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
    29
  • Auction
    21st May 2020
  • Rent
    £69,500 per Annum Exclusive
  • Status
    Withdrawn Post
  • Price
     
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

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 29
  • Auction 21st May 2020
  • Rent
  • Status Withdrawn Post
  • Price  
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction

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

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.

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.

Completion Period

Six Week Completion

EPC

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

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.

Completion Period

Six Week Completion

EPC

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

Tenancy & Accommodation

  Floor Use Gross Internal 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 (2)
(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 (2)  

(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. The tenant is not currently in occupation and the rent was being paid out of the rent deposit held by the landlord, but this deposit has now been used.

If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Property Documents

  • Site Plan
    Updated Date
    01.05.20
    File Size
    436 KB
    View PDF
  • Catalogue Page
    Updated Date
    01.05.20
    File Size
    885 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
Seller's Solicitors
Dentons UKMEA LLP Dentons UK and Middle East LLP, The Pinnacle, 170 Midsummer Boulevard
Milton Keynes
MK9 1FE
Charlotte Stevens 020 7320 3980charlotte.stevens@dentons.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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