Gatcombe Way, Priorslee, Telford, Shropshire TF2 9GZ

Telford, TF2 9GZ

Sold

Price £1,000,000

Rent (pa) £74,575

Yield 7.05%

Investment Summary

Established neighbourhood centre investment in busy residential suburb.
Located in Priorslee approximately 2.5 miles to the northeast of Telford.
Situated along Gatcombe Way in a densely populated, recently developed residential scheme.
The property comprises a single storey neighbourhood centre split into 4 units
(2 units sold off LLH – 999 years).
Currently occupied as an NHS medical centre (4,467 sq ft) and one unit vacant (850 sq ft).
Total floor area of 5,317 sq ft.
Total of 43 parking spaces (8 reserved for the LLH units).
NHS Medical Centre let to a group of general practitioners.
Term of 25 years wef 19th July 2001, expiring 18th July 2026 (1.8 years unexpired).
Current passing rent of £74,575 per annum (£17.15 psf) and 2024 rent review outstanding.
Strong alternative use potential to convenience store and other commercial uses.
Freehold.
Estimated rental value of £91,000 per annum.
Opportunity to add value through asset management – leasing the vacant unit and rent review / regear of the medical centre.