Head Rent approximately 45% of all Rents Receivable with 7 Yearly Rent Reviews (Next in June 2019)
Strategic and Major Part of the Town Centre
Approximate Site Area of 0.68 Hectares (1.68 Acres)
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 52
Auction 19th May 2016
Rent
Status Withdrawn Post
Price
Sector Ground Rent
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
21 miles west of Bristol, 24 miles east of Cardiff, 6 miles south of Chepstow
Roads
M4, M48
Rail
Caldicot Railway Station
Air
Bristol Airport
Situation
Caldicot is a historic town located between Bristol and Cardiff and strategically located between the M4 and M48 motorways. The property is situated on the north side of pedestrianised Newport Road, the principal retailing street in the heart of the town centre. Major occupiers close by include Waitrose Supermarket, Barclays bank and HSBC bank.
Tenure
Freehold. (Land Registry Title No.WA701850).
Location
Miles
21 miles west of Bristol, 24 miles east of Cardiff, 6 miles south of Chepstow
Roads
M4, M48
Rail
Caldicot Railway Station
Air
Bristol Airport
Situation
Caldicot is a historic town located between Bristol and Cardiff and strategically located between the M4 and M48 motorways. The property is situated on the north side of pedestrianised Newport Road, the principal retailing street in the heart of the town centre. Major occupiers close by include Waitrose Supermarket, Barclays bank and HSBC bank.
Tenure
Freehold. (Land Registry Title No.WA701850).
Description
The property comprises a parade of 18 retail units, with ground floor retail accommodation and a majority with first floor ancillary accommodation. There are also 8 self-contained residential flats on the first floor above 8 of the retail units. The property benefits from a substantial rear service yard and car park which is accessed via Jubilee Way. The property also benefits from having one of the town centre’s main car parks at the rear of the property.
The property falls within the area of Caldicot town centre regeneration. Initial thoughts include ‘improving, extending and remodelling retail frontages to accommodate larger retail units and a more interesting streetscape’. In addition, creating an apartment block on part of the rear public car park and part of the service road to create a strong frontage to Jubilee Way and improving the outward appearance of the town centre.
For more information see http://www.caldicottownteam.co.uk/wp-content/uploads/2016/03/Caldicot-VRDP-1.pdf
Six Week Completion
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a parade of 18 retail units, with ground floor retail accommodation and a majority with first floor ancillary accommodation. There are also 8 self-contained residential flats on the first floor above 8 of the retail units. The property benefits from a substantial rear service yard and car park which is accessed via Jubilee Way. The property also benefits from having one of the town centre’s main car parks at the rear of the property.
The property falls within the area of Caldicot town centre regeneration. Initial thoughts include ‘improving, extending and remodelling retail frontages to accommodate larger retail units and a more interesting streetscape’. In addition, creating an apartment block on part of the rear public car park and part of the service road to create a strong frontage to Jubilee Way and improving the outward appearance of the town centre.
For more information see http://www.caldicottownteam.co.uk/wp-content/uploads/2016/03/Caldicot-VRDP-1.pdf
Six Week Completion
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review (Reversion)
Ground First (Part) First (Part)
Retail Ancillary Residential
2,083.43 sq m 394.88 sq m 8 self-contained Residential flats
(22,426 sq ft) (4,251 sq ft)
MW PROPERTIES (3) LIMITED
125 years (less 3 days) from 24/06/1964 until 2089
£162,037
24/06/2019 and 7 yearly thereafter (1)
Total Commercial Area
2,482.23 sq m
(26,719 sq ft)
£162,037
(1) The rent is reviewed every 7 years to a formula detailed in the lease assignment, equating to approximately 45% of “all Rents Receivable”. The current rent is based on an Annual Income Value of £359,270. Please see legal pack for further information.