** Under Offer **
8 COMMERCIAL STREET.
Investment summary features:-
Prime location on the edge of High Town;
Current rent £ 34,500 per annum;
Nearby traders include Laura Ashley, Toni & Guy Hairdressing, Nationwide Building Society, Hotter Shoes and Boots Opticians;
Let to two tenants;
Net initial yield 7.33% rising to 7.76%.
The historic cathedral city of Hereford is the county town of Herefordshire and situated in a rich agricultural area close to the Welsh borders. The city is an important administrative centre and has a local economy that embraces industry, agriculture and tourism.
The resident population of the city is in the order of 56,000 persons with a catchment area within the County of 183,500 people according to the 2011 census. These numbers are increased, especially in the summer months, by visitors and holidaymakers. The city is approximately 55 miles equidistant from Bristol, Birmingham and Cardiff and communications are good with access to junction 4 of the M50 being around 17 miles south. Rail services are available direct to London Paddington, Manchester, Birmingham and Cardiff.
8 Commercial Street is situated just off the edge of High Town between premises occupied by Laura Ashley and Toni & Guy Hairdressers. Opposite is Hotter Shoes and a range of other retailers are within the immediate vicinity to include Thomas Cook, HMV, Boots Opticians etc.
The Old Market development is linked to High Town via Widemarsh Street. High Town itself has a concentration of major retailers including Marks & Spencers, Boots, New Look and W H Smith together with the likes of Lloyds Bank, O2 amongst others.
It is important to note that Commercial Street will be subject to an enhancement scheme to include resurfacing, street furniture and lighting.
8 Commercial Street comprises a 3 storey (with basement) effectively mid terraced property which is traditionally constructed and comprises a part rendered, brick-built property under pitched and flat roofs. The property is not listed but is situated within a Conservation Area.
The ground floor provides an open trading area which has been extensively fitted to suit the occupying tenants and to the rear there are staff ancillary facilities together with storage. The basement is located under the front part of the building and accessed from the retail area.
The upper floors have a separate access and the dental surgery is arranged on first, second and third floors. This is a self-contained, well presented dentist premises that also has potential for alternative uses such as office, residential conversion subject to obtaining the necessary consents.
None of these statements contained in these particulars are to be relied upon as statements or representations of fact. These particulars are not an offer or contract or part of one. Floor plans are provided for guidance as to the layout of the property only. Room sizes and measurements are approximate only. Please note we have not tested the equipment, appliances and services in the property and interested parties are advised to commission appropriate investigation before formulating their offer.
Sunderlands are a member of the ‘Ombudsman for Estate Agents Scheme’ and therefore adhere to their Code of Practise. A copy of the Code of Practise is available on request.