3-3A Vicar Street

Kidderminster, Worcestershire DY10 1DE

Overview

  • Located in the heart of the Worcestershire town of Kidderminster, on the pedestrianised traditional prime retail pitch
  • Well-configured retail unit of 160.47 sq m (1,728 sq ft)
  • Let to Barclays Bank plc for 20 years from December 2007
  • Rental income of £62,000 per annum exclusive
  • Underlet to Done Brothers (Cash Betting) Limited, trading as "Betfred"
  • Freehold
We are instructed to seek offers in excess of £655,000 (six hundred and fifty-five thousand pounds), subject to contract and exclusive of VAT, for the freehold interest in the property. A purchase at this level would reflect a net initial yield of 9.00% after deducting purchaser's costs of 5.20%.

Location

Kidderminster is a town of 55,530 people and the principal centre for the Wyre Forest district in north Worcestershire, located approximately 14 miles north of Worcester, 10 miles south west of Dudley and 16 miles south west of Birmingham.

The town became renowned for carpet making from the 18th century and manufacturing remains important to the local economy, although the retail sector accounts for the largest proportion of employment. The town has an estimated catchment population of 102,000 people from across the Wyre Forest district and beyond (PMA, 2018), while the district attracts 700,000 tourists a year.

The location of Kidderminster is reflected in its transport links. It is at the intersection of the A456 and the A449, which give access to junction 3 of the M5 (approximately 10 miles to the north east) and to junction 6 of the M5 (approximately 14 miles to the south). The town has a station on the Worcester-Birmingham Snow Hill railway line, served by trains about every 15 minutes at peak periods, with approximate journey times of 20 minutes to Worcester and 40 minutes to Birmingham.

Situation

The property is situated on pedestrianised Vicar Street, the traditional prime retail pitch. Occupiers in the vicinity include Lloyds Bank, EE, Halifax, Thomas Cook, 3, Carphone Warehouse, Greenwoods, WH Smith, Trespass, Superdrug and Warren James.

Description

The property is a predominantly single-storey building of masonry construction, with stone/marble cladding to the front elevation, under a flat roof. There is a single glass pedestrianised door on the right-hand side of the fully glazed shopfront. Inside, the majority of the unit forms a single customer area, extensively fitted out in the occupier's corporate style (including a customer toilet), while there is ancillary/staff accommodation at the rear.

There is a small first floor across the rear of the building, but there is currently no access because the staircase was removed as part of the occupier's alterations.

The property's approximate accommodation, calculated on a Net Internal Area basis, can be found in the table below:


Tenure

Freehold.

Tenancy

The property is let to Barclays Bank plc for 20 years from 13th December 2007, subject to a tenant's option to break after 15 years with not less than 6 months' notice. The tenant's repair liability is qualified by a schedule of condition, The rent is £62,000 per annum exclusive.

The property is underlet to Done Brothers (Cash Betting) Limited, trading as "Betfred", from 20th October 2010 until 11th December 2022, with undertenant's options to break after 5 and 10 years with not less than 6 months' notice. The rent is £55,000 per annum exclusive.

Covenant Information

Barclays Bank is one of the most recognised names in the UK, as one of the four main High Street banks, but it is also a global business with some 97,000 employees operating in 97 countries. Barclays Bank plc has a Dun & Bradstreet rating of 5A1.

Done Brothers (Cash Betting) Limited is a bookmaker, which trades as "Betfred" and is the fourth largest in the UK, with 1,650 licensed betting offices and operations both online and at racecourses.

Headline financial information from the most recent accounts of Barclays Bank plc and Done Brothers (Cash Betting) Limited can be viewed in the link below:


VAT

The property is not elected for VAT.

Energy Performance Certificate

The property has an energy performance rating of 'C', based on a score of 64.

Proposal

We are instructed to seek offers in excess of £655,000 (Six Hundred and Fifty-Five Thousand Pounds), subject to contract and exclusive of VAT, for the freehold interest in the property. A purchase at this level would reflect a net initial yield of 9.00% after deducting purchaser's costs of 5.20%.

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NET INITIAL YIELD:
9%
PRICE:
£655,000
REGISTER INTEREST
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