The property consist of 4 modern retail units in a neighbourhood shopping parade and 8 residential flats. Included in the sale are all fixtures & fittings in two of the retail outlets, which are fully fitted as a food takeaway and a hairdresser.
Three of the four units are occupied with a further unit fitted as a hairdressers available to lease.
The income is broken down as follows:
* Convenience store rent of £11,500 per annum with a 20 year lease started in 2012. Rent review scheduled soon.
* Takeaway rent of £6,000 per annum. Lease terms tbc.
* Community meeting facility on 99 year lease at £175 per annum
* Unit currently fitted as a hairdresser without a lease expected to return £6,000 per annum.
There are eight flats above the commercial premises on a 99 year lease started in 1999. These generate on £250 per annum rising to £500 in 2033.
The freehold also includes adjacent land, which has been identified as potentially providing another retail unit, with two flats above. These would all generate additional income at circa £12,000 for the unit and £6000 per annum for each flat. The vendor has indicated the local authorities would welcome this development but does not have formal planning approval.
The freehold also includes a car park to the side of the property, which can accommodate approximately 12 vehicles.
The market rent for all of the retail units is circa £24,000 per annum. Please note that one unit is currently vacant and would contribute an expected £6000 per year.
- Excellent yield on current commercial premises of circa 9%
- Development land for further commercial and residential property
- Shared maintenance agreement in place
The premises are centrally located in a substantial housing estate.
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