10 Broad Street & 2-5 Crown Passage Worcester Worcestershire WR1 3LL

10 Broad Street & 2-5 Crown Passage
Worcester
Worcestershire
WR1 3LL

Freehold Public House and Retail Investment in Prime City Centre Location

Tenants include JD Wetherspoon plc and Laura Ashley Limited
Includes vacant possession of two retail units
Prominent position on pedestrianised retail pitch
Situated opposite the Crowngate Shopping Centre
Nearby occupiers include HSBC, Specsavers, Game Station and Evans
Six Week Completion Period Available

Lot
4
Auction
7th July 2011
Rent
£236,000 per Annum Exclusive
Status
Sold Post
Price
Sector
High Street Retail
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP
On instructions from Sarah Rayment and Shay Bannon of BDO LLP as Joint LPA Receivers

Important Update

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Freehold Public House and Retail Investment in Prime City Centre Location

Tenants include JD Wetherspoon plc and Laura Ashley Limited
Includes vacant possession of two retail units
Prominent position on pedestrianised retail pitch
Situated opposite the Crowngate Shopping Centre
Nearby occupiers include HSBC, Specsavers, Game Station and Evans
Six Week Completion Period Available

Lot 4
Auction 7th July 2011
Rent £236,000 per Annum Exclusive
Status Sold Post
Price
Sector
High Street Retail
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP
On instructions from Sarah Rayment and Shay Bannon of BDO LLP as Joint LPA Receivers

Property Information

Location

Miles: 25 miles south of Birmingham, 50 miles north of Bristol, 20 miles north-east of Hereford
Roads: A44 London Road, M5 (Junctions 6 and 7)
Rail: Worcester Foregate Street Railway Station
Air: Birmingham International Airport

Situation

The property is situated in a Conservation Area in a prominent position on the north side of the pedestrianised Broad Street in Worcester's central retailing area. Crowngate Shopping Centre is situated opposite housing retailers such as House of Fraser and Boots the Chemist. Other nearby occupiers include HSBC, Specsavers, Game Station and Evans.

Tenure

Freehold.

Location

Miles: 25 miles south of Birmingham, 50 miles north of Bristol, 20 miles north-east of Hereford
Roads: A44 London Road, M5 (Junctions 6 and 7)
Rail: Worcester Foregate Street Railway Station
Air: Birmingham International Airport

Situation

Tenure

Freehold.

Description

The property, an attractive Grade 2 Listed building, comprises a substanital public house and three retail units with ancillary office and residential accommodation. Part of the upper floors extends over Crown Passage.

Note: This property is being marketed on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect can be given. The LPA Receivers are not bound to accept the highest or any offer and are acting without personal liability.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit	Use	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews/(Reversion)
10 Broad Street	Basement Ground First Second	Ancillary Public House Ancillary Ancillary	168.24 sq m 526.37 sq m 344.38 sq m 149.76 sq m	(1,811 sq ft) (5,666 sq ft) (3,707 sq ft) (1,612 sq ft)	JD WETHERSPOON PLC (1) (t/a The Crown)	30 years from and including 25/12/2003 (2)	£170,000	25/12/2013 and five yearly (24/12/2033)
2 Crown Passage	Ground First First Second	Retail Retail Ancillary Office	118.50 sq m 115.38 sq m 17.74 sq m 11.15 sq m	(1,274 sq ft) (1,242 sq ft) (191 sq ft) (120 sq ft)	LAURA ASHLEY LIMITED (3)	3 years from and including 16/07/2010 (4)	£66,000	(15/07/2013)
3-4 Crown Passage	Ground First Second	Retail Ancillary Residential	78.13 sq m 32.98 sq m Not Measured	(841 sq ft) (355 sq ft) Not Measured	VACANT POSSESSION
5 Crown Passage	Ground First	Retail Ancillary	60.01 sq m 17.09 sq m	(646 sq ft) (184 sq ft)	VACANT POSSESSION
Totals			1,688.18 sq m	(18,172 sq ft)			£236,000

(1) For the year ending 25th July 2010, JD Wetherspoon plc reported a turnover of £996,327,000 pre-tax profits of £60,458,000 and a total net worth of £155,441,000. (Source: www.riskdisk.com 06/06/2011)
(2) There is a tenant only option to determine on 25th December 2018, following 6 months' written notice.
(3) For the year ending 30th January 2010, Laura Ashley Limited reported a turnover of £262,278,000, pre-tax profits of £20,588,000 and a net worth of £65,996,000. (Source: www.riskdisk.com 06/06/2011)
(4) There is a tenant only option to determine on 16th January 2012, following 6 months' written notice.