Shrewsbury retail and office block sells for in excess of £1.5m
A prominent five-storey retail and office block with a car park and Grade II listed house in Shrewsbury town centre has been sold for in excess of £1.5 million.
The sale of Crown House, 1-3 St Mary’s Street and St Mary’s Cottage was secured by joint agents Halls and GVA.
Key tenants of Crown House, which has 1,297 square metres of accommodation and a gross annual rental income of £145,310, are Santander, Subway, Tui UK Limited and Shropshire Council.
The re-inforced concrete frame building has three retail units fronting St Mary’s Street and the upper offices have a dedicated entrance onto St Mary’s Place. The first floor, open plan office was refurbished in 2010 but the remaining office floors require refurbishment.
Also included in the sale was a 17-space car park to the rear of Crown House and St Mary’s Cottage, a three-store, three bedroomed house. The total site area was 0.12 hectares.
James Evans, Halls’ commercial manager based in Shrewsbury, said there was potential, subject to planning permission, to convert the upper floors of Crown House from offices to residential use.
“The sale of Crown House highlights the encouraging demand for commercial investment opportunities in Shrewsbury,” he added. “I am delighted to have completed this sale in my first week since joining Halls and am keen to speak to other commercial property owners as we have buyers waiting for the right investment opportunities.”
