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For Sale By Auction | 13:00, 03 December 2020

1-10 The Row, Market Street, Hoylake, Wirral, Merseyside, CH47 3BB

*Guide | £875,000 (plus fees)

  • Retail Property (high street)
  • Tenure: See Legal Pack

Call the team on 0800 050 1234 for more information

Auction Date

Thu 03/12/2020

Auction Time

13:00

Auction Venue

Online Auction Online Auction,

Freehold Retail and Residential Parade & Ground Rent Investment With Car Park – Currently Producing £82,280 pa

Prominently situated on the eastern side of Market Street, the prime retail pitch within Hoylake. Nearby occupiers include Sainsbury’s Local, Subway, Carphone Warehouse and Subway together with independent retailers. Location Hoylake is a popular coastal resort and commuter town on the north west corner of Wirral, approximately 12 miles west of Liverpool. The town has a population of 13,348 which is boosted by tourism and day trippers visiting the area and world famous Royal Liverpool Golf Course, situated in the town, with the beach just 0.5 miles away Hoylake is a popular commuter town with direct rail links into Liverpool Lime Street with a journey time of 29 minutes. Description Briefly comprising a former Co-op convenience store together with a parade of nine retail units and nine self-contained apartments above. All but one of the upper floor flats have been sold off on a long leasehold basis due to expire 2101, with a ground rent received and approximately 81 years unexpired. Three of the ground floor retail units (2, 3 and 4) have also been sold on a long leasehold basis with the similar ground rent provision and expiry period. Over 45% of the rent is secured by Co-op. (Food & Funeral Care) The Co-op foodstore is no longer trading from this location as they have re-located nearby, however they are fulfilling their full lease obligation until 2025. Included within the demise is a rear service area and car park providing approximately 30 spaces. The total site area is c0.75 acre (3,019 m2) The site represents potential to add value via the reconfiguration and/or re-development of some or all of the parking area, subject to the required consents being obtained.

Tenure

See Legal Pack

Tenancy Schedule - Please see additional document in Legal Pack

Unit 1 & Flat 1 - 561 sq ft - Let at £12,000 pa from 31/01/20 - 30/1/2041 Unit 2 - 561 sq ft - Let at £30.00 pa from 24/06/1976 - 23/06/2101 Unit 3 - 714 sq ft - Let at £30.00 pa from 24/06/1976 - 23/06/2101 Unit 4 - 746 sq ft - Let at £30.00 pa from 24/06/1976 - 23/06/2101 Unit 5 - 700 sq ft - Let at £9,000 pa from 01/08/2020 - 31/07/2025 Unit 6 - 686 sq ft - Let at £8,500 pa from 03/01/2020 - 02/01/2030 Unit 7 - 674 sq ft - Let at £7,000 pa from 29/07/2019 - 28/07/2022 Unit 8 - 686 sq ft - Let at £7,950 pa from 03/06/2017 - 02/06/2022 Unit 9 - 640 sq ft - Let at £8,000 pa from 01/01/2020 - 30/12/2025 Unit 10 - 5,603 sq ft - Let at £29,500 pa from 03/01/2020 - 02/01/2025 Further information regarding Break Options and Fixed Rental Increases can be found in the Tenancy Schedule document within the Legal Pack

Flats 12-19 Inclusive

All 8 flats are let at £30.00 pa from 24/06/1976 - 23/06/2101 and are on fixed rental increases each 25 years, by £15.00. 81 years remaining of LLH interest. Note: Flat 11 is leased with Unit 1, and is a self-contained 3 bed flat leased to the tenant of Unit 1.

Energy Efficiency Rating (EPC)

Current Rating C,C,C,D,D,D,C,C

Local Authority

Wirral Metropolitan Borough Council

Additional Fees

Administration Charge - 1.5% inc VAT of the purchase price, subject to a minimum of £1500 inc VAT, payable on exchange of contracts.

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.