Summary - 1-3 5 Stephenson Place 8 Church Way, Chesterfield, S40 1XL S40 1XL
1 bed 1 bath Retail Property (high street)
Large freehold retail and upper‑floor opportunity for income and conversion.
Prominent Victorian corner building, approx. 8,000 sq ft
A substantial, multi-let Victorian corner property in the heart of Chesterfield town centre, offered freehold with a current gross income of £73,700 pa (rising to £75,700 pa contracted). The building extends to approximately 8,000 sq ft across ground, first, second and third floors, with three busy ground-floor retail units, an established first-floor bar, and a mix of commercial occupiers above.
The asset presents clear income stability: most leases are on effective full repairing and insuring (FRI) terms with service charge provisions and personal guarantees in place. Recent lettings include a new long-lease restaurant and a 15-year food operator lease with stepped rent, underpinning rental growth potential. The property benefits from a prominent corner position close to major pedestrian routes, Vicar Lane shopping and strong local transport links.
There is noticeable asset management upside. The upper parts offer scope for residential conversion or reconfiguration to increase income, with a vacant third-floor unit ready for reletting. Any buyer should factor in refurbishment and planning costs for change of use and necessary works to bring upper floors to residential standard.
Material considerations: the town centre records very high crime levels which may influence tenant mix and insurer/management costs. VAT is applicable to the figures quoted. The property is large and central but will require ongoing management and investment to realise residential development or rental uplift.
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