The property is situated fronting onto Coton Hill, which is one of the main access roads into Shrewsbury Town Centre from the North of the town.
The property is situated on the edge of the Town Centre, in an area of mainly residential development.
Shrewsbury is the County Town of Shropshire and is an administrative and Tourist Centre. The town is to become a University Town in September with its first intake. The demand for residential accommodation is therefore anticipated to increase significantly.
The property provides a part three and part two storey terraced property, which is currently arranged to provide a ground floor lock up shop unit, which provides a sales area of approximately 681 sq ft (63.3 m sq) with ancillary accommodation including an office and toilet and is suitable for a number of alternative uses, subject to the receipt of the relevant statutory consents, including future residential conversion.
There is then arranged over the upper two floors areas residential accommodation, which is arranged to provided four room lets, all with shower or bathrooms, with a share use of the kitchen. The residential accommodation has been subject to a comprehensive scheme of refurbishment works.
The residential accommodation benefits from a separate access, by way of a right of way from a passageway held in separate ownership. It is understood that unfettered rights of access are enjoyed.
(All measurements are approximate only)
Sales Area (Net) 681 ft sq (63.3 m sq)
Office 86 ft sq (7.99 m sq)
Lobby 28 ft sq (2.64 m sq)
First and Second Floors
Room 1 2.939 m x 4.41 m
Bathroom (used by Room 3)
Room 2 3.828 m x 4.069m
Room 3 4.925 m x 2.387 m
Room 4 3.814 m x 3.559 m
Kitchen 2.481 m x 4.945 m
At the time of our inspection we were verbally advised that the property was of Freehold tenure.
The property is sold subject to the following occupational tenancies:
Let to Mrs J Williams for a term of 4 years at a rent of £6,000 per annum from January 2013, on a Tenants Internal Repairing terms.
The residential accommodation is let on Assured Shorthold Tenancy Agreements as follows:
Room 1 @ £350 PCM
Room 2 @ £350 PCM
Room 3 @ £350 PCM
Room 4 @ £350 PCM
(The landlord pays all the occupational costs of council tax, water, electricity and gas for the rooms)
The current room rates are £350 per calendar month and with the prospect of rental growth to rates of £400 per calendar month or above, therefore an increased prospect of investment returns.
Business Rates (2015/16): £2,304
Rateable Value: £4,800