Whitchurch shops to go under hammer for £550K
A row of shops in a market town is to go under the hammer at an auction with a guide price of up to £550,000.
The leasehold of five units at Smithfield Shopping Centre, in Brownlow Street, Whitchurch, will be auctioned off on Monday after its long-term owner decided to sell up.
London-based Allsop, which is managing the auction, said the current shop owners will simply pay rent to another landlord.
Current businesses on the site include Leonard Brothers Veterinary Centre, The Co-operative Funeralcare and Iceland.
George Walker, a partner at Allsop, said there has been strong interest in the property and the buyers will be able to collect £55,592 per annum from the five lettings.
"There has been a good interest in it as it's a popular location. It's got some interesting tenants which people know and trust," he said.
"It's got a guide price of between £500,000 and £550,000, and it could do well.
"I think it will exceed the guide price as people like the area.
"There has been interest from about half a dozen which is really positive. It appeals to local investors.
"A lot of people are looking at investing in the commercial sector rather than the residential one.
"Nothing will change for the people of Whitchurch. The shops will not be impacted at all – the tenants will simply pay rent to another landlord."
Mr Walker added: "Shropshire Council holds the freehold and the client pays them 10 per cent of the overall rent and lease it to five different companies.
"The current owner owns a lot of property. It is what you see a lot of. People own buildings for about four or five years, do some improvements to add value to them, and sell them on. It is an established route."
Councillor Mike McDonald, mayor of Whitchurch, said he was pleased to hear of potential investment from people within the town.
"Hopefully this will present another opportunity for inward investment into our town and development of the site and its retail offering.
"This is adding to the strength of our many local, independent traders and continuing to make us a 'must go-to' shopping destination," he added.
For more details about the auction visit http://www.allsop.co.uk/
