Freehold investment for sale
Tramps & Monkswell House
Angel Place, Worcester WR1
Two adjoining Grade II Listed buildings in the heart of Worcester, let to a nightclub that has traded here for more than forty years, to the occupiers of fourteen residential flats and to two ground floor businesses. Offers in excess of £4,250,000 are invited for the freehold interest, which produces £451,160 per annum.
- Offers in excess of
- £4,250,000
- Passing income
- £451,160 pa
- Gross initial yield
- 10.62%
- Tenure
- Freehold
Investment summary
The opportunity
- Freehold mixed-use investment in the centre of Worcester, the cathedral city and county town of Worcestershire.
- Two adjoining Grade II Listed buildings on a prominent corner where Angel Place meets Angel Street.
- Tramps occupies the former Congregational Church of 1858 and has traded from the building for more than forty years; the freehold premises only are offered and the nightclub business is excluded from the sale.
- Monkswell House comprises fourteen self-contained flats above an independent coffee lounge and a barber shop.
- Total passing income of £451,160 per annum, of which £336,000 is paid by the nightclub operator and £115,160 by the residential and ground floor occupiers of Monkswell House.
- On the doorstep of Scala arts centre and the £26 million regeneration of Angel Place, due to complete in summer 2027.
- Offers in excess of £4,250,000, subject to contract, reflecting a gross initial yield of 10.62 per cent.
Tramps, Angel Place
The former Congregational Church
Built in 1858 to designs attributed to Poulton and Woodman, the building is faced in Cotswold stone ashlar over brick, with a bowed Corinthian portico beneath a pediment, round-arched windows with circular glazing bars and a flight of horseshoe steps to the central entrance. Historic England describes it as a distinguished example of Nonconformist church architecture in a robust classical style, and the listing records a galleried interior with a bowed balcony, cast iron railings and a central dome.
The church was converted to a nightclub in the 1980s and has been home to Tramps ever since, giving the building more than forty years of continuous trading as one of the best known venues in Worcester. The freehold premises only are offered for sale. The nightclub business is excluded, and the operator remains in occupation at a passing rent of £336,000 per annum. Lease details are available on request.
Rent passing
£336,000 per annum
Listing
Grade II
Historic England list entry 1359634
Built
1858
Converted to a nightclub in the 1980s
Use
Nightclub
Sui generis
Monkswell House, Angel Place
Fourteen flats above two trading units
Adjoining Tramps on the corner of Angel Place, Monkswell House is a Grade II Listed red brick building of three storeys with a rendered ground floor, stone quoins and sash windows. The upper floors contain fourteen self-contained flats, each let on an individual tenancy and producing £98,160 per annum in total, an average of £7,011 per flat.
At street level an independent coffee lounge trades from the corner unit, with seating onto the pavement and a strong local following.
A barber shop occupies the adjoining ground floor unit. Together the two businesses produce a further £17,000 per annum, bringing the income from Monkswell House to £115,160 per annum.
Residential
14 flats
£98,160 per annum
Ground floor
2 units
£17,000 per annum
Total income
£115,160 per annum
Listing
Grade II
Flat schedule
| Flat | Floor | Accommodation | Rent pcm | Rent pa |
|---|---|---|---|---|
| Total | £8,180 | £98,160 | ||
The city
Worcester, the county town
Worcester is the cathedral city and administrative centre of Worcestershire. The 2021 Census recorded 103,900 residents, 5.2 per cent more than a decade earlier, within a county of 603,600 people. The median age is 39, below the national figure, and the private rented sector is growing: 21.2 per cent of households rented privately in 2021, up from 18.2 per cent in 2011. The University of Worcester adds more than 9,000 students across four campuses, including the City Campus in the former Royal Infirmary, a few minutes on foot from Angel Place.
The city is the main centre for retail, employment and leisure in the county. Major employers include Worcester Bosch, Yamazaki Mazak, Lea and Perrins, Worcestershire County Council and Worcestershire Royal Hospital, and the visitor economy draws on the cathedral, racing at Pitchcroft, county cricket at New Road and the Three Choirs Festival, the oldest music festival in the British Isles.
Worcester sits on the M5, with junction 6 to the north of the city and junction 7 to the south, 30 miles from Birmingham and 35 miles from Birmingham Airport. Three railway stations serve the city. Worcester Foregate Street, a short walk from Angel Place, has trains to Birmingham New Street in as little as 41 minutes and direct Great Western Railway services to London Paddington from 2 hours 7 minutes, with Worcester Shrub Hill half a mile to the east. Worcestershire Parkway, opened in 2020 to the south east of the city, adds cross-country services towards Bristol and the South West, and the city bus station at Crowngate sits beside Angel Place.
Population
103,900
City, 2021 Census, up 5.2 per cent since 2011
County
603,600
Worcestershire, 2021 Census
Students
9,000+
University of Worcester, 2023/24
Private renting
21.2%
Of households, up from 18.2 per cent in 2011
Birmingham by rail
41 min
Fastest service from Foregate Street
London Paddington
2 h 7 min
Fastest direct service from Foregate Street
Sources: ONS Census 2021; University of Worcester facts and figures; National Rail timetable, fastest advertised journeys.
Location
The northern gateway to the city centre
Angel Place lies at the northern end of the city centre, between the main shopping streets and Foregate Street station. The buildings occupy a prominent corner where Angel Place meets Angel Street, moments from The Cross and Broad Street, with the Crowngate shopping centre, Friary Walk and the city bus station immediately to hand and the University of Worcester City Campus a few minutes on foot.
Angel Place is also the focus of the largest regeneration programme Worcester City Council has undertaken: a £26 million transformation of the city centre's northern gateway, supported by £17.9 million from the Government's Future High Streets Fund. Its centrepiece, Scala arts centre, pairs the restored 1922 Scala cinema with the Grade II Listed Corn Exchange on Angel Street to create three studio spaces, a glass vaulted performance and dining space for 200, a bar and a café. Angel Place itself is being remodelled as an outdoor space for performances and events, with level access into the surrounding buildings.
November 2026
Refurbishment of the Scala building completes
February 2027
Works to the Corn Exchange complete
May 2027
Angel Place public realm improvements complete
Summer 2027
Scala arts centre opens
Tenancies
Income schedule
| Property | Use | Description | Rent pa |
|---|---|---|---|
| Tramps | Leisure | Freehold premises let to the nightclub operator | £336,000 |
| Monkswell House | Residential | Fourteen self-contained flats, each on an individual tenancy | £98,160 |
| Monkswell House | Retail | Coffee lounge and barber shop at ground floor | £17,000 |
| Total | £451,160 | ||
Figures supplied by the vendor. Rents are quoted per annum and exclusive of VAT. A full tenancy schedule, with lease terms, review and expiry dates, is available in the data room to approved parties.
Proposal
Terms of sale
Offers in excess of £4,250,000 are invited for the freehold interest in both buildings, subject to contract. A purchase at this level reflects a gross initial yield of 10.62 per cent on the passing income of £451,160 per annum, before purchaser's costs.
Offers should be submitted in writing to Chartwell Noble and should confirm the purchasing entity, the source and status of funding, and the proposed timescale to exchange and completion. The vendor is not obliged to accept the highest or any offer.
Make an enquiryOffers in excess of
£4,250,000
Passing income
£451,160 pa
Gross initial yield
10.62%
Further information
Particulars
- Tenure
- Freehold.
- Listing
- Both buildings are Grade II Listed. Tramps is Historic England list entry 1359634.
- Planning
- Nightclub (sui generis), residential flats (Class C3) and café and barber (Class E). Interested parties should make their own enquiries of Worcester City Council.
- EPC
- Energy performance certificates are available in the data room.
- VAT
- The VAT position is to be confirmed. Prices and rents are quoted exclusive of VAT.
- Rates
- Interested parties should make their own enquiries as to business rates and council tax.
- Documents
- Leases, the tenancy schedule, title documents and plans are available to approved parties through the data room.
- Viewing
- Strictly by appointment through Chartwell Noble. The nightclub trades in the evenings and viewings are arranged so as not to disturb any occupier.
- Anti-money laundering
- In accordance with the Money Laundering Regulations, the purchaser will be asked to provide identification documents and proof of funds before exchange of contracts.
Your contact
Arrange a private conversation
George Pickard leads the sale on behalf of the vendor. Conversations are held in confidence, and further information is released to approved parties through the data room.