, Bowmen Way, Battlefield Shrewsbury, Shropshire SY4 3DR

01743 534860

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Halls 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.

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