13a

The Property

This terraced freehold property is situated on the High Street in the market town of Wem. Currently the ground floor is used as an estate agent’s office, with three apartments which are occupied by tenants at present.

The property is entered though the main shop entrance door which has a front aspect shopfront with display windows.

The North Shropshire town of Wem benefits from a mix of traditional and modern style residential properties, a railway station (Shrewsbury-Crewe line), village hall, primary schools, churches, doctor’s surgery, and a supermarket.  

The Business

The ground floor area is at present rented on a commercial 10-year lease from 01/07/2015 to an estate agency on an internal repairing lease, generating an annual income of around £6000 in rent at the present time, rising to £7000 per annum.

A long internal repairing lease was issued in 1999 for the term of 99 years to a Housing Association for the three flats  at a peppercorn rent. Therefore, while at present there is no income for the freeholder from the flats, the lease also permits a new ground rent to be negotiated in 2024 with the Housing Association. If a new ground rent cannot be agreed, the freeholder of the property will be entitled to receive 28% of the rents which the Housing Association receives from its tenants.

Property insurance is paid as to 75% by the Housing Association and 25% by the ground floor tenant.

The Local Area

The property is located on the High Street in the little market town of Wem. There are excellent doctors, dentists, schools and independent shops within the town, as well as a supermarket and a good selection of pubs and eateries.

The larger towns of Shrewsbury and Whitchurch are only a few miles drive away, and there are rail links directly from Wem Station to Crewe to the north, and Shrewsbury, Birmingham and London to the south.

Business Rates

Please contact Shropshire Council for further information.

Local Authority

Shropshire Council

Services

Mains water, drainage, and electricity

Viewing

Strictly by appointment with Harfitts

Tenure

We understand the property is Freehold, although purchasers are advised to confirm details with their solicitors.

All measurements are approximate and are for identification purposes only.

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