£1.1m Wheelwrights Corner, Cossack Square, Nailsworth
- Rare opportunity to acquire a mixed-use property portfolio in the centre of Nailsworth comprising a range of commercial space and 2 residential flats.
- Potential for redevelopment subject to the necessary consents being obtained.
- Total rental income of £83,906.80 per annum.
- Based on the income outlined above, the quoting price of £1,100,000 would result in a gross initial yield of approximately 7.39% or net initial yield of 7% after purchaser's costs of 5.55%.
The property comprises a mixed estate of adjoining and detached buildings occupied as retail units, offices, stores, a laundrette, workshops and two residential flats.
Units 1, 2, and 3
Located at the southern end of the estate, set back but facing from the main road, comprising a terrace of three retail units, each with a front sales area and rear staff room/kitchenette and WC.
The units are of part rendered reconstituted stone and block construction with a single pitched tiled roof and pitched profiled mineral cement asbestos roof and single glazed timber framed display windows.
Internally, the units have solid flooring with emulsion painted wall and ceiling with fluorescent lighting.
Units 4 and 9
The flats are located on the ground and first floors (also second floor within loft space) of the Cotswold stone building with a pitched tiled roof, upvc double glazed windows throughout and gas central heating via perimeter radiators.
Each flat has two bedrooms, a living room, kitchen and bathroom.
Units 5, 5A and 6
A single and two storey building of rendered brick construction with a pitched tiled and corrugated cement asbestos roof and upvc double glazed windows.
The ground floor has concrete floor and utilised as a dry cleaners in Unit 5 and a store in Unit 6. The first floor Unit 5A is utilised as a store and staff room. Unit 6 has a steel concertina entrance loading door. Access to Unit 5A is via an external steel stair.
A single storey retail unit of blockwork, stone and timber construction with a concrete floor, single glazed timber framed display window, double timber loading doors and a corrugated steel half barrel roof.
Internally, the unit has an open plan retail sales area, staff area and WC.
Located fronting the Old Market comprising a two storey detached building of concrete frame with reconstituted stone and blockwork infill elevations beneath pitched corrugated mineral cement asbestos roof covering.
The ground floor shop has single glasses timber framed display windows and entrance door with an open plan retail sales area small staff office and WC. The accommodation is carpeted has emulsioned wall and suspended ceiling with integral fluorescent lighting and cassette air conditioning units.
The tenant Brutons Hardware is an independent hardware store that has been trading on the same site since 1856 and is one of Nailsworth's longest running family businesses have started as a small ironmongery business. When Old Market was formed in the mid 1960's Brutons Ironmongers was the first building to be built on the new road.
The first floor office accommodation has external concrete and steel staircase access to the side and rear and is occupied on a long leasehold basis.
Units 10, 10A and 10B
Three adjoining single storey kiosk style retail units located at the rear of the southern end of the estate the unit comprise three storage workshops of rendered blockwork construction with pitched and lean too roofs with profiled and corrugated mineral cement asbestos sheet roofing.
Access to Units 10 and 10B is via an external steel staircase.
Nailsworth is a town located at the confluence of the Avening Valley and Woodchester Valley within the southern Cotswolds with a population of some 5,800 (Census 2011), approximately 4 miles south of Stroud (via the A46 trunk road), 13 miles west of Cirencester, 13½ south of Gloucester, 18 miles south of Cheltenham, 8 miles east of Dursley and 28 miles northeast of Bristol. Motorway access is available at Junction 13 of the M5 motorway, 8 miles to the northwest, whilst Junction 18 of the M4 motorway is approximately 15 miles to the south.
The property is situated within the centre of Nailsworth, fronting the western side of Old Market Street within a mixed retail and residential area and just south of the local library. On street and public car parking is available within the vicinity.
(Approx net/gross internal floor area)
Retail (net internal): 20.90 sq m (224 sq ft)
Kitchen (net internal): 2.12 sq m (23 sq ft)
Total: 23.02 sq m (247 sq ft)
Retail (net internal): 22.65 sq m (244 sq ft)
Kitchen (net internal): 2.14 sq m (23 sq ft)
Total: 24.79 sq m (267 sq ft)
Retail (net internal): 24.41 sq m (263 sq ft)
Kitchen/Staff (net internal): 3.61 sq m (39 sq ft)
Total: 28.02 sq m (302 sq ft)
Ground floor flat (gross internal): 48.59 sq m (523 sq ft)
Jupiter Drycleaners (gross internal): 64.13 sq m (690 sq ft)
First floor store/staff (gross internal): 68.60 sq m (738 sq ft)
Ground floor store (gross internal): 53.66 sq m (577 sq ft)
Retail (net internal): 130.30 sq m (1,403 sq ft)
Staff: 4.18 sq m (45 sq ft)
Total: 134.48 sq m (1,448 sq ft)
Brutons Hardware shop (net internal): 235.51 sq m (2,535 sq ft)
Uncle Joe's Cottage FF flat (gross internal): 48.59 sq m (523 sq ft)
Attwood workshop (gross internal): 44.17 sq m (475 sq ft)
First Floor Merrett workshop (gross internal): 34.54 sq m (372 sq ft)
First Floor Bruton Family storage (gross internal): 15.77 sq m (170 sq ft)
The site area is approximately 0.143 hectares (0.353 acres).
The properties are individually assessed for Business Rates. Further information is available from the agents upon request.
The property comprises a range of retail, residential, storage and industrial space.
We are instructed to seek offers in the region of £1,100,000 for the freehold interest in the property, including the first floor of Unit 8, subject to the tenancies outlined in the Tenancy Schedule.
A purchase at this level would reflect a gross initial yield of approximately 7.39% or net initial yield of approximately 7% after purchaser's costs of 5.55%.
The property is not elected for VAT.
Each party to bear their own costs incurred in the transaction.
Simon McKeag: 07737 691453
Harry Pontifex: 01242 255242
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