1-4 Salisbury Street, Widnes, Cheshire WA8 6PJ

Description

Description A modern retail building extending to approximately 640 Sq M (6,888 Sq Ft) arranged over ground and first floor. Unit 1-3 is currently let to Point Accounting on a Tenancy at Will at a rent of £12,000 per annum, with Unit 4 being vacant.

Part of the first floor area is currently in shell condition, with the opportunity to add value by completing the fit-out/conversion works. The property has frontage to South Street and Salisbury Street and is a short distance from Albert Square Shopping Centre.

There is a 300-space free car park adjacent and nearby retailers include Greggs, Halifax, CEX and Morrisons.

The property benefits from planning consent for subdivision of the ground floor accommodation into three commercial units and also change of use consent to convert the first floor into two flats. The property may be suitable for other alternative uses, subject to obtaining the necessary consents.

Accommodation Unit 1-3: Ground Floor: 207 Sq M (2,228 Sq Ft) First Floor: 227 Sq M (2,443 Sq Ft) Total: 434 Sq M (4,671 Sq Ft) Unit 4: Ground Floor: 105 Sq M (1,130 Sq Ft) First Floor: 101 Sq M (1,087 Sq Ft) Total: 206 Sq M (2,217 Sq Ft) Site Area Approximately 341 Sq M (408 Sq Yds) Tenure Leasehold Planning The property benefits from planning consent (25/00264/FUL) for the proposed subdivision of the ground floor commercial unit into 3 commercial units, and the insertion of two new shop fronts.

In addition, under application 25/00088/PRIOR, consent for a change of use of a building falling under Use Class E into a mixed use, Class E at ground floor, and 2 flats (Class C3) at first floors has also been approved.

Interested parties should consult direct with the Local Planning Authority: Halton Borough Council, Planning Department, Municipal Building, Widnes, WA8 7QF. Telephone: 0303 333 4300. Email: dev.control@halton.gov.uk Occupancy Part Let Part Vacant

Investment Analysis

Investment Snapshot

Underwriting basis. This is an indicative desktop appraisal. GDV is an estimated post-works/open-market value, not a guaranteed valuation. Comparable research is widened from the same street/postcode to the surrounding market up to approximately five miles where necessary.

Market Comparables

• Specialist asset: working market value is estimated from guide, asset type, income/development potential and local market evidence; midpoint £218,300.

HB estimated GDV: £201,000 low / £218,000 base / £236,000 high. The range reflects comparable quality, condition and the fact that auction stock can trade below normal owner-occupier market value.

Proposed Works

The allowance follows the auction description/visible condition and investor-standard refurbishment scope. It is not a structural survey or contractor quotation.

Rental / Income Value

Stated passing income located in the property information is approximately £12,000 pa. For this specialist asset, passing income is more meaningful than imposing a standard AST rent.

Strategy & Value Analysis

This is not a conventional single-dwelling BRRR/flip asset. The value case should be assessed using the specialist strategy appropriate to the property—income capitalisation, asset management, planning/development or land value—while still using the market-value range above as an indicative exit benchmark.

Key Risks

Confirm legal title/tenure, occupancy, planning/licensing, service charge/ground rent where relevant, structural condition, utilities, abnormal works and finance terms. Market comparables are indicative and should be refreshed immediately before bidding.