Westgate, Peterborough

Peterborough is situated in the heart of the East of England, located approximately 80 miles north of London,
77 miles east of Birmingham and 32 miles north of Cambridge.

Peterborough has become established as an important regional centre for commerce, industry, shopping, health, education and leisure. It is a cathedral city with a traditional city centre and urban environments. The city population is in excess of 200,000 and has more than doubled since it was designated a new town in 1968 incorporating a Masterplan to develop four townships, each with a full range of social and economic services. Peterborough is considered to be one of the fastest growing cities in the UK.

The city is located east of the A1(M) which is one of the principal north-south links in England. The A47 also serves Peterborough with links to the south via the A1(M) and leads to the M11 and East Anglia.
Peterborough is located on the east coast Edinburgh to London rail line with the fastest journey time to London in less than 50 minutes. The Cross-Country rail route between Norwich and Liverpool also passes through Peterborough. It is located some 68 miles north-west of Stanstead International Airport.

The subject property is located in the heart of the city centre, adjacent to the Queensgate Shopping Centre on a prominent retail street in Peterborough, close to the proposed North-West redevelopment area.
The property is situated in a central position on Westgate, directly opposite the former Beales Department Store. This has now been sold for a comprehensive mixed use development to provide 125 private residential units and 846m² (9,106ft²) of commercial/retail space. The property is situated close to the junction with Geneva Street which is XX Park Road and a short walk from Peterborough Train Station and the bus station to which further reference is made later on. The area to the north of the Beales Store is occupied for a combination of commercial and residential uses with the emphasis being in
residential.

Nearby occupiers include Savers, Lloyds Bank, Age Concern and H&G Pawnbrokers at the junction with Long Causeway. The property is close to the well-known Bull Hotel Restaurant and Bar. The majority of the tenants along Westgate have been in occupation for many years.

The property comprises a start up former bank premises which have now been converted into two ground floor shops together with 13 apartments. The building is of traditional modern construction, probably erected in the early 1950's with a stone façade to match the adjacent properties. The building has total site coverage. The property has been extensively rebuilt and is in excellent condition.
The ground floor consists of two shops, one retailing hairdressing products and the second being a chicken takeaway. To the east there is a separate entrance to the upper parts known as Walker House located on the first and second floors. These consist of 13 apartments,
8 on the first floor and 5 apartments on the second floor.

The current income derived from this property is £213,200 per annum, the majority being the residential income totalling £133,200 and two retail shops producing £80,000. Details of the retail tenancies are set out below. A schedule of residential income and tenancies is available upon request.

The property is situated within the Westgate City Centre Conservation Area. We understand that the property is not Listed. 

These sales particulars have been prepared by FHP Living on the instruction of the vendor. Services, equipment and fittings mentioned in these particulars have NOT been tested, and as such, no warranties can be given. Prospective purchasers are advised to make their own enquiries regarding such matters. These sales particulars are produced in good faith and are not intended to form part of a contract. Whilst FHP Living have taken care in obtaining internal measurements, they should only be regarded as approximate.

Purchaser information - Under the Protecting Against Money Laundering and the Proceeds of Crime Act 2002, FHP Living require any successful purchasers proceeding with a purchase to provide two forms of identification i.e. passport or photocard driving license and a recent utility bill. This evidence will be required prior to FHP Living instructing solicitors in the purchase or the sale of a property.