Argyle Street, Wrexham

Guide Price £300,000

Description

A mixed use city centre investment opportunity comprising a ground-floor lock up shop having an established sitting tenant together with four self-contained residential studio apartments above. The property has been a consistent income producer with excellent occupancy over many years and enjoys a central position to the amenities of the city centre with the flats overlooking Queens Square.

Commercial Occupation

The Ground Floor Shop comprises approximately 63 square metres. The shop was originally let to Elm Hair and Beauty on a three-year lease from January 2018, which was renewed for a further three years during 2021. The initial rent was agreed at £5,000 per annum. A further lease renewal has recently been agreed for a term of six years at an increased rent of £6,000 per annum. The lease renewal and rent increase will take effect from January 2025.

The lease held on internal repairing terms under Landlord and Tenant Act 1954. A copy of the lease agreement is available upon request from the Agents.

Residential Occupation

There are four residential Studio Apartments above the Commercial Unit from an independent pedestrian access – see floor plans attached.

On The First Floor:
Flat 1 – Approximately 40 square metres – £495 pcm.
Flat 2 – Approximately 45 square metres – £435 pcm

On The Second Floor:
Flat 3 – Approximately 37 square metres – £550 pcm.
Flat 4 – Approximately 46 square metres – £435 pcm.

Management

The residential portion has been managed by Bowen and is fully compliant with Renting Homes (Wales) legislation and Rent Smart Wales. All agreements to Occupiers are standard Occupation Contracts with rents receipts currently as above.

Energy Performance Certificates

Ground Floor:
Shop (10 Argyle Street) Band D Expiry – 26 May 2027.

First Floor:
Flat 1 (12 Argyle Street) Band E Expiry – 13 May 2028.
Flat 2 (14 Argyle Street) Band E Expiry – 13 May 2028.

Second Floor:
Flat 3 (16 Argyle Street) Band D Expiry – 13 May 2028.
Flat 4 (18 Argyle Street) Band D Expiry – 13 May 2028.

Services

The property is understood to be connected to mains water, electricity and foul drainage subject to statutory regulations.

The apartments each have independent service connections and billing and have valid electrical safety certification.

Tenure

The property is offered for sale on the basis of the freehold interest. Full access rights are enjoyed. Other than the tenancy agreements in place, the building is not subject to any third party interests.

There is a pedestrian right of way for the adjoining ground floor commercial occupier to access a passageway to the rear. This is via the gated bay to the side of the shop – see ground floor plan.

Directions

On foot from the Agent’s Wrexham Offices proceed down Regent Street turning left at McDonalds onto Egerton Street. Turn right onto the pedestrianised Lord Street and at the junction with Argyle Street turn right, when the property will be approached on the right.