Located approximately 5 miles west of the English border, Wrexham is the largest town and administrative centre of North Wales. The town benefits from significant retail and commercial offerings and is home to Wrexham's Glyndwr University which is situated on the edge of the town centre, accommodating approximately 5,000 students.
Wrexham benefits from very good transport links and excellent road communications with both the A483 and A534 in close proximity, linking the town to Chester in the north and Nantwich and Crewe to the east. The M6 and M56 are within a short drive and offer direct access to Liverpool and Manchester and the national motorway network.
Wrexham has two railway stations which offer direct services to a number of towns and cities across Wales and the North West, including routes to Chester (18 minutes) and Shrewsbury (36 minutes). There are regular services to London Euston via Chester with a journey time of just over two and half hours. Liverpool's John Lennon Airport and Manchester International Airport are respectively located 38 miles (61 km) and 45 miles (72 km) to the north east.
Wrexham has a strong student population approximately 5 times larger than a comparable PROMIS town. Wrexham also has an above average percentage of home owners and a high proportion of 2 car households.
In 2016, Wrexham Council confirmed that works would begin on the town's arts and cultural hub to provide a venue for Wrexham's growing arts presence. This will promote town centre living, increase footfall and stimulate Wrexham's evening economy, all helping to attract visitors to the town.
The property is within close proximity to a number of key footfall drivers in the town, including Primark, Superdrug and McDonald's.
Wrexham has a primary catchment area of 253,000 with an estimated shopping population of 142,000, which is forecast to see a 0.5% growth over the period 2017-2021. The town has a comparison retail expenditure potential of £600 million and this figure has been forecast to grow by 1.3% per annum in real terms between 2017 and 2021. Wrexham's primary catchment population is adults aged over 45 with a high proportion of the population aged 65 and above. Whilst Wrexham has an above average retiree population, it also has a strong student population approximately 5 times larger than a comparable PROMIS town. Wrexham also has an above average percentage of home owners and a high proportion of 2 car households.
The premises occupy a prime trading location on the busy pedestrianised Regent Street in an area which benefits from strong footfall. Nearby retailers include Primark, Bodycare, McDonald's and H Samuel, in addition to Island Green Retail Park. The property is a highly prominent landmark building of character, arranged over three storeys.
The accommodation is split into 4 ground floor retail units with basement, first and second floors as follows:
The property is let on FRI terms in accordance with the schedule below. The current rent is £122,500 per annum, with a true net rent of £102,927 per annum, following the reduction of landlord shortfalls of £19,573 per annum. Further details can be provided upon request. Rico pay £12,000 pa, however, the landlord will top up the rental shortfall to our headline ERV level of £35,000 for a period of 12 months.
We are instructed to seek offers in excess of £950,000 (Nine Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT, which reflects a net initial yield of 12.20% after purchaser's costs of 5.80%, reflecting a low capital value of £24.01 psf.