49 Market Place, Warminster, Wiltshire

Description

Freehold shop investment and vacant office comprising a ground floor and partial basement shop unit, with two vacant self-contained first and second floor offices. Total accommodation approximately 345.64 sq m (3,720 sq ft). Potential for future redevelopment subject to all necessary consents. VAT is applicable.

Accommodation

Ground floor and partial basement shop unit, with two self-contained first and second floor offices; total accommodation approximately 345.64 sq m (3,720 sq ft)

Location

Situated on the north side of Market Place, close to its junction with Station Road, in the attractive and historic town of Warminster. Nearby occupiers include Boots Opticians, JD Wetherspoon, Co-op Travel, Nationwide, Costa Coffee, Vision Express, Card Factory, Hays Travel and Superdrug. Waitrose supermarket and car park are a short distance to the east, off Station Road.

Tenure / Property Information

Investment Analysis

The supplied sold evidence confirms transactions for nearby Market Place properties, including 39 Market Place at £626,000 in 2021 and 47 Market Place at £276,000 in 2015, but it does not provide sufficient detail on accommodation, condition, income, tenancy or comparability. The wide price range and differing transaction dates mean a reliable GDV or market value cannot be established. The £225,000–£250,000 guide is the only current pricing evidence. VAT is applicable, but the amount and treatment are not supplied.

Investment Snapshot

Strategy Recommendation

Treat as a specialist commercial value-add opportunity only. Before bidding, verify the Blue Cross lease and break provisions, VAT treatment, office letting prospects, condition and redevelopment planning position. Do not proceed on the supplied evidence alone.

Works Required

No specific physical defects or refurbishment requirements are evidenced. The first and second floor offices are vacant and may require inspection, compliance checks and letting preparation, but no cost allowance can be supported. Any future redevelopment is subject to necessary consents.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR analysis is unsupported because there is no reliable GDV, refurbishment budget, rent evidence, finance information or refinance valuation. The existing Blue Cross lease and vacant offices require detailed lease, condition, income and letting due diligence before considering refinancing.

Buy-to-Let Analysis

A commercial investment assessment cannot be completed because no passing rent, auctioneer rent estimate or sufficiently specific rental comparables are supplied. The shop is let to Blue Cross until 2031, subject to a mutual break in 2029, while the first and second floor offices are vacant. Gross yield cannot therefore be established.

Flip Analysis

A flip surplus cannot be calculated. Although nearby sold comparables are provided, their sizes, condition and use are not sufficiently detailed for a supported GDV, and no refurbishment or selling-cost allowance is available. Future redevelopment is also subject to consents.

Investor Risks & Due Diligence

• The Blue Cross shop lease has a mutual break option in 2029, creating future income uncertainty.

• The first and second floor offices are vacant and no rental evidence is supplied for them.

• VAT is applicable, but the amount and recoverability treatment are not provided.

• No specific condition, repair or compliance information is supplied.

• Any future redevelopment is subject to all necessary consents.

• The available sold comparables differ in date and lack sufficient size, condition and use detail for reliable valuation analysis.

• Additional seller or third-party charges may apply but are not quantified.

Recommendation

Treat as a specialist commercial value-add opportunity only. Before bidding, verify the Blue Cross lease and break provisions, VAT treatment, office letting prospects, condition and redevelopment planning position. Do not proceed on the supplied evidence alone.

Strategy Rating

Analysis Confidence

The property description and occupancy information are reasonably clear, but there is no rent evidence, EPC, condition report, refurbishment budget, detailed valuation evidence, buyer/admin fee schedule or reliable comparable detail.