17 Wheelock Street, Middlewich, Cheshire

Description

Retail Investment - Gross Yield 13.1%; 8 week completion.

Accommodation

Ground Floor Shop and WC. Approx. 397 sq ft; area taken from VOA. Not inspected by Barnett Ross.

Location

Located close to the junction with St Michael's Way, amongst Tesco Express, Nationwide Building Society, Morrisons, Lidl and local traders. Middlewich is approximately 20 miles east of Chester and approximately 7 miles south of Northwich, with access via the A55 to the M6 Junction 18.

Tenure / Property Information

Investment Analysis

The £80,000+ guide is accompanied by an advertised gross yield of 13.1%, but no passing-rent figure or auctioneer rent estimate is supplied, so the yield cannot be independently recalculated. The Land Registry comparables are not sufficiently specific: they concern other, flat/maisonette or combined properties at 15, 15A and 15–17 Wheelock Street rather than the subject 397 sq ft ground-floor shop. No evidence-supported market value or GDV can therefore be established. At the guide, the known purchase price plus the £1,500 administration fee is £81,500, before VAT and any other non-optional costs.

Investment Snapshot

Strategy Recommendation

Consider only as a commercial income hold, subject to verifying the executed lease, passing rent, tenant covenant, 2027 review provisions, VAT treatment and all legal-pack costs. Do not bid on the stated yield alone; a maximum bid cannot be calculated from the supplied evidence.

Works Required

No refurbishment works are evidenced. The shop and WC were not inspected by Barnett Ross, so condition and any required works should be verified before bidding. No works allowance is included.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR strategy cannot be underwritten from the supplied evidence. No GDV, passing rent, refurbishment budget or refinance valuation is available. The known guide price and administration fee total £81,500 before VAT and other possible costs, while the leasehold interest is for 979 years from 26 June 2025 at a peppercorn ground rent. Any refinance case would require verified lease and rent documents plus a commercial valuation.

Buy-to-Let Analysis

This is a commercial, occupied retail investment rather than a residential BTL. The property is stated to be let to A. Ahmed as a vape shop on a seven-year lease from 20 December 2023, with an RPI-linked 2027 review subject to a 5% collar and 8% cap. However, the actual passing rent is not supplied and no sufficiently specific rental evidence is available. Income yield, rent cover and value cannot therefore be independently assessed. The £2,850 rent deposit is noted.

Flip Analysis

A flip is not supported by the evidence. There is no refurbishment specification, resale valuation, direct comparable evidence or supported selling-cost allowance. The subject is an occupied commercial unit with a continuing lease, making an income-hold assessment more relevant than a resale appraisal.

Investor Risks & Due Diligence

• The property was not inspected by Barnett Ross, so condition and any required works are unknown.

• The actual passing rent is not supplied, and the 13.1% gross yield cannot be independently recalculated.

• Tenant covenant, payment history and the full lease terms are not evidenced beyond the summary provided.

• VAT applies to the lot and additional non-optional fees may be payable; amounts are not supplied.

• The lease contains an RPI-linked 2027 rent review with a 5% collar and 8% cap, but the resulting rent is unknown.

• The property is occupied by a vape shop, creating reliance on the existing tenant and permitted-use/lease documentation.

• Eight-week completion may create timing and funding pressure.

Recommendation

Consider only as a commercial income hold, subject to verifying the executed lease, passing rent, tenant covenant, 2027 review provisions, VAT treatment and all legal-pack costs. Do not bid on the stated yield alone; a maximum bid cannot be calculated from the supplied evidence.

Strategy Rating

Analysis Confidence

The tenure, occupation, lease structure, area, guide and administration fee are supplied, but the passing rent, EPC, condition, direct rental evidence, valuation evidence and full buyer-cost schedule are absent. The stated 13.1% yield cannot be independently checked.