Investment Properties: 1-2 St Peter’s Street, Hereford HR1 2LE
1-2 St Peter’s Street, Hereford HR1 2LE
Offers are invited in excess of £330,000
- A commercial investment with planning permission forconversion of the upper parts to residential.
- The entire building is let on a 5 year FRI lease to TUI UK RetailLtd from 24th June 2018.
- Tenant only break option at year 3, upon giving 6 months’ notice(within the Landlord & Tenant act 1954).
- Current rental income - £30,000 pa.
- Planning permission granted on 14th August 2018 to convert theupper parts to 4 residential flats; comprising 1 x studio and 3 x 1bed. This planning permission is valid at the point of the currenttenant break. Planning ref - 182351 (Herefordshire Council).
- The upper parts are currently used for brochure storage,therefore there is an opportunity to renegotiate the surrenderof those parts to facilitate the development before the tenantbreak.
- Total gross internal area - 2,152 sq ft.
- Located 0.5 miles from Hereford Railway Station.
- Offers are invited in excess of £330,000 plus VAT, subject tocontract, which equates to a Net Initial Yield of 8.77% and alow Capital Value of £153 per sq ft.