55-57 and 58-59 Mardol Shrewsbury Shropshire SY1 1PP

55-57 and 58-59 Mardol
Shrewsbury
Shropshire
SY1 1PP

Attractive Freehold Retail Investment

Let to two restaurants including Pizza Express
Approximately 1,298.57 sq m (13,978 sq ft)
Separate access from the front to upper floors on both buildings, with change of use potential (subject to leases and consents)
Nearby occupiers include JD Wetherspoon, Lakeland, Next, Vision Express and a number of independent cafés and shops
Historic market town

Lot
30
Auction
26th March 2020
Rent
£69,500 per Annum Exclusive
Status
Withdrawn Prior
Price
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
Marble Arch
London W1H 7TN

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Attractive Freehold Retail Investment

Let to two restaurants including Pizza Express
Approximately 1,298.57 sq m (13,978 sq ft)
Separate access from the front to upper floors on both buildings, with change of use potential (subject to leases and consents)
Nearby occupiers include JD Wetherspoon, Lakeland, Next, Vision Express and a number of independent cafés and shops
Historic market town

Lot 30
Auction 26th March 2020
Rent £69,500 per Annum Exclusive
Status Withdrawn Prior
Price
Sector
High Street Retail
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
Marble Arch
London W1H 7TN

Property Information

Location

Miles: 14 miles west of Telford; 51 miles north-west of Birmingham
Roads: A5, A49, A458
Rail: Shrewsbury
Air: Birmingham Airport

Situation

Shrewsbury is an attractive and historic market town, approximately 14 miles west of Telford and 51 miles north-west of Birmingham. The property is prominently located on the east side of Mardol, at its junction with Mardol Gardens and a short walk to the pedestrianised Pride Hill, Shrewsbury's prime retailing thoroughfare. Nearby occupiers include JD Wetherspoon, Lakeland, Next and a number of independent cafés and shops.

Tenure

Freehold.

Location

Miles: 14 miles west of Telford; 51 miles north-west of Birmingham
Roads: A5, A49, A458
Rail: Shrewsbury
Air: Birmingham Airport

Situation

Tenure

Freehold.

Description

The property comprises two restaurants. Pizza Express (55-57 Mardol) is arranged on the ground, first and second floors, with the upper floors formerly used as residential. 58-59 Mardol is arranged on the ground, basement, first, second and third floors. Both restaurants benefit from separate access to the upper floors. 58-59 Mardol is Grade II listed.

VAT

VAT is applicable to this lot.

EPC

Available from the legal pack at acuitus.co.uk.

Description

VAT

VAT is applicable to this lot.

EPC

Available from the legal pack at acuitus.co.uk.

Tenancy & Accommodation

	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x.	Review
55-57	Ground First Second	Restaurant Ancillary (former residential) Ancillary (former residential)	343.07 sq m 162.30 sq m 110.09 sq m	(3,693 sq ft) (1,747 sq ft) (1,185 sq ft)	PIZZA EXPRESS (RESTAURANTS) LIMITED (1)	25 years from 14/12/2000 until 13/12/2025	£37,000	14/12/2020
58-59	Ground Basement First Second Third	Restaurant Ancillary Ancillary Ancillary Ancillary	344.39 sq m 43.48 sq m 187.94 sq m 86.40 sq m 20.90 sq m	(3,707 sq ft) (468 sq ft) (2,023 sq ft) (930 sq ft) (225 sq ft)	BIG PIG SMOKEHOUSE LIMITED	15 years from 28/09/2017 until 27/09/2032 (2)	£32,500 (rising to £35,000 on 29/09/2020)	28/09/2022 & 5 yearly thereafter
Total			1,298.57 sq m	(13,978 sq ft)			£69,500

(1) For the year ending 30th December 2018, Pizza Express (Restaurants) Limited reported a turnover of £397,837,000, pre-tax profits of £60,100,000 and a total net worth of £770,248,000 (source: Experian Group 25/02/2020).
(2) The lease is subject to a tenant option to determine on 29/09/2022 and 29/09/2027. If exercised, a rent penalty of £5,000 is to be paid by the tenant. The tenant is not currently in occupation.

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.