55 Commercial Street, Hereford, Hereford, Herefordshire, HR1 2ZY
£35,000

Guide price

A prominent ground floor retail shop premises with a basement located close to High Town

Ground Floor : 1754 sq ft plus Basement of 580 sq ft

Rent £35,000 per annum

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.

SITUATION

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

55 Commercial Street is a mixed use redevelopment scheme within a substantial 1970's building facing fronting a pedestrianized street. The building is not listed but within a Conservation Area and the accommodation is arranged over basement, ground and two upper floors with a first floor roof garden for the recently redesigned & developed 4 no. one bedroom flats, ideal for corporate letting.

The ground floor retail unit is finished to a shell white box finish with all mains services connected and the retail frontage is unique in that it celebrates the Queen's Silver Jubilee in 1977 with detailed carved vertical panels and a painted shop front with glazed windows. The successful retailer for the retail unit will need to complete a detailed Planning Application for the shop front in accordance with the Local Planning Authority.

The ground floor retail unit provides a large open trading area which tapers to the rear with access to the basement via internal staircases. The basement has a good ceiling height, for internal storage.

The first and second and floors have been redeveloped into 4 self-contained flats, one with direct access onto a roof garden. The remaining three flats have designated roof gardens at the rear. The four apartments have access from Commercial Street via the shop front into a common passageway with internal cycle store and waste management area.

DIMENSIONS OF THE RETAIL

Ground Floor Trading Area 163 sq.m (1,754 sq.ft)

Basement 54 sq.m (578 sq.ft)

Gross frontage 8.87m (29ft)

Net Window Frontage 7.93m (26ft)

Internal Width 7.28m (24ft)

RETAIL DEMOGRAPHICS

Commercial Street is considered the secondary retail pitch which is supported by the Maylord Orchard Shopping Centre with underground car-parking for 220 cars. Burger King UK LTD has opened at 12-13 Commercial Street, opposite now Sports Direct, Flannels, Mc Donalds, Nationwide, Toni & Guy Hair Salon.

Hereford has been granted an Engineering University as of 2018, and New Model in Technology & Engineering (NMITE) has first year of students in 2021. See NMITE.ORG.UK

The Old Market shopping centre opened Spring 2014, is divorced from the main retail area of High Town. A 3,000 sq.m shopping development consisting of eight restaurants, a six screen multiplex cinema, half a dozen large fashion retailers including TK Maxx, 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. High Town has become more popular than Old Market in recent years.

RATEABLE VALUE

On 1st April 2017 the pre-redevelopment rateable value was £58,000. A new Rateable Value will be applied soon for for the ground floor & basement subject to a rating revaluation.

SERVICES

The property has main water and drainage and mains electricity. The ingoing tenant for the retail unit will have access to an area on the first floor roof for air conditioning units for heating or cooling.

EXTERNAL SEATING AREA

Subject to Planning the pavement can be used for external seating within the pedestrianized street of Commercial Street.

NEW RETAIL LEASE RENT

£35,000 per annum exclusive.

LEASE TERMS

Lease terms by negotiation a minimum term of ten years on full repairing and insuring terms.

VAT

VAT maybe chargeable on the rent, subject to verification.

RETAIL - EPC – BAND - D – Certificate Reference – 0280-5985-0384-9720-5064

ANTI MONEY LAUNDERING (AML)

The successful retail applicant or purchaser of the four residential apartments will be required to provide information to satisfy the AML Regulations when Heads of Terms are agreed.

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/24/04/2022

Marketed by 01432 507080

Arkwright Owens - Hereford

2 St Nicholas Street, Hereford, Herefordshire

See all properties from this agent

Send me homes like this by email

This field is required
Please enter a valid email address