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Sold

Grove House, 8 St Julian's Friars, Shrewsbury, Shropshire SY1 1XL

2795 Sq ft.
  • FOR SALE BY AUCTION - 26TH FEBRUARY 2019 - contact selling agent for further details
  • The property benefits from four car parking spaces within its ownership
  • Potential for alternative uses

FOR SALE BY AUCTION
The property is accessed from St Julian's Friars and externally benefits from ownership of four car parking spaces in the car park, which are situated at the front.
The three storey property provides high quality office accommodation with a Total Net Internal Floor Area of approximately 2,795 sq ft (259.66 sq m). The accommodation is currently configured as four suites of office accommodation. One suite is owner occupied by the vendors and the other three suites are tenanted.
The offices are accessed via a central ground floor entrance hallway and have been the subject to a comprehensive scheme of refurbishment works during the vendor's ownership.
The property is only offered for sale due to the vendor's requirement to relocate.
The property provides an attractive building benefiting from a wealth of features and is of brick construction under a tiled roof cover. A viewing of the property is highly recommended.

INVESTMENT SUMMARY
1. The property provides Total Net Internal office accommodation of approximately 2,795 sq ft (259.66 sq m) and Total Gross Internal office accommodation of approximately 4,182 sq ft (388.51 sq m) arranged over three floors.

2. The property benefits from four car parking spaces within its ownership.

3. The property is in part income producing a current rent passing of £10,163 per annum.

4. There is the opportunity for part owner occupation or further income generation by the occupying or letting of the 1,240 sq ft (115.2 sq m) of accommodation, which will become available when the vendor vacates the property on completion.

5. The property offers further asset management potential, due to its inherent character and town centre location, with potential for a variety of alternative uses subject to the receipt of any statutory consents.

PROPOSAL
We are instructed to seek proposals for our client's freehold interest, subject to the existing occupational leases, of £360,000 (Three hundred and sixty thousand pounds) exclusive, which shows a net initial yield of circa 8% (based upon an Estimated Rental Value of £24,280 per annum calculated from current rent passing and the potential letting of the office space, which is to be vacated) and applying a capital value to the car parking spaces (after allowing for normal purchasers costs).

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