47-51 Warrington Road, Prescot, Merseyside L34 5QY

  • 2050 sq ft
Investment
£500,000

Mixed Retail & Residential Investment – For Sale

Location

The property is situated on the outskirts of Prescot Town Centre within an established residential area.

The property is situated on the corner of Warrington Road and Queens Road in a prominent position.

The concept “Shakespeare North” are investing £26m for a Shakespeare Theatre and College.  “Shakespeare North aims to make Knowsley once again a place where actors, writers, artists, students and young people will be able to study and practise the plays of Shakespeare.  A place which will attract scholars and students and visitors from all over the world”.

Description

The property comprises a large ground floor retail convenience store, that is let to Martin McColl Limited until November 2020.  The upper floors comprise 4 separate self contained flats that are let on Assured Shorthold Tenancy Agreements.

The property originally formed 3 terraced buildings that have been extended and remodeled.

The ground floor rent was last varied in 2005 to the current level of £17,000 per annum, which equates to just £8.29 psf overall.   This offers scope to increase the rent at lease renewal in 2020.

We consider there is further scope to improve the rental of  with the flats, that should be achieving a minimum of £400 per calendar month each.

The property offers a very attractive investment opportunity, combining a high quality covenant retailer with 4 separate flats, in this genuinely improving area.

Accommodation

Gross Internal Area

Ground          190.5 m²     2,050 ft²

First               4 separate one bed flats

Services 

Mains electricity, water and drainage are connected.

Sale Price

£500,000

Tenure

The property is held on three separate titles, one freehold, one 999 year Leasehold and one 990 Leasehold.

Yield

The above asking price represents a gross yield of 6.67% allowing for purchasers costs of 5%.   However this does not factor in the opportunity for the obvious rental growth, which could increase to circa £40,000 per annum in 2020, this would improve the gross yield to circa 7.62%.

Contact 

Rob Bates – RBates@morganwilliams.com

Joshua Morgan – JSMorgan@morganwilliams.com

 

Brochure

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Contact Information:

Morgan Williams

Mobile: 01925 414909 Fax: 01925 637619

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