Marmion House, 91-93 High Street

Marmion House is a modern, concrete framed mix-use commercial property on basement, ground and 3 upper office floors with a primary retail frontage to High Street. The basement level is accessed from Copenhagen Street and is occupied by the wellknown and successful Keystones Cocktail Club www.keystonescocktailclub.com. Also on Copenhagen Street is Alcöve Wine Bar, a very popular wine bar / leisure venue.

The High Street units are highly prominent and occupied by Moss Bros and Joules. Joules has a vibrant visual appearance and benefits from a return frontage along Copenhagen Street, enhancing its retail impact on High Street.

Access to the upper office floors is from a self-contained entrance / reception area accessed from Copenhagen Street.

The office floors are subdivided into 9 office suites (plus 2 occupied as ancillary accommodation by Moss Bros and Joules), varying in size between 529 – 2,364 sq ft, which successfully meet demand for offices in Worcester city centre. The offices benefit from a passenger lift, have excellent levels of natural light with attractive views of the Worcester skyline and unusually have air conditioning throughout. Toilet accommodation is on each floor and kitchen facilities on second and third floors.

Marmion House is not Listed but is in Worcester City Conservation Area.

Location
The cathedral city of Worcester is a well-established retail centre and is the administrative hub for the county of Worcestershire. Worcester lies approximately 129 miles north west of London, 29 miles south west Birmingham and 28 miles north of Cheltenham.

Marmion House is situated in Worcester’s prime retail location on High Street and benefits from a return frontage to Copenhagen Street, which is a narrow, characterful and pedestrianised street populated with city centre bars and restaurants. The property is adjacent to The Guildhall, a historic Worcester landmark, very close to the Cathedral Quarter and is in a retail location comprising many national retailers including Marks & Spencer, River Island, Pandora and Hotel Chocolat.

There is plentiful secure public car parking nearby – Copenhagen Street car park is less than 2 minutes’ walk from Marmion House.

Public transport is highly accessible. Worcester Foregate Street station is 5-6 minutes’ walk from Marmion House and Worcester Shrub Street 12-15 minutes distant. Numerous bus routes serve Worcester city centre with many bus stops within a 3 minute walk of the property.

Specifications
Marmion House is let to 11 tenants. There is 1 vacant office suite available to let at £8,700 pa.

Total contracted income is £277,783 pa. 60% of the current income is attributable to the retail and leisure elements and 40% to the office element of Marmion House.

Marmion House offers both immediate and medium / longer term asset enhancement potential:

Adjacent to Alcôve Wine Bar is an over-sized service yard / bin store. The vendor is in discussion with the tenant to reduce the size of the service yard / bin store area to create an outside seating area fronting Copenhagen Street. This would create additional rental income and add amenity to Alcôve Wine Bar. In addition, Worcester BID is proposing to enhance Copenhagen Street where Marmion House is situated by adding festoon lighting to the street to enhance its attractiveness, particularly at night.

Structurally, Marmion House could be extended by 1 – 2 floors, subject to necessary consents. Each of these new floors could be configured to accommodate 4 – 5 residential apartments. In addition, the 3 current office floors could ultimately be converted to residential use.

Viewings
Strictly via prior appointment

Terms
We are instructed to seek offers of £2,850,000, subject to contract and exclusive of VAT.

A purchase at this level reflects a net initial yield of 9.16%, assuming purchasers costs of 6.43% and a low unit capital value of £171.77 psf.

VAT
This property is elected for VAT

Legal Costs
Each party is responsible for their own legal costs incurred in this transaction.

Anti-Money Laundering
Successful bidders will be required to submit information to comply with Anti Money Laundering Regulations.

Available Area