Park Lane, Kidderminster
* Each Property with a Private Parking Space
* New 129 Year Leases to be Granted upon Completion
* Service Charge and Ground Rent TBC
* Up and Coming Part of Town
- Card Shop Currently Let at £5,000 pa
- Flat 1 Currently Let at £4,080 pa (£340 pcm)
- Flat 2 Currently Let at £4,080 pa (£340 pcm)
- Flat 3 Currently Let at £4,080 pa (£340 pcm)
- Flat 4 Currently Let at £4,080 pa (£340 pcm)
The property for sale forms part of a mixed use residential/commercial block know as Forest Complex at 200 Park Lane, conveniently situated close to Crossley Retail Park and the smart Weavers Wharf canal side shopping area.
The area is seeing considerable regeneration with new restaurants due to open in 2017 at Riverside Walk adjacent to Weavers Wharf and it is also understood that there are plans for residential development of the Matalan site located close to the property for sale.
It is considered likely that the current yield of 5.69% could easily be improved, based on current market rents.
The properties for sale occupy two adjoining buildings which are presently interconnected though would be simple to separate if necessary. The two buildings are available to purchase together, or separately.
The left hand building is noteworthy as the birthplace of the carpet industry in Kidderminster, with a blue plaque adding some historical interest. This building comprises Flats 3 & 4: Flat 3 being an appealing and well maintained duplex apartment with exposed timbers, sash windows and a spacious interior, whilst Flat 4 is presently let as storage/ office space to the owner of the card shop business next door, needing a little cosmetic attention to re-adapt as a residential flat though it has been granted both residential and commercial permission.
The card shop is well established with a longstanding tenant, whilst Flats 1 & 2 occupy the second and first floors respectively. The card shop premises to the ground floor includes an open plan sales showroom area arranged as two separate bays with sales counter plus kitchenette to the rear and access to toilets off the communal entrance lobby.
Flat 1 occupies the second floor, with staircase from own entrance lobby leading up to landing with doors off to: lounge, breakfast kitchen with maple-effect units, stainless steel electric oven and gas hob plus wood laminate floor. There are two bedrooms and a bathroom, the whole flat being well presented throughout.
Flat 2 is on the first floor, providing: lounge, kitchen, bedroom and bathroom which also gives access to a further room which could be used as a study or occasional bedroom.
Both of the flats are let to long standing tenants and the rent has not been reviewed for a number of years. The shop premises have also been let the same tenant for some years and it is understood that the business tenant is keen to agree a new 10 year lease if possible.
All mains services are connected with a gas-fired central heating to all units.
The property offers potential purchasers a good degree of flexibility as it would of course be possible to sell the shop and/or either of the flats individually at any time in the future.
EPC Ratings: Flat 1: D. Flat 2: E. Flat 3: E. Flat 4: D.
Floorplans coming soon.
Please note that property locations are approximate. If you would like to find the exact location of a property please contact the relevant office.
[Information correct as of Apr 27, 2017]