22-24 Horsemarket Street, Warrington, Cheshire

Description

Substantial three-storey building currently let to Summit Leisure (Swinton) Limited, company number 02581185, incorporated 8 February 1991, trading as Shaws Amusements. The property trades as an amusement arcade on the ground floor, with kitchen and WC. The first floor is utilised as a sunbed salon, and the second floor is used as storage.

Accommodation

Ground floor retail zone A: 41.3 m²; ground floor retail zone B: 34.4 m²; first-floor sunbed salon: 38.7 m²; second-floor internal storage: 38.2 m². Total: 152.6 m² / 1,643 sq ft.

Location

Centrally located on pedestrianised Horsemarket Street, close to Market Gate and Golden Square Shopping Centre.

Tenure / Property Information

Investment Analysis

The property is a substantial, occupied high-street commercial building of 1,643 sq ft with an EPC B rating and a lease to Summit Leisure (Swinton) Limited until July 2033, subject to breaks in January 2027 and 2030. The only supplied nearby comparable is 26–30 Horsemarket Street, which sold for £300,000 in March 2023, but its property type and accommodation are not sufficiently detailed to support a reliable valuation of this asset. No auction guide, passing rent, rent review details or sufficiently specific rental evidence is supplied.

Strategy Recommendation

Treat as a commercial investment requiring full legal-pack, lease and valuation review; do not set a bid without verified rent, break-clause exposure, title and comparable evidence.

Works Required

No refurbishment works are evidenced. The property is occupied, has an EPC B rating and is described as operating as an amusement arcade, sunbed salon and storage space. Any works, compliance requirements or reconfiguration should be verified from the legal pack and inspection.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed because the purchase price, occupational rent, market value, finance assumptions and refurbishment costs are unavailable. Refinance risk is material because the tenant has contractual break clauses in January 2027 and 2030.

Buy-to-Let Analysis

This is an investment-style commercial letting, but no passing rent or sufficiently specific rental evidence is supplied. A gross yield, affordability assessment and bid level cannot therefore be established. The stated head rent is £1,750 per annum plus VAT, payable under the new 125-year lease from Warrington Council, but this is not the occupational rent received from the tenant.

Flip Analysis

A flip analysis is not supportable. The property is currently let and no purchase price, reliable GDV, resale costs or refurbishment requirement is provided. The £300,000 2023 sale nearby is not sufficiently comparable to establish a resale value.

Investor Risks & Due Diligence

• Tenant break clauses in January 2027 and 2030 could shorten the income period.

• The occupational rent and lease terms, including rent review provisions and repairing obligations, are not supplied.

• The property is subject to a new 125-year lease from Warrington Council at £1,750 per annum plus VAT, creating an underlying rent liability.

• Title number CH185133 is stated to be being renewed, requiring legal verification.

• Buyer premium, administration charge and potentially significant disbursements or other seller costs apply, but the purchase price and full legal-pack costs are unavailable.

• The supplied £300,000 comparable is not sufficiently detailed or directly comparable to support a reliable valuation.

Recommendation

Treat as a commercial investment requiring full legal-pack, lease and valuation review; do not set a bid without verified rent, break-clause exposure, title and comparable evidence.

Strategy Rating

Analysis Confidence

The description, tenancy structure, accommodation, tenure, EPC and one nearby sold comparable are supplied, but the guide price, passing rent, rental comparables, valuation evidence, costs and condition information are insufficient for investment calculations.