Zero rent retail interim opportunity in Peterborough
Barker Storey Matthews’ latest retail instruction in Peterborough city centre sees the agent marketing the freehold sale of the property but with a temporary lease offered to a charity or similar operator at zero rent until a buyer is found.
Previously occupied by a jewellers, 10-11 Exchange Street, Peterborough is in a prime city centre position, fronting St John’s Square and close to the Queen Street and Cumbergate entrances to the Queensgate Shopping Centre.
Barker Storey Matthews is the sole agent under instruction and the property is being offered for sale – and for the interim rent period – with vacant possession.
It is a three-storey property totalling 1,604 sq ft, of which 727 sq ft is the self-contained, ground floor retail area which is double fronted on to the street and has a recessed entrance and external security shutters. The ground floor also has a small office, a kitchenette area and cloakroom facilities.
The remaining two floors have two further offices, cloakroom and storage on the first floor, with additional storage space on the second.
The configuration of the property sees Barker Storey Matthews suggesting scope for conversion of the upper floors for residential use, subject to planning consent and associated permissions.
Julian Welch, director at Barker Storey Matthews, is the agent leading the instruction of the property’s freehold sale and the interim lease at zero rent. He says: “The opportunity to purchase a freehold on city centre shops with vacant possession do not come to the market very often.
“This is a rare opportunity for prospective buyers who have a long term view of best use of the property and its available space – whether that remain commercial or is converted to residential.
“It’s also a very good offer to the right trader or retail-style operator looking to capitalise on very favourable lease terms for an interim period.”
The freehold of 10-11 Exchange Street, Peterborough is offered for sale at £425,000.
For more information about the freehold sale or the temporary lease offer, call Julian Welch on 01733 897722, email jw [at] bsm.uk.com or visit bsm.uk.com
• PHOTOGRAPH: 10-11 Exchange Street, Peterborough