The Springs, Wakefield, WF1

Full Details

FOR SALE

COMMERCIAL INVESTMENT

18-18A THE SPRINGS, WAKEFIELD, WF1 1QE

COMMERCIAL INVESTMENT OPPORTUNITY COMPRISING TENANTED GROUND FLOOR RETAIL AND VACANT FIRST AND SECOND FLOOR ACCOMMODATION IN WAKEFIELD TOWN CENTRE AMOUNTING TO 136.7M²/ 1,471FT².

PURCHASE PRICE £175,000

DESCRIPTION

A commercial investment opportunity comprising a prominent retail and office building, with the ground floor retail premises presently let and income producing, with the upper floors vacant. The property offers a net floor area 136.7m2 (1,471ft2) across 3 floors. The ground floor let element presently produces a gross annual rent of £10,500 on a lease for a term of 5 years from 6th May 2021.

LOCATION

The property is situated along The Springs in the city centre of Wakefield parallel to Kirkgate which is the town's principal retail thoroughfare, and being amongst such multiples as M&S, Boots, Yorkshire Bank, and Lloyds Bank. The property is also set a short walk between both Trinity Walk and The Ridings shopping centres, both within a 150-meter radius. Wakefield offers excellent access to Leeds within a 10-mile radius. Wakefield offers two railway stations, Westgate and Kirkgate, both highly accessible being located close by within 0.5 miles and with Wakefield forming a part of the Trans Pennine railway line providing access to other major regional centres including Huddersfield, Sheffield, York, and Manchester.

BUSINESS RATES

The property is split and each element has the following rateable values;

18 The Springs £7,700

18A The Springs £4,150

The small business multiplier is 49.9p in the pound (0.499). Individual occupiers may also benefit from small business rate relief and transitional relief. More information in respect of rates can be obtained from the appropriate Local Authority and the Valuation Office Agency website, www.voa.gov.uk.

VAT

We are not aware of the VAT status of the property. However the owner reserves the right to charge VAT if they choose to do so. All figures quoted are net of VAT.

PLANNING

The existing planning use is likely to fall within Class E of the Town and Country Use Classes Order 1987 as amended. Interested parties should satisfy themselves by way of enquiry to the Wakefield Metropolitan District Council that their proposed use is acceptable.

LEGAL COSTS

Each party will be responsible for their own legal costs.

ENERGY EFFICIENCY RATING

The ground floor element has an Energy Efficiency Rating of C68 and the upper floor accommodation has a Rating of E125. Full reports are available on request.

PURCHASE PRICE

The freehold of the property is available at purchase price of £175,000. Subject to existing lettings.

ENQUIRIES AND VIEWINGS

By prior telephone appointment through the agents.