4 & 5 Wyle Cop, Shrewsbury, SY1 1UT Freehold residential and retail / mixed use investment
Investment Summary
Freehold retail and residential / mixed use investment.
Current total income £8,400 per annum.
Potential income £37,000 per annum.
Prosperous and historic ‘county town’.
Potential Income Split approx. 68% retail / 32% residential.
Scope to increase value by bringing annex into use.
Multiple occupation giving range of lease lengths and security spread.
Priced at £560,000 Gross yield of 6.6%. Net yield (allowing for buyers costs of 6.5%) 6.2%. (All based on potential income).
Virtual Tour Available
4 & 5 Wyle Cop, Shrewsbury, SY1 1UT 2
Excellently well maintained and presented investment/owner/ occupier opportunity
Situation The property occupies a prominent position at Shrewsbury is the county town of Shropshire the top of Wyle Cop, an area of the town with a borough population of about 90,000 and a renowned for the providing an eclectic mix of substantial shopping catchment extending into independent retail shops which includes Cooking Mid Wales. Kneads (cookware), White Lotus Living
(Interiors) Appleyards (Delicatessan), Vinteriors (Home and Garden wares) and Turtle Doves Description (Independent fashion). The property is a an early 19th century traditional brick built four storey building, configured to provide retail at ground floor with separate The property is situated on the main residential accommodation on the upper floors, one-way vehicular thoroughfare through while there is an annex to the rear. The 4 Shrewsbury town centre leading from English bedroom apartment is very spacious and Bridge to High Street. includes a pleasant external courtyard.
Wyle Cop leads on to the popular shopping areas of High Street/The Square, while the prime pitch of Pride Hill is 250m away. There is a loading bay immediately outside the property, while short/long stay car parking and bus stops are in close proximity. Virtual Tour Available
4 & 5 Wyle Cop, Shrewsbury, SY1 1UT 3 Retailing in Shrewsbury Residential in Shrewsbury Wyle Cop is widely regarded as a shopping The residential market across the county of destination venue, an accolade afforded Shropshire is thriving. The topography and because of the choice and quality of independent geography of the River Severn forms a natural retail traders located to ‘The Cop’. The location loop around the town center of Shrewsbury is diverse with retailers, cafés, restaurants and constraining volume residential development. hotel sharing the pitch. Consequently, residential demand for both sales and letting remains strong and premiums on
rental and sales prices may be commanded within the river loop.
Shrewsbury enjoys low retail Tenure vacancy rates versus The property is available for sale on a freehold the national average basis, with vacant possession if required.
Energy Performance Certificate
Energy Performance Rating: A stand alone destination shopping venue, The Shop D (89) Cop connects to the prime shopping pitch of Apartment D (66) Pride Hill in Shrewsbury via High Street.
Pride Hill is the prime shopping pitch and consists of all the main national retailers and is supported by the Darwin shopping centre,
Shrewsbury town centre currently benefits from low retail vacancy ratio versus the national average. Virtual Tour Available
4 & 5 Wyle Cop, Shrewsbury, SY1 1UT 4 Accommodation The approximate floor areas (in accordance with RICS code of measuring practice) are set out as follows:
Address Floor Sq M Sq ft
4 & 5 Wyle Cop, Shrewsbury, SY1 1UT (retail) Ground Floor 152.62 1,643
4 & 5 Wyle Cop, Shrewsbury, SY1 1UT (annex) Ground Floor pt First Floor 40.52 436
4 & 5 Wyle Cop, Shrewsbury, SY1 1UT (residential) Pt First, Second & Third Floor 148.38 1,597.16
Tenancy Schedule
Demise Tenant Start Expiry Break/Review Current Rent pa Comment
4 & 5 Wyle Cop, Shrewsbury, SY1 1UT Vacant N/A N/A N/A N/A Income Potential (retail) £25,000
4 & 5 Wyle Cop, Shrewsbury, SY1 1UT Private Tenant N/A Periodic AST. £8,400 Income potential (apartment) £12,000
Rating Assessment We are advised by the Local Authority that the current assessment is: Rateable Value Rates Payable 2021/2022 4-5 Wyle Cop Retail and premises £21,000 £10,479 4-5 Wyle Cop Apartment Tax Band B £1,482.32 Prospective occupiers are recommended to make their own enquiries with the Local Authority for verification.
4 & 5 Wyle Cop, Shrewsbury, SY1 1UT 5 Rental Analysis The apartment is let on an assured shorthold tenancy agreement at £8,400 per annum / £700 per calendar month. The Market rent is now considered to be £1,000 per calendar month.
The shop and associated annex are currently vacant due to closure of the seller’s fashion business, the estimated rental value being £25,000 per annum. Town Planning The total estimated rental value is £37,000 per The property is Grade II Listed and is situated in annum split as shown in the adjoining chart. the Shrewsbury Town Centre conservation area. It has established uses within class E (retail) and C3 (residential). Enquiries concerning the Fixtures & Fittings existing and possible alternative uses should be Proposal Items usually classed as tenant’s fixtures and directed to fittings are excluded from the sale. Shropshire Council We are instructed to seek offers around The Shirehall Abbey Foregate £560,000 (five hundred and sixty Services Shrewsbury thousand pounds) which would present a gross SY2 6NG All mains services are understood to be available Tel: 0345 678 9000 yield of about 6.6% and net yield of 6.2% to the apartment. All mains services (except (taking into account buyer’s costs of 6.5%.) gas) are understood to be available to the ground (All based on potential income). floor retail area and annex. The property is to be sold on a freehold basis subject to the tenancies as listed or with vacant
possession.
Virtual Tour Available
4 & 5 Wyle Cop, Shrewsbury, SY1 1UT 6 VAT All prices and rents mentioned in these particulars and subsequent correspondence are exclusive of VAT, if applicable. It is intended that the sale will be treated as a transfer of a going concern (TOGC) and therefore VAT will not be payable. Interested parties should take advice from their accountant on all VAT matters.
Location
Chester Stafford A49 M6 A5 VACANT Shrewsbury Mid Wales M54 Telford
A49 Wolverhampton
Hereford M6
Birmingham M5
ANTI-MONEY LAUNDERING & IDENTIFICATION VERIFICATION To comply with governmental anti-money laundering regulations, identification checking, funding confirmation and funding source alongside routine references and credit checking will be required for all parties leasing or purchasing property.
Goad Plan extract. Copyright Experian & Crown Copyright licence number PU 1000017316 4 & 5 Wyle Cop, Shrewsbury, SY1 1UT 7 Listing Virtual Tour Available The listing for this property may be found on our website Virtual Tours are available for the property, please click link Virtual Tour www.cgpooks.co.uk Retail & Annex
Virtual Tour and Apartment
Contact For further details including an information pack and viewing arrangements please contact the sole selling agents Cooper Green Pooks.
Alessio Dyfnallt MRICS
Director
Lizzy McNally Surveyor
Cooper Green Pooks
3 Barker Street, Shrewsbury, SY1 1QF
01743 276666 www.cgpooks.co.uk
IMPORTANT NOTICE: Cooper Green Pooks for themselves and for the lessors or vendors of this property whose agents they are give notice that: 1 No appliances, services or service installations have been tested and no warranty as to suitability or serviceability is implied. Any prospective purchaser or lessee is advised to obtain verification from their surveyor or solicitor. 2. The particulars are set out as a general outline only for the guidance of the intended purchasers or lessees and do not constitute, nor constitute part of, an offer or contract. 3. All descriptions, reference to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct but any intending purchasers or lessees should not rely on them as statements or representation of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. 4. No person in the employment of Cooper Green Pooks has any authority to make or give any representation or warranty whatsoever in relation to this property. 5. All rentals and prices are quoted exclusive of Stamp Duty, legal and surveyors fees and any other associated purchasers or lessees costs. 6. Floor plans are indicative only and should not be relied on. 7. The plan showing the boundary of the property is indicative only and has not been checked against the legal title so should not be relied on. 8. All dimensions, floor areas and site areas are only approximate and should not be relied on. Dimensions are generally maximum room dimensions. 4 & 5 Wyle Cop, Shrewsbury, SY1 1UT 8