39/40 Castle Street

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Castle Street, Castle Chambers 38-38a, Shrewsbury, Shropshire
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39/40 Castle Street

SY1 2BW, shrewsbury


Location Shrewsbury is the county town of Shropshire and is an established tourist and administrative centre, located 45 miles north west of Birmingham, 41 miles south of Chester and 15 miles west of Telford. The town has has good road communications with the A49 linking the town with the Midlands and the North of England, and the A5 providing access to the M54 and M6 motorways. Shrewsbury has a population of approximately 100,000. The subject property is located on the south side of Castle Street, which is one of the main thorough fares and forms a continuation of Pride Hill that is the town’s recognised retail core. The property occupies a promient position directly opposite the Darwin Shopping Centre and in particular, the entrances to Marks and Spencers and H&M. Other local occupiers include WH Smith and Barclays Bank. Description The property comprises a tranditional 4 storey mid terraced retail property which enjoys direct frontage to Castle Street. The property has been configured to provide a single, self contained retail outlet on the ground floor which incorporates a single storey store to the rear and ancillary basement accommodation. The upper floors are self contained and benefit from an independent entrance fronting Castle Street. The first floors are predominantly used as a hair salon with associated storage and the demise also includes two self contained one-bedroom flats, one of which have been sub let. See attached sales particularsTenure Freehold. We are instructed to seek offers in the region of £660,000 (six hundred and sixty thousand pounds), which would reflect an initial yield of 6.8% after usual purchaser costs of 5.75%. The ground floor is let to Swinton Group Limited on a 10 year lease from 28 April 2010 at a passing rent of £40,000 per annum exclusive. The lease incorporates an upoward only rent review on the 5th anniversary. Swinton Group Limited have been in occupation for over 10 years and recently renewed their lease. The lease is effectively full repairing and insuring with the tenant contributing 50% of the service charge. The upper floors are let to Angela Carol France on a 10 year lease from the 28 April 2010 at a passing rent of £7,500 per annum exclusive. The lease is subject to an upward only rent review at the 5th anniversary. The lease is effectively full repairing and insuring with the tenant being responsible for 50% of the service charge. However, this responsibility excludes the roof for this tenant only. The tenants have been in occupation for over 10 years. The property therefore has a combined income of £47,500 per annum (exclusive). Tenant’s Covenants Swinton is Britain’s biggest high street insurance broker with over 600 high street branches. Swinton Group Limited were established in 1964. The latest Annual Accounts submitted by Companies House for the year up to 31/12/2013 reported ‘cash at bank’ of £1,349,000, ‘liabilities’ worth £244,484,000, ‘net worth’ of £143,225,000 and ‘assets’ worth £303,659,000. Further information is available on request. Angela France is a private tenant trading as a hairdresser who has been in occupation for over 10 years. 39/40 Shop Unit Business Rates (2015/16): £14,790 Rateable Value (2015/16):£30,000 Hairdressing Salon Business Rates (2015/16) : Small Business Rates Relief Rateable Value (2015/16): £5,600Council Tax Council Tax Residential Flats - Band A

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