50-56 High St 4,630 sq ft 100% Let Retail Property Newport TF10 7AQ £650,000 (£140.39/sq ft) 7.85% Net Initial Yield

Investment Consideration:
Tenant in occupation since 1935
VAT is applicable to this property
No.54 High Street Grade II Listed
Comprises part two, part three storey retail premises trading as Boots Pharmacy
Future residential development potential subject to vacant possession and planning
Nearby occupiers include B&M (adjacent), Waitrose, Nationwide (opposite), Costa Coffee, Subway and a number of local traders.
Property Description:
The property comprises part two, part three storey retail premises with rear single storey extension, providing the following accommodation and dimensions:
Ground Floor: 384.53 sq m (4,139 sq ft)
Basement: 45.62 sq m (491 sq ft)
First Floor: Not inspected
Second Floor: Not inspected
Future residential development potential subject to vacant possession and obtaining the necessary consents.
Tenancy:
The property is at present let to Boots UK Limited for a term of 5 years from 10th June 2022 at a current rent of £51,000 per annum and the lease contains full repairing and insuring covenants. No breaks. Tenant in occupation since 1935.
Location:
Newport is an attractive Shropshire market town located some 10 miles north east of Telford and 18 miles east of Shrewsbury. The Town is midway between the M6 (junctions 13 and 14) and the M54 (junctions 5 and 6) on the intersection of the A 518 and A41. Harper Adams University campus is approximately 2 miles to the north-west of the town. The property is situated on the eastern side of the High Street. Occupiers close by include B&M (adjacent), Waitrose, Nationwide (opposite), Costa Coffee, Subway and a number of local traders.