Worcester property with £19k rents and huge development potential to be auctioned

05th Oct

An impressive property in Worcester that’s already drawing nearly £19,000 rent and has huge development potential is coming up for auction later this month.

The lot at 24-25 The Tything is located opposite the renowned RGS Worcester School and has a guide price of over £395,000.

It includes two self-contained retail units on the ground floor bringing in rents of £10,800 and £7,500 a yera respectively, plus another £600 a year coming from a licensed parking space.

Upstairs is currently vacant accommodation of four offices, a kitchen and toilets on the first floor and another four offices on the second floor.

James Mattin, managing director agency at auctioneer Bond Wolfe, said: “This property occupies a prominent corner position at the junction of The Tything and Brittania Square in Worcester city centre and offers an excellent investment opportunity.

“The upper floors were previously used as offices and benefit from a previous planning permission for a change of use to a six-bedroomed house of multiple occupation.

“There is also a car park to the rear which currently provides three spaces to the retail units as well as a further space rented out on a licence agreement.

“The Tything is one of the main arterial roads leading into the city centre from the north, being under a quarter of a mile from Worcester’s main pedestrianised shopping area.

“The area is a secondary shopping location extremely popular with independent retailers whilst also being surrounded by residential property in a highly sought-after area.”

The Worcester property is just one of 188 that will appear in Bond Wolfe’s next auction which starts at 9am on Wednesday, October 20. The auction will be livestreamed via Bond Wolfe’s website with remote bidding by proxy, telephone or internet only.

Bond Wolfe is offering this property for sale in conjunction with joint agents GJS Dillon.

BusinessWorks Wocestershire & Black Country spring 2022 | BusinessWorks Magazine

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