Prime Chester retail spot on market for £1m
Situated in the heart of the city centre’s retail core, 15-23 Frodsham Street is fully let to kitchen retailer Magnet.
Generating £90,000 a year in rent, the 3,200 sq ft freehold for the store is up for grabs, with Metis Real Estate Advisors marketing it on behalf of what it describes as a “private Manchester-based developer”.
HM Land Registry data shows that the current owner is Stanthorne, which acquired the property in October 2016 for £736,000.
The current guide price for the ground floor property is £1m. If sold at this price, it would reflect a net initial yield of 8%.
Despite the property’s Tudor-like façade, it boasts a new steel frame and a new roof.
“The is a very well-positioned and attractive property investment located in one of the busiest shopping streets in Chester,” said Paul Jones, managing director and co-owner of Metis.
“Frodsham Street has benefitted greatly from the relocation of the bus interchange by Cheshire West & Chester Council from Northgate Street to the northernmost end of the street in 2017,” he continued.
“The building has ostensibly been rebuilt by our client and fitted out to an exceptionally high standard by the tenant, Magnet.”
The shop sits less than two minutes’ walk from Foregate Street, with neighbours that include Toni & Guy, Greggs, and Halifax Bank.
Not part of the deal are six apartments situated on the building’s first and second floors. These were sold off a long leasehold.
