Commercial Multi-Let Retail Investment Property For Sale.
Offers Over £2,700,000
Prime retail units connecting into a modern covered shopping centre scheme in the heart of Kidderminster.
Total net lettable floor area of 42,567 sq. ft.
National retailers including Bon Marche, Bodycare, Thorntons, Santander and Claire’s Accessories.
Various asset management opportunities including the potential to increase income through leasing vacant units.
Kidderminster is a historic market town in the Wyre Forest district of Worcestershire and has a primary catchment population of 129,000. The town is located approximately 18 miles (29 km) south west of Birmingham and 14 miles (23 km) north of Worcester.
Kidderminster’s catchment population is moderately affluent, ranking 75 of the PROMIS Centres (group of 200 centres) on the PMA Affluence Indicator. Census results show that Kidderminster contains a significantly above average proportion of adults within social group C2 (which includes those in skilled manual employment) and an above average car ownership with a particularly high proportion of two car households.
The town benefits from good communication with the M5 approximately 8 miles (13 km) to the east, accessed via the A448. The M5 motorway in turn provides access to the M42 motorway, the M6 motorway and the national motorway network surrounding Birmingham.
The town’s total retail floor area is estimated at 680,000 sq. ft. and includes three shopping centres; Rowland Hill Shopping Centre, Weavers Wharf Shopping Park (which links into the town centre) and The Swan Centre. The town’s traditional high street pedestrian flow is along Vicar Street fronting Rowland Hill Shopping Centre.
Rowland Hill Shopping Centre occupies a prominent position in the heart of Kidderminster’s town centre. The scheme is bounded by the pedestrianised Vicar Street to the west and Worcester Street to the east. These streets are regarded as the town’s main retail thoroughfares. The shopping centre benefits from pedestrian street access off both Vicar Street and Worcester Street.
The centre’s entrance on Vicar Street is directly opposite to Weavers Wharf via a short walkway that crosses the River Stour and allows shoppers the convenience of using its car park.
Recent improvements to the public realm on Vicar Street have been completed by the Local Authority.
The Rowland Hill Shopping Centre comprises a modern covered shopping mall developed in the late 1970’s and substantially refurbished in 2012. It comprises 21 retail units within the covered mall area and four very prominent retail units fronting onto the prime pitch of Vicar Street.
The scheme provides a total net lettable area of approximately 3,954.60 sq m (42,567 sq ft), which includes retail trading area and upper floor storage.
The primary access to the scheme is from Vicar Street via an internal escalator and the secondary access is from ground level Worcester Street where an additional three retail units have street frontage. The servicing area is at basement level and is accessed from Oxford Street.
The property is let in accordance with the Schedule of Accommodation and Tenancies.
The current gross income is £462,110 per annum.
37% of the income is generated from the prime retail units fronting onto Vicar Street.
There are currently 3 vacant units within the scheme and the current net income less Head Rent and shortfalls is £263,868 per annum.
Comprises 21 retail units.
Approximately 3,835.77 sq m (41,289 sq ft).
Tenants include Santander, Claire’s Accessories, TUI, Bonmarché, BrightHouse and Warren James.
Prominent town centre location.
Active management potential.
Neighbouring occupiers include Pandora, Peacocks, Superdrug, WH Smith and NatWest, Lloyds, Barclays and Halifax Banks.