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46 Lower Bridge Street
Chester
CH1 1RS

Size: Contact Us
Tenure: For Sale
Price: £460,000

  • Retail and residential investment.

  • Chester city centre.

  • Reduced to £460,000.

  • No VAT


 

Location

The premises are situated within the city walls of this historic city fronting Lower Bridge Street which provides the main westerly gate into the retailing centre close to the River Dee. It is in a busy mixed commercial and residential sector accommodating a wide range of trades including restaurants, pubs, hair salons, estate agents and specialist quality multiple retailers such as Aga, Fired Earth, Ptarmigan country wear and Tesco Express. Lower Bridge Street also benefits from some on street parking.

Description

The premises comprise a three storey Grade 2 listed building constructed in early 19th century with a shop at ground floor and 3 flats above which are served by a separate stepped entrance from Lower Bridge Street. This used to form part of the historic rows of Chester. The shop trades as Forty Six Cafe and is a well established and upmarket sandwich bar. It provides a total ground floor area of 660 sq ft and is divided into a sandwich bar, kitchen, store and wc. It also has access to a rear yard at upper ground floor level.
Flat 1 is a bedsit at first floor including a kitchen, shower and wc. Flat 2 also at first floor comprises a lounge, kitchen, wc and one bedroom plus shower room while Flat 3, at second floor, has 2 bedrooms, a lounge, kitchen and a bathroom.
All are fully let and income producing.

Lease

The shop is let to Forty Six Catering Ltd, with personal guarantees, on a 10 year lease as from the 27th June 2009 with tenant responsible for repair and maintenance of the interior and the shop front. The three residential units are all understood to be held on Assured Shorthold Tenancy Agreements.
Following the recent letting of flat 1 it is estimated that the rent obtainable from flat 3 could potentially be more in the order of £650 pmth and further increase obtained from flat 2.

Rent

Shop £14,000.00 pa
Flat 1 £425.00 pmth
Flat 2 £500 pmth
Flat 3 £516.50 pmth
Total annual rent equating to £31,298 pa

Tenure

Freehold

Price

Price reduced to £460,000 producing a net initial yield of 6.54% after allowing for purchase costs of 4%.

VAT

It is understood that the premises are not VAT registered.

Viewings

Strictly by appointment with the sole retained agents Bolton Birch.

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Subject to contract
MISREPRESENTATION ACT 1967. Bolton Birch for themselves and for the vendors or lessors of this property whose agents they are, give notice that: These particulars do not constitute, nor constitute any part of an offer or a contract. All statements contained in these particulars as to this property are made without responsibility on the part of Bolton Birch or the vendors or lessors. None of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact. Any intending purchasers of lessors must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars. The vendors or lessors do not make or give and neither Bolton Birch, nor any person in their employment has any authority to make or give any representation or warranty whatever in relation to this property.