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59-60 High St 5,383 SF Retail Condo Unit Offered at $1,865,348 in Worcester WR1 2QA
INVESTMENT HIGHLIGHTS
- Prime High Street retail pitch
- Good footfall
- Prominent corner building at the junction of High Street, The Cross, St Swithen’s Street and Broad Street
EXECUTIVE SUMMARY
The property comprises a building of masonry construction arranged over four floors offering office accommodation within. The Greggs unit forms part of a larger prominent, Grade II listed, corner building at the junction of High Street, The Cross, St Swithens Street and Broad Street. The store’s main frontage runs along High Street.
PROPERTY FACTS
| Total Building Size | 6,553 SF | Floors | 5 |
| Property Type | Retail (Condo) | Typical Floor Size | 1,560 SF |
| Property Subtype | Storefront Retail/Office | Year Built | 1898 |
| Building Class | B | Lot Size | 0.05 AC |
| Total Building Size | 6,553 SF |
| Property Type | Retail (Condo) |
| Property Subtype | Storefront Retail/Office |
| Building Class | B |
| Floors | 5 |
| Typical Floor Size | 1,560 SF |
| Year Built | 1898 |
| Lot Size | 0.05 AC |
AMENITIES
- Security System
- Storage Space
- Air Conditioning
1 UNIT AVAILABLE
Unit Retail
| Unit Size | 5,383 SF | Sale Type | Investment |
| Price | $1,865,348 | Tenure | Long Leasehold |
| Price Per SF | $346.53 | Cap Rate | 6.74% |
| Condo Use | Retail | NOI | $125,724.49 |
| Unit Size | 5,383 SF |
| Price | $1,865,348 |
| Price Per SF | $346.53 |
| Condo Use | Retail |
| Sale Type | Investment |
| Tenure | Long Leasehold |
| Cap Rate | 6.74% |
| NOI | $125,724.49 |
DESCRIPTION
The unit extends over basement, ground and 1st floor. The basement provides ancillary space with main trading at ground floor and additional seating for approximately 68 and customer toilets at first floor. As part of the 2021 planning permission, consent was also granted for outside seating along High Street for a further 24 external covers.
SALE NOTES
The property will be sold on a new 999 year leasehold interest. The rent will be fixed at a peppercorn throughout. We are instructed to seek offers in excess of £1,400,000 (One Million Four Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this price would reflect a net initial yield of 6.74%, assuming costs of purchase of 6.07%.
The unit is let to Greggs plc, the original lease was signed in 2021.
NEARBY MAJOR RETAILERS
Presented by
Watson's Property
59-60 High St
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