2-4 Bridge Street, Warrington, Cheshire WA1 2EW

  • 3543 sq ft
Investment
£600,000

Prime Retail Investment – For Sale 

Description

A magnificent Grade II Listed Freehold building, arranged over three storeys and basement, that is fully tenanted by two established covenant occupiers trading as Subway and Cordant People.

Subway occupy the ground floor and basement.  Cordant occupy the upper floors, common corridor and ground floor front entrance. There is also a secure rear yard for staff parking.

Warrington is currently enjoying a sustained period of economic growth.  The Town is awash with residential development and the facilities are improving significantly, most notably with the recent opening of the £142 million Time Square scheme, which already boasts occupiers such Cineworld, The Botanist and Warrington Council.

Location

Ideally positioned in the heart of Warrington Town Centre, within the prime pedestrianised upper section of Bridge Street, just along from McDonalds Restaurant.  Adjoining neighbours are Yorkshire Building Society and Hays Travel.

The property is situated between Golden Square Shopping Mall and the newly opened Time Square Cinema complex, both of these facilities benefit from substantial multi-storey car park facilities.

Accommodation

Net Internal Area

Basement   87.6 m²   943 ft²
Ground   106.4 m   1,145 ft
First   85.2 m   917 ft
Second   50.0 m   538 ft
Total   329.2 m   3,543 ft

Tenancy Details

Subway – 10 year Lease from 28 July 2017 at a current rent of £38,000 per annum on a tenants effectively full repairing (service charge) and insuring basis with an upward only rent review at the end of the 5th year of the term.   The tenant is Fast and Fresh (Restaurants) Limited with Fast and Fresh Holdings as Guarantor.  This tenant also enjoys a parking licence for the rear yard at a current of £1,000 per annum.   Fast and Fresh (Restaurants) Limited are a major ‘Subway’ Franchisee that was first incorporated in 2000.

Cordant – The upper floors including common staircase and ground floor access are occupied by way of a ‘holding over’ 5 year Lease that expired in 2018 at a current rent of £12,000 per annum.  This Lease is also on a tenants effectively full repairing (service charge) and insuring basis. Cordant People Limited reported a turnover in 2017 of over £100 million.

The total combined rent received is £51,000 per annum exclusive of VAT.

Tenure

Freehold

Sale Price 

Prime well let freehold investment opportunities with established and recognised tenants such as these are rarely available to purchase on the open market.

We are instructed to quote an initial asking price of offers in excess of £600,000.

A purchase around this level would attract a net initial yield in excess of 8%, whilst taking into account purchase costs of around 5%.

The property is VAT applicable, however, the sale can be treated as a Transfer of Going Concern (TOGC).

Contact

For further information please contact Morgan Williams, 01925 414909.

Rob Bates [email protected]

 

pdf-icon


Contact Information:

Morgan Williams

Mobile: 01925 414909 Fax: 01925 637619

720 Mandarin Court, Centre Park, Warrington, WA1 1GG