Available
Telford – 3 Retail Units & Residential Flat
23 Market Street, Telford, Oakengates TF2 6ELFreehold Retail & Residential Investment
Price
£285,000
Rent P.A.
£30,996
Yield
10.88%
Tenure
Freehold
Years Left on Lease
3y 2m
Area
2,765 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Comprises two retail units at ground floor and one at basement, with 3-bedroom residential flat at first floor
- Basement unit can be let separately. Currently used by the same tenant of rear ground floor unit.
- Situated within short walk from Oakengates Train Station, next to Greggs, Nisa, Pharmacy and more.
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
Comprises two retail units at ground floor with additional unit at basement and 3-bedroom self-contained flat at first floor, providing the following accommodation and dimensions:
Ground Floor Front: 44 sq m (473 sq ft)
Retail shop t/a Barbers
Ground Floor Rear: 95 sq m (1,022 sq ft)
Retail shop t/a Beauty Salon
Basement: 51 sq m (549 sq ft)
Commercial unit t/a Beauty Salon
First Floor Flat: 67 sq m (721 sq ft)
3 Bedrooms, kitchen, living room, bathroom
Total GIA: 257 sq m (2,765 sq ft)
Ground Floor Front: 44 sq m (473 sq ft)
Retail shop t/a Barbers
Ground Floor Rear: 95 sq m (1,022 sq ft)
Retail shop t/a Beauty Salon
Basement: 51 sq m (549 sq ft)
Commercial unit t/a Beauty Salon
First Floor Flat: 67 sq m (721 sq ft)
3 Bedrooms, kitchen, living room, bathroom
Total GIA: 257 sq m (2,765 sq ft)
Tenancy Description
The ground floor front shop is at present let to an Individual t/a Barber Shop from 16th March 2023 until 28th February 2028 at a current rent of £9,000 p.a. and the lease contains full repairing and insuring covenants. Rent review on 15.03.2026 open market upward only. No breaks.
The ground floor rear shop is at present let to an Individual t/a Beauty Salon from 1st February 2020 until 1st January 2027 at a current rent of £9,030 p.a. and the lease contains full repairing and insuring covenants. Rent review on 01.02.25 open market upward only. No breaks.
The basement unit is at present let to an Individual t/a Beauty Salon from 1st February 2020 until 1st January 2027 at a current rent of £6,366 p.a. and the lease contains full repairing and insuring covenants. Rent review on 01.02.25 open market upward only. No breaks.
The first floor flat is at present let on AST (holding over) to an Individual at a current rent of £6,600 p.a.
The ground floor rear shop is at present let to an Individual t/a Beauty Salon from 1st February 2020 until 1st January 2027 at a current rent of £9,030 p.a. and the lease contains full repairing and insuring covenants. Rent review on 01.02.25 open market upward only. No breaks.
The basement unit is at present let to an Individual t/a Beauty Salon from 1st February 2020 until 1st January 2027 at a current rent of £6,366 p.a. and the lease contains full repairing and insuring covenants. Rent review on 01.02.25 open market upward only. No breaks.
The first floor flat is at present let on AST (holding over) to an Individual at a current rent of £6,600 p.a.
Tenancies & Accommodation
Location Description
The property is located in Oakengates in northern Telford and is situated on Market Street, the principal retail street in the area. The street is partially pedestrianised and is popular with local covenants including barbers, hot food takeaway and restaurants. There are also several national retailers, including Greggs and Subway who are in adjacent units, as well as Nisa Local and Betfred.
