FOR SALE COMMERCIAL INVESTMENT 5 Church Street, , , SY8 1AP

FOR SALE - A PROMINENTLY LOCATED COMMERCIAL INVESTMENT IN THE SOUGHT AFTER MARKET TOWN OF LUDLOW

Showing a Net Initial Yield of 6.15% after allowing for purchasers costs (rising to 6.3%) Prominently located fronting onto Church Street in the sought after town of Ludlow Unexpired lease term of approximately 10 years Potential future asset management potential Established tenant occupier

Price: Offers in the region of £300,000 (Exclusive)

hallsgb.com 01743 450 700 FOR SALE COMMERCIAL INVESTMENT 5 Church Street, Ludlow, Shropshire, SY8 1AP

INVESTMENT SUMMARY LOCATION The property is located in Ludlow Town Centre fronting onto ■ Total rent £19,000 per annum (rising to £19,500 per annum in Church Street adjacent to the Castle Square. The property is May 2020) located within proximity of a variety of occupiers including White Stuff, Pizza Express, WHSmiths and is in proximity to the Castle. ■ Unexpired term of approximately 10 years (subject to tenants option to determine at year 5) Ludlow is an historic town in Shropshire and is an established ■ The property has Future Asset Management Potential tourist centre which benefits from over 500 listed buildings.

■ Located in sought after town The town had a population of 10,266 at the 2011 Census. It is located 28 miles south of the of and 23 miles north of the City of .

CHESTER 44 MILES The town benefits from proximity to the A49 Road (Main 48 MILES Shrewsbury to Hereford Road) and stands on the Newport to

Manchester railway line. The A4117 and A456 lead to the M5/M6 53 MILES motorway network and Birmingham. The town is located at the junction of the Rivers Corve and Teme.

hallsgb.com 01743 450 700 FOR SALE COMMERCIAL INVESTMENT 5 Church Street, Ludlow, Shropshire, SY8 1AP

DESCRIPTION TENURE The property comprises of mid terraced three storey property The property is offered for sale freehold under Property Title with a basement. The property is trading as a restaurant with Number SL143926. upper floors and is Grade Two Listed. The property is offered for Sale subject to the following The property provides a Total Sales Area of 467 ft sq (43.42 m sq) occupational tenancy. and ancillary accommodation on the ground floor. There are toilets and stores on the first floor and further stores on the A lease dated 20th November 2019 between Lise Underwood second floor and a basement area. and David Knowles and Marie Jacqueline Knowles for a term of 10 years from 20th November 2019. There is a Tenants Option to The property benefits from an outside seating area onto Quality Determine on the 20th November 2024 (subject to 6 months Square. notice). The rent is £19,000 per annum up to 8th May 2020. The rent thereafter is £19,500 per annum.

ACCOMMODATION There are rent reviews at three yearly intervals. (All measurements are approximate only) The lease is granted on Tenants Internal Repairing and Insuring m sq sq ft Terms. A copy of the lease is available from the selling agents. Ground Floor Front Sales Area 29.34 316 Rear Sales Area 14.08 152 RATEABLE VALUE Hallway 6.92 74 We have made verbal enquiries to the local authority and have Preparation Area 12.46 134 been advised as follows: Kitchen 22.81 246 Bottlewash Area 3.54 38 Rateable value (2019/20): £22,839 Rates payable (2019/20): £11,511 First Floor Prep Area(Stores) 24.82 267 However interested parties should make their own enquiries to Staffroom Area 1 16.17 174 the local authority. Staffroom Area 2 23.06 248 Landing Male WC COVENANT Female WC The property is let to private individuals. The business is long established and trades as a popular restaurant business in the Second Floor town centre on Ludlow. Stores 2 21.84 235 Stores 3 9.63 104 Landing EPC C (66) Basement 46.99 506

SERVICES PRICE (Not tested at the time of inspection) Offers in the region of £300,000 (Three hundred thousand pounds) (Exclusive) showing a Net Initial Yield of 6.15% (after Prospective purchasers are to rely on their own enquiries. deducting normal purchasers costs), (rising to 6.3%). All mains services are understood to be connected to the property.

hallsgb.com 01743 450 700 FOR SALE COMMERCIAL INVESTMENT 5 Church Street, Ludlow, Shropshire, SY8 1AP

LEGAL COSTS Each party is responsible for their own legal costs in respect of the transaction.

VAT It is understood that the property is not elected for VAT

hallsgb.com 01743 450 700 This is a print of the view of the title plan obtained from HM Land Registry showing the state of the title plan on 06 January 2020 at 14:09:41. This title plan shows the general position, not the exact line, of the boundaries. It may be subject to distortions in scale. Measurements scaled from this plan may not match measurements between the same points on the ground.

This title is dealt with by HM Land Registry, Telford Office. FOR SALE COMMERCIAL INVESTMENT 5 Church Street, Ludlow, Shropshire, SY8 1AP

LOCAL AUTHORITY , Shirehall, Abbey Foregate, Shrewsbury, SY2 6ND

Telephone: 0345 678 9000

01743 450700 Viewing via the sole agents: James Evans - 07792 222 028 E: [email protected]

Sarah Davies E: [email protected]

Lucy Wilde E: [email protected]

IMPORTANT NOTICE Halls have advised their clients on the Code of Practice for Commercial Leases in and . Halls, enquiries in this regard. iii) Neither Halls nor any of their employees has any authority to make or give any representation or warranty for themselves and for the vendor of this property, or as the case may be, lessor whose agent they are, given notice that: i) These whatsoever in relation to the property. iv) The images show only certain parts and aspects of the property at the time they were taken/ particulars are intended for guidance only. They are prepared and issued in good faith and are intended to give a fair description but created. Any areas, measurements or distances given are approximate only. Any plans are for identification purposes only. v) Any do not constitute part of an offer or contract. Any information given should not be relied on as a statement or representation of fact or reference to alterations to, or use of, any part of the property is not a statement that any necessary planning, building regulations or that the property or its services are in good condition. ii) Halls have not made any investigations into the existence or otherwise of any other consent has been obtained. An intending purchaser must verify these matters. An occupier should not rely upon the Use stated issues concerning pollution and potential land, air and water contamination. The purchaser is responsible for making his or her own in these particulars and should check their proposed use with the relevant Planning Authority. hallsgb.com 01743 450 700