Large mixed use investment comprising 2x retail units and 2x self contained first floor flats. The property is fully let producing £24,840pa although we consider there is potential to increase the rents to circa £30,000pa. In addition the property may offer potential for further development subject to obtaining the necessary consents. The property is situated in a busy parade on Lodge Causeway with close proximity of Fishponds Road.
A substantial double fronted property comprising two extended retail units benefiting from rear access and 2x first floor one bedroom flats. The property is fully let producing £24,840pa although we suggest the market rent should be in the region of £30,000pa and are informed the tenant at No 304 is holding over and hence offers the opportunity to review. The property also offers potential for further redevelopment to the rear, subject to obtaining the necessary consents.
Situated on a busy parade on Lodge Causeway located between Fishponds Road and Two Mile Hill Road, Kingswood. Neighbouring occupiers include Tesco Express, Coral, Brandon Hire and numerous other local traders.
LEASE DETAILS -
302 Lodge Causeway (Trading as Budget Booze): Let at £8,400pa on an effectively full repairing and insuring terms (recovered by way of service charge) for a term of 16 years from 4 December 2007 subject to 4 yearly rent reviews. We understand a review is therefore due in December 2019.
304 Lodge Causeway (Trading as Bell Hill Carpets): The tenant currently pays £3,600pa and our client is in the process of negotiating a new 3 year term at the same rent subject to a rolling 6 month tenant break option and annual rent review. Whilst we await a copy of the lease, we suggest a market rent closer to £7,500pa may be a more accurate reflection of the market rent.
302a (First FLoor Flat): Let at £575pcm on an assured shorthold tenancy basis.
304a (First FLoor Flat): Let at £495cm on an assured shorthold tenancy basis which we consider to be a low rent given the level of rent next door.
FLOOR PLAN -
A floor plan is provided for indicative purposes only and should not be relied upon.
302 Lodge Causeway (Budget Booze): Approx. 1200 sq ft /111.5 sq m
304 Lodge Causeway (Bell Hill Carpets): Approx. 680 sq ft / 63 sq m
302a First Floor Flat: 1 Bedroom self-contained flat
304a First Floor Flat: 1 Bedroom self-contained flat
No. 304: D, No. 302: D, No. 304a: F, No. 302a: G
All figures quoted are exclusive of VAT unless otherwise stated.
BUSINESS RATES -
The rateable values with effect from April 2017 are:
302 Lodge Causeway - £7,800
304 Lodge Causeway - £6,100
Strictly by Appointment with Maggs and Allen
CONTROL OF ASBESTOS -
As per the Control of Asbestos Regulations 2012, the owner or tenant of the property, or anyone else who has control over it and/or responsibility for maintaining it, must comply with the regulations which may include the detection of and/or management of any asbestos or asbestos related compounds contained at the property. Maggs & Allen has not tested or inspected for Asbestos and therefore recommend all interested parties to make their own enquiries.
Maggs & Allen use all reasonable endeavors to supply accurate property information in line with the Consumer Protection from Unfair Trading Regulations 2008. These property details do not constitute any part of the offer or contract and all measurements are approximate.
It should not be assumed that this property has all the necessary Planning, Building Regulation or other consents. Any services, appliances and heating system(s) listed have not been checked or tested. Please note that in some instances the photographs may have been taken using a wide angle lens.
Any site and floor plans provided are for indicative purposes only and should not be relied upon.