Commercial Investment property for sale.
Offers Over £180,000
The property occupies prime location on Market Street and is situated between Starbucks and Cosa Coffee with other nearby occupiers including Specsavers, HSBC, Coral, New Look, Savers, Vision Express, Nationwide and boots.
The accommodation is arranged on basement, ground and first floors within a traditional terraced building having brick elevations under a pitched roof. There is a small rear yard with access onto Sandon Street at the rear for servicing. The first floor has separate entrance and stairs to the left of the frontage, making it completely self-contained.
The ground floor has been extensively re-fitted as a small convenience store with ancillary storage and staff facilities to the rear. The first floor has previously been occupied as a hairdresser and is suitable for a variety of alternative uses.
The property is arranged as a ground floor sale with ancillary storage to the rear and self-contained basement storage space. The first floor is also self-contained and is capable of being sub-let. The property offers the following approximate dimensions and area: -
Gross Frontage 6.17m 20’03”
Net Frontage 4.04m 13’03”
Internal Width 3.91m 12’10”
Shop Depth 13.44m 44’01”
Ground Floor Sales 55.18m 594 sq.ft
Ground Floor Ancillary 14.77m 159 sq.ft
Basement Ancillary 24.43 m 263 sq.ft
First Floor Ancillary 81.74m 880 sq.ft
Ground Floor ITZA 415 units
The property is Freehold
The entire remises are let to Vino’s Mini Market for 10 years from 24th June 2021 subject to upward only rent reviews on 24th June and 24th December 2027 on full repairing and insuring terms within the lease expiring on 23rd June 2031
There are therefore 9 years remaining unexpired
The rent passing is £16,000 p.a. excl. The landlord holds a rent deposits equivalent to 6 months’ rent.
Net Initial Yield of 9%
Not VAT registered
Certificate and report are available upon request
This is an excellent opportunity to purchase a small investment in a vibrant town centre with a rebased rent a tenant who has invested significant capital into the building.
We are seeking offers over £180,000, subject to contract, representing an attractive Net Initial Yield of 9 %.
Strictly by appointment only..