Lot 7
36 - 38 Meadow Street, Weston-Super-Mare, BS23 1QQ
£180,000
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SHORTLIST- SOLD BY HOLLIS MORGAN
- FREEHOLD
- COMMERCIAL INVESTMENT
- 2 X RETAIL
- 1 X OFFICES
- FULLY LET - £22K PA
THE PROPERTY
A Freehold commercial portfolio ( one 1 title ) occupying a commanding corner position in the heart of Weston Super Mare on a bustling high street close to the Sea Front.
The property comprises two retail units on the ground floor and a large office spanning the upper floors with private entrance. In addition there is a small bin store.
38 – Ground A1 floor retail unit
36a – Ground floor A3 / A5 unit currently takeaway ( recently refurbished )
36 – Upper floors – A2 office let to Accountants.
Bin Store – Let to takeaway opposite.
Refer to floorplans.
*** SOLD BY AUCTION IN 2015 ***
LOCATION
Meadow Street is situated within the heart of Weston Super Mare's town centre. Local amenities, services, independent retailers, pubs, bars, restaurants and the famous Grand Pier are all within walking distance. Bristol is approximately 24 miles away via the M5 motorway network.
THE OPPORTUNITY
High yielding commercial investment.
38 – £7,500 + VAT pa - 3 year lease from October 2015
36 A – £5,250 + VAT pa – lease until 2023.
36 – Upper floors – £9,200 + VAT pa – Lease for 7 years from 24th December 2014.
Bin Store – £520 pa on rolling contract.
TOTAL INCOME - £22,470 pa + VAT
VAT
Please note VAT is payable on the purchase price.
WHY INVEST IN WESTON?
Regeneration in the South West – Is now the time to invest?
A West of England region-wide plan is being developed to address housing and transport needs up until 2036. An additional 29,000 houses will be needed across North Somerset, Bath and North East Somerset, South Gloucestershire and Bristol in the next 20 years, on top of those already planned for by local councils.
Regeneration in Weston-Super-Mare’s town centre has taken a major leap forward with significant progress being made on several big projects.
In November, developers McLaren Life announced building contractors would soon begin moving into Dolphin Square to start construction on the £18mil third phase of the site and is scheduled to be ready for a summer 2017 opening.
Big names have already signed up for the development which include; Nandos, Prezzo, Pizza Express, Mimosa Buffet, Preto and Costa Coffee. The complex will also include a 1,600 seater, eight screen Cineworld, as well as a indoor climbing and soft play company Rock Up and a health and fitness operator.
Regeneration manager Rachel Lewis, from North Somerset Council said: “Development of this site right in the centre of town is fantastic news. It’s great to see the big names that have signed up, showing real confidence in the town’s future and prosperity. As well as attracting new interest in the town and making it an even better place to live, Dolphin Square will be a catalyst for further investment. This marks a major step forward in our wider plans to improve Weston town centre.”
Another site allocated for development is the police station, former magistrates’ court and adjacent sites known as Walliscote Place, where modern urban apartments are due to be built to create a more welcoming space for the town centre while showcasing some of Weston’s heritage. It is hoped that by taking the lead on a high quality residential development, the council will set a new standard in the town centre housing and attract young professionals to live there.
Attracting more people to live in the town centre is vital to its future prosperity and Weston is one of just 20 areas outside London to be designated as a Housing Zone.
At the same time, Weston College’s flagship project to create a new Law and Professional Services Academy at the Winter Gardens is poised to get started soon. Redevelopment and modernisation of this landmark building will attract new students to live and study in Weston, as well as addressing local skill gaps and creating new jobs.