3-4 Commercial street, Hereford, Hereford, Herefordshire, HR1 2PS

£100,000

Guide price

A prime retail location in the City of Hereford

Fronting High Town and close to the main retailers including Boots and M & S

Lease Terms by Negotiation

LOCATION

The historic cathedral city of Hereford is the main City within the county of Herefordshire and is situated in the rich agricultural area close to the Welsh border. The city is an important administrative centre and embraces industry, agriculture and tourism. There is a resident population of 57,000 people with around 76,000 living within a six mile radius and 125,000 people within a 12 mile radius. The Old Market shopping centre has increased footfall during the summer months when over 5000 seasonal workers from abroad come to pick soft fruits and vegetables grown throughout the county. The City is about 140 miles north-west of London and 50 miles south west of Birmingham. Communications to the motorway network are accessible from Ross-on-Wye at Junction 4 of the M50, some 15 miles south of Hereford. The A49 links with Shrewsbury in the north and the M5 for north and south connections at Worcester some 25 miles west of Hereford.

DESCRIPTION

3 – 4 Commercial Street is a substantial building, adjacent to High Town, south facing, the building is not listed but within a Conservation Area and the accommodation is arranged over basement, ground and three upper floors within an attractive building having brick and render elevations under pitched and flat roofs. The ground floor provides a large open trading area which tapers to the rear and access to the basement via internal staircases. A small partitioned rear section is used for loading via Maylord Shopping Centre Service Yard B. The basement has a good ceiling height, and idea storage with rear access to service yard B of the Maylord Centre. Waste Management is from this Courtyard called Service yard B, where bins are collected. The first, second and third floors are being redeveloped and pre-let to a short term letting company.

DIMENSIONS

Ground Floor Trading Area 313.45 sq.m (3,374 sq.ft)

Gross frontage 45'02” (13.77m)

Net Window Frontage 36'02” (11.02m)

Shop Depth 125' (38.1m)

ITZA 1322

Basement 168 sq.m (1,808 sq.ft)

DEMOGRAPHICS

Prime pitch supported supported by the Maylord Orchard Shopping Centre with underground car-parking for 220 cars. Retailers close by include, WHSmiths Game, Mountain Warehouse, Accessorize, Monsoon, O2, Hotel Chocolat, Holland & Barrett, Costa Coffee, #Coffee1, Santander, Clinton Cards, Marks & Spencers. Burger King has now opened close by, Sports Direct are moving into The High Street from The Maylord Centre.

Hereford has been granted an Engineering University as of 2018, and New Model in Technology & Engineering (NMITE) has first year of students in 2018/19. See NMITE.ORG.UK

The Old Market shopping centre opened Spring 2014, is divorced from the main retail area of High Town. A 3000 sq.m shopping development consisting of eight restaurants, a six screen multiplex cinema, half a dozen large fashion retailers including TK Maxx, Debenhams, H & M, River Island, Dorothy Perkins, Fat face, Jack Wills, Joules, Outfit, L'Occitane, and the supermarket Waitrose with parking for 600 cars. The BID retailer figures are up as more people come back to Hereford to shop, people from the county wide population.

RATEABLE VALUE

On 1st April 2017 the Rateable Value was reduced to £105,000 with a Business Rates payable of £50,400 per annum subject to Herefordshire Council Business Rates Team 01432 260000.

NB: The Landlord had received planning consent to convert the upper three floors into residential accommodation, see planning application number: P182521/F which will reduce the rateable value further.

NEW LEASE

£100,000 per annum exclusive.

LEASE TERMS

Webb Investments are seeking a minimum term of ten years without break clauses, on full repairing and insuring terms.

VAT

VAT maybe chargeable on the rent.

RENT COMMENT

Market rents in the prime area of High Town, including Holland & Barrett (£74 sq.ft), Costa Coffee (£74.50 sq.ft), and Hotel Chocolat (£76.25).

EPC – BAND - D

LEGAL COSTS

Each party to be responsible for their own costs.

VIEWINGS

Viewings are strictly by appointment through local agents Arkwright Owens, acting as Sole agents with sole selling and letting rights on behalf of the owners. Telephone (01432) 267213 or Julian Owens 07855 744821, Email: arkwrightowens@btinternet.com

AGENTS NOTE These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair and overall description of the property and do not constitute the whole or any part of an offer or contract. Any information contained herein (whether in text, plans or photographs), is given in good faith but should not be relied upon as being a statement or representation of fact. Nothing in these particulars shall be deemed to be a statement or representation of fact. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor than any services or facilities are in good working order. Any moveable contents, fixtures and fittings (whether wired or not) referred to in these property particulars (including any shown in the photographs) are, unless the particulars say otherwise, excluded from the sale. In the event that the buyer proposes to purchase any moveable contents or include them in any offer for the property, the buyer cannot in any respect imply such inclusions from the property particulars. Any areas, measurements or distances referred to herein are approximate only and may be subject to amendment. It should not be assumed that the property has all necessary planning, building regulations or other consents and these matters must be verified by an intending purchaser. The information given in these particulars is given without responsibility on the part of the agents or their clients and neither the agents nor their employees have any authority to make or give any representations or warranties whatever in relation to this property. Arkwright Owens has not tested apparatus, equipment, fittings, or services and so cannot verify that they are in working order. The buyer is advised to obtain verification from their solicitor or surveyor. The photograph may have been taken with the use of a wide-angle or zoom lens. All room sizes are approximate and if measured into a recess then this is indicated. The property is sold in the aforegoing particulars. Any item not mentioned herein is specifically excluded.JTJO/AO/05/09/2019

Marketed by Arrange viewing 01432 507080

Arkwright Owens - Hereford

2 St Nicholas Street, Hereford, Herefordshire

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