Acquired
Wellington – Micropub & Ground Rent
2 Market Square, Telford, Wellington, Shropshire TF1 1BPFreehold Grade II Listed Micropub & Residential Ground Rent Investment
Tenure
Freehold
Lease Term
6 Years 11 Months
Years Left on Lease
4y
Area
893 SQ FT
VAT Applicable
Yes
Sector
Investment Consideration
- Pedestrianised town centre location
- Comprises ground floor shop/café trading as a micropub and two residential flats above which have been sold off on a long lease
- Occupiers close by include Thomson, Greggs, Lloyds Pharmacy, Coral, Boots, Wilko and Wellington market, which is a major attraction
Key Features
Tenure
Freehold
VAT
VAT is Applicable
Property Description
Comprises ground floor shop/café trading as a micropub and two residential flats above which have been sold off on a long lease, providing the following accommodation and dimensions:
Ground Floor Shop: 83 sq m (893 sq ft)
Open plan sales, Kitchen, Storage, WCs
Basement: Ancillary
First/Second Floor: 2 Flats (sold-off)
Ground Floor Shop: 83 sq m (893 sq ft)
Open plan sales, Kitchen, Storage, WCs
Basement: Ancillary
First/Second Floor: 2 Flats (sold-off)
Tenancy Description
The retail unit is at present let to Bloody Good Brews Ltd for a term of 6 years and 11 months from 14th February 2022 at a current rent of £12,000 per annum and the lease contains full repairing and insuring covenants. Rent review in February 2025 and 2028 (open market). Break clause in August 2022 NOT exercised. Personal guarantee.
The first and second floor residential flats are sold off on long leasehold to Gunship Ltd for a term of 999 years from 29th May 2008 at a ground rent of peppercorn.
The first and second floor residential flats are sold off on long leasehold to Gunship Ltd for a term of 999 years from 29th May 2008 at a ground rent of peppercorn.
Tenancies & Accommodation
Location Description
Wellington is located north of the M54 Motorway and is one of the three satellite towns of Telford. The town is situated some 10 miles east of Shrewsbury and approximately 20 miles north-west of Wolverhampton. This Grade II listed property, which is in a conservation area, occupies a prominent position and benefits from frontages to the pedestrianised Market Square and Market Street in the heart of the town centre. Occupiers close by include Thomson, Greggs, Lloyds Pharmacy, Coral, Boots, Wilko and Wellington market, which is a major attraction.
