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 £349,000
- A commercial investment with planning permission for conversion of the upper parts to residential.
- Located in the heart of the pedestrianised high street.
- Situated 0.5 miles from Hereford Railway Station.
- Total gross internal area - 2,152 sq ft.
- The entire building is let on a 5 year FRI lease to TUI UK Retail Ltd 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 the upper parts to 4 residential flats; comprising 1 x studio and 3 x 1 bed. This planning permission is valid at the point of the current tenant break. Planning ref - 182351 (Herefordshire Council).
- The upper parts are currently used for brochure storage, therefore there is an opportunity to negotiate the surrender of those parts to facilitate the development.
- Guide price - £349,000 (Three Hundred and Forty NineThousand Pounds) plus VAT, subject to contract.
- This reflects a Net Initial Yield of 8.28%, assuming purchasers’costs of 3.79%, and a low Capital Value of £162 per sq ft.