15-21 Wheelock Street, Middlwich 2 Properties Offered at £425,000 in Middlewich

Investment Consideration:
Gross Initial Yield: 10.01%
Rental Income: £42,557.92 p.a.
VAT is applicable to this property
Comprises retail parade of 4 ground floor shops t/a Bridal Shop, Convenience Store, Nail Salon and Vape Shop
Situated in the heart of the town centre on the south side of Wheelock Street, close to its junction with St Michael`s Way, with occupiers close by include Tesco Express, Nationwide, Lidl, Home Bargains and more.
Property Description:
Comprises retail parade of 4 ground floor shops t/a Bridal Shop, Convenience Store, Nail Salon and Vape Shop, providing the following accommodation and dimensions:
Shop No.15: 73.4 sq m (790 sq ft)
Open plan retail, storage, wc
Shop No.17: 36.9 sq m (397 sq ft)
Open plan retail, storage, wc
Shop No.19: 49.3 sq m (531 sq ft)
Open plan retail, storage, wc
Shop No.21: 33.4 sq m (360 sq ft)
Open plan retail, storage, wc
Total GIA: 193 sq m (2,078 sq ft)
Tenure:
Long Leasehold. Held on a 999 Year lease from 8th June 2005 at a ground rent of peppercorn.
Tenancy:
Shop No.15 is at present let to an Individual t/a Bridal Shop for a term of 5 Years from 3rd January 2023 at a current rent of £13,584.17 per annum and the lease contains full repairing and insuring covenants (by way of service charge). Tenant break option in January 2026 NOT exercised. Deposit held of £1,800.
Shop No.17 is at present let to an Individual t/a Convenience Store for a term of 7 Years from 20th December 2023 at a current rent of £10,473.75* per annum and the lease contains full repairing and insuring covenants (by way of service charge). Rent review on 20.12.2027 linked to RPI (5% collar and 8% cap). Break clause in 2025 NOT exercised. Deposit held of £2,850.
*Tenant currently pays rent of £9,500 p.a. this will rise to £10,473.75 p.a. on 20.12.25.. The vendor will top-up rent so the buyer receives the equivalent to £10,473.75 p.a. from sale completion.
Shop No.19 is at present let to an Individual t/a Nail Salon for a term of 5 Years from 6th April 2025 at a current rent of £9,500 per annum and the lease contains full repairing and insuring covenants (by way of service charge). No breaks. Deposit held of £1,250. Tenant in occupation since 2022.
Shop No.21 is at present let to Vapeorist (Middlewich) Ltd t/a Vape Shop for a term of 6 Years from 1st February 2020 at a current rent of £9,000 per annum and the lease contains full repairing and insuring covenants (by way of service charge). Deposit held of £750. Tenant in occupation since 2018.
Location:
Middlewich is a prosperous market town 20 miles east of of Chester and 7 miles south of Northwich. In close proximity to the A54 which links to junction 18 of the M6 Motorway. The property is situated on the south side of Wheelock Street, close to its junction with St Michael`s Way. Occupiers close by include Tesco Express, Nationwide Building Society, NFU Mutual, Morrisons, Lidl, Home Bargains, Cancer Research UK amongst many other local traders.