9-11 Regent Street

Wrexham LL11 1SG

Overview

  • Prominent and large town centre site of approximately .32 acres.
  • 39,572 sq ft.
  • AWULT of c.1.8 years.
  • Prime trading position.
  • Total rent of £122,500 per annum.
  • Freehold.
  • Rebased and solid retail income base with potential to add value through utilising the upper floor space (19,036 sq ft).
  • Located within close proximity to Wrexham Central station.
  • We are instructed to seek offers in excess of £950,000 (Nine Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT, which reflects a net initial yield of 12.20% after purchaser's costs of 5.80%, reflecting a low capital value of £24.01 psf.

Location

Located approximately 5 miles west of the English border, Wrexham is the largest town and administrative centre of North Wales. The town benefits from significant retail and commercial offerings and is home to Wrexham's Glyndwr University which is situated on the edge of the town centre, accommodating approximately 5,000 students.

Wrexham benefits from very good transport links and excellent road communications with both the A483 and A534 in close proximity, linking the town to Chester in the north and Nantwich and Crewe to the east. The M6 and M56 are within a short drive and offer direct access to Liverpool and Manchester and the national motorway network.

Wrexham has two railway stations which offer direct services to a number of towns and cities across Wales and the North West, including routes to Chester (18 minutes) and Shrewsbury (36 minutes). There are regular services to London Euston via Chester with a journey time of just over two and half hours. Liverpool's John Lennon Airport and Manchester International Airport are respectively located 38 miles (61 km) and 45 miles (72 km) to the north east.

Wrexham has a strong student population approximately 5 times larger than a comparable PROMIS town. Wrexham also has an above average percentage of home owners and a high proportion of 2 car households.

In 2016, Wrexham Council confirmed that works would begin on the town's arts and cultural hub to provide a venue for Wrexham's growing arts presence. This will promote town centre living, increase footfall and stimulate Wrexham's evening economy, all helping to attract visitors to the town.

The property is within close proximity to a number of key footfall drivers in the town, including Primark, Superdrug and McDonald's.

Wrexham has a primary catchment area of 253,000 with an estimated shopping population of 142,000, which is forecast to see a 0.5% growth over the period 2017-2021. The town has a comparison retail expenditure potential of £600 million and this figure has been forecast to grow by 1.3% per annum in real terms between 2017 and 2021. Wrexham's primary catchment population is adults aged over 45 with a high proportion of the population aged 65 and above. Whilst Wrexham has an above average retiree population, it also has a strong student population approximately 5 times larger than a comparable PROMIS town. Wrexham also has an above average percentage of home owners and a high proportion of 2 car households.

Situation

The property is situated on Regent Street, at the junction with Hope Street and Hill Street, which provides access to the rear of the property. Nearby occupiers include Primark, Superdrug, HSBC, McDonald's, Game and BrightHouse, amongst others. Wrexham Central Station is situated approximately 200m south west of the subject property.

Wrexham is the commercial and administrative centre for NE Wales. It has a large retail catchment area extending to Cheshire, Shropshire and both Mid and North Wales, capturing c. 251,000 people, with a shopping population of 142,000. The Eagles Meadow Shopping Centre is the top retail destination in North Wales and has a footfall of c. 3.5m shoppers per year.

A masterplan to improve Wrexham town centre has been adopted by the local authority. The masterplan lays out priorities for regeneration within the town, which will attract more visitors and encourage town centre living. It will focus on areas like Queens Square just 100 metres from the subject properties which hosts the outdoor market and the Waterworld leisure centre. There are also plans to develop a cultural arts hub as well as bringing empty shopping areas back into public use. £420,000 will be spent on Queen St and Hope St which will have new paving, street lighting, furniture, landscaping, seating and planters. The brownfield Bridge Street site will also be redeveloped over the next 3 years.

1.21 million sq ft in-town retail floor space in Wrexham.

Bounded by Market Street, Holt Street and Chester Street, the arts hub conversion of the Peoples Market is well underway. The OW Peoples Market will have 2 gallery spaces, 20 market spaces and 3 food outlets with open seating into the market space. The total estimated cost of the redevelopment is £4,563,500 with £2.3 million from the Arts Council Wales, £700,000 from the Welsh Government's Vibrant and Viable Places scheme and £1,563,500 from Wrexham Council. The Council say the development will be distinctive for its pioneering combination of a broad arts programme and market offer under one roof.

Description

The premises occupy a prime trading location on the busy pedestrianised Regent Street in an area which benefits from strong footfall. Nearby retailers include Primark, Bodycare, McDonald's and H Samuel, in addition to Island Green Retail Park. The property is a highly prominent landmark building of character, arranged over three storeys.

The accommodation is split into 4 ground floor retail units with basement, first and second floors as follows:


Tenure

Freehold.

Tenancy

The property is let on FRI terms in accordance with the schedule below. The current rent is £122,500 per annum, with a true net rent of £102,927 per annum, following the reduction of landlord shortfalls of £19,573 per annum. Further details can be provided upon request. Rico pay £12,000 pa, however, the landlord will top up the rental shortfall to our headline ERV level of £35,000 for a period of 12 months.



SERVICE CHARGE

The total budget for the service charge period 25/03/2018 to 24/03/2019 is £32,701, which reflects £0.83 psf.

EPCs

Energy Performance Certificates are available on request.

VAT

The property is elected for VAT and it is the intention to treat the transaction as a transfer of a Going Concern (TOGC).

Proposal

We are instructed to seek offers in excess of £950,000 (Nine Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT, which reflects a net initial yield of 12.20% after purchaser's costs of 5.80%, reflecting a low capital value of £24.01 psf.

Download Brochure




Google Maps

NET INITIAL YIELD:
12.2%
PRICE:
£950,000
REGISTER INTEREST
OR CONTACT US

Please select a contact *

 
 

(* Required Field)