Commercial properties for sale in Hitchin, Hertfordshire

Freehold investment comprising multi tenanted building arranged over 2 floors, currently producing GBP 75,735 per annum with further management potential to increase income.



(From Caldes Software. Property Ref: N9485. May 12 2018 11:07PM)

DEVELOPMENT OPPORTUNITY

MIXED USE COMMERCIAL / RESIDENTIAL
(2 FLATS AND c8,965 SQFT OF RETAIL / ANCILLIARY ACCOMODATION)

FOR SALE - FREEHOLD

Location
Hitchin is a busy north Hertfordshire market town with a population of 33,352 as at the 2011 Census. The town is approximately 36 miles north of central London and lies on the A505 approximately 3 miles to the west of Junction 8 of the A1(M) and within 25 minutes drive of the M25, thus providing fast and easy access to central London and the national motorway link. The M1 (Junction 10) at Luton is approximately 20 minutes driving time away.

Railway communications from Hitchin station provide a fast and frequent service to London Kings Cross (35 minutes) and in addition there is an interCity service available to the north of England and Scotland by changing at Stevenage.

The property is located on Bucklersbury a one way street located off the main Market Square in the centre of Hitchin. The street is mainly of mixed residential and retail use with various occupiers from hairdressers to café’s and many other uses.

Description
An unbroken parade of retail and residential property some parts in the same ownership for over 150 years. The block of property is made up of five interconnecting retail units some with upper parts above used for ancillary purposes, and two separate two bedroom flats.

The property is arranged over ground first and second floors at various points throughout the parade with separate access to the residential flats.

There is potential to convert some of the upper parts and build above single storey units to create further residential accommodation subject to planning.

The property is Listed Grade II under List nos. 1102193, 1173196, 1347601 and 1102194.

The construction of the properties varies, mainly of traditional construction under pitched and flat roofs with rendered and brick painted elevations as well as non-painted brickwork. Shop fronts are of traditional construction and relate to the previous uses of the buildings.

The flats have been recently refurbished to a high standard.

Rates
We understand from the Valuation Office Agency website (www.voa.gov.uk) that the rateable value is £98,500. The UBR for 2017/18 is 47.9p in the £. Rates payable may be subject to transitional arrangements and/or small business relief, which should be verified with the Charging Authority. Assessments may be subject to appeal.

Accommodation
The approximate GIA areas are as follows (STS):

UNIT USE GF FF SF
2
Retail 172.9 96.06 -
3,4,5
Retail 144.4 101.08 -
6,7,8
Retail 294.72 23.76 -
6a
Residential - TBC TBC
8a
Residential - TBC TBC

Total

Total Sqm
832.92

Total Sqft 8,965

Tenure
The property is available with vacant freehold possession subject to the leases detailed herein.

Flat 6a – Vacant – (Recently let at £15,000pa)
Flat 8a – Let at £15,000pa - AST

Price
Guide price offers in the region of £2,500,000.

Energy Performance Certificate (EPC)
The property is Listed and an EPC has not been prepared for the commercial property.

VAT
Unless otherwise stated all prices and rents quoted are exclusive of Value Added Tax. Any intending lessees or purchasers must satisfy themselves as to the incidence of VAT in respect of any transaction.

The premises comprise a currently trading restaurant to the ground floor with a fully fitted kitchen, WC’s and rear stores. The upper parts comprise restaurant WC’s plus four ensuite bedrooms to the 1st & 2nd floor front with two bedrooms and a one bedroom suite to the first floor rear. The property has a rear car park with parking for approximately 10 cars. The property is adjoined with a boutique 24 bedroom hotel which is also potentially available to purchase.

The premises are located within Hitchin town centre within 100 metres of Market Place. Nearby occupiers on Sun Street include Zizzi and Pizza Express with numerous other multiple outlets in Market Place.

An unbroken parade of retail and residential property some parts in the same ownership for over 150 years. The block of property is made up of five interconnecting retail units some with upper parts above used for ancillary purposes, and two separate two bedroom flats.

The property is arranged over ground first and second floors at various points throughout the parade with separate access to the residential flats.

There is potential to convert some of the upper parts and build above single storey units to create further residential accommodation subject to planning.

The property is Listed Grade II under List nos. 1102193, 1173196, 1347601 and 1102194.

The construction of the properties varies, mainly of traditional construction under pitched and flat roofs with rendered and brick painted elevations as well as non-painted brickwork. Shop fronts are of traditional construction and relate to the previous uses of the buildings.

The flats have been recently refurbished to a high standard.

( Agency Pilot Software Ref: 6148 )

The premises comprise a currently trading restaurant to the ground floor with a fully fitted kitchen, WC’s and rear stores. The upper parts comprise restaurant WC’s plus four ensuite bedrooms to the 1st & 2nd floor front with two bedrooms and a one bedroom suite to the first floor rear. The property has a rear car park with parking for approximately 10 cars. The property is adjoined with a boutique 24 bedroom hotel which is also potentially available to purchase.
Location
The premises are located within Hitchin town centre within 100 metres of Market Place. Nearby occupiers on Sun Street include Zizzi and Pizza Express with numerous other multiple outlets in Market Place.

The properties form part of a division and refurbishment scheme comprises of three industrial units, which occupy a secure and enclosed site.
( Agency Pilot Software Ref: 10104 )