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For Sale£825,000.00

PRIME COMMERCIAL / RESIDENTIAL INVESTMENT OPPORTUNITY FOR SALE

Residential, Retail
Property type: Residential, Retail
Tenure: Investment Opportunity, For Sale Freehold
Price: £825,000.00
Location: 87 - 89 London Road, St. Albans, AL1 1LN
FOR SALE

FULLY LET

COMMERCIAL AND RESIDENTIAL
REVERSIONARY INVESTMENT OPPORTUNITY

• City Centre Location
• Commercial Unit and Residential Upper Parts
• Producing £43,640 per annum
• Guide price £825,000
(Commercial parts subject to VAT)

• ENQUIRIES AND VIEWINGS ARE STRICTLY THROUGH THE AGENTS

DESCRIPTION

The subject premises comprises 2 ground and lower ground commercial units together with 3 studio apartments above with separate access.

87 London Road

Café/Retail premises (A1 use) let by way of a lease. (Excluded from sections 24-28 of the Landlord and Tenant Act 1954) for an 8 year term commencing on 9th July 2014 subject to a tenant’s option to determine on 8th April 2016 and 8th April 2018 (on 6 month’s minimum notice).

The passing rent is £7,000 p.a. exc.

89 London Road

Hair salon (A1 use) let by way of a lease.
(Excluded from sections 24-28 of the Landlord and Tenant Act 1954) for a 10 year term commencing 18th May 2018 subject to a tenant’s option to determine on 17th May 2023 (on 6 months minimum notice).

The lease provides for a Landlord’s option to determine on 17th May 2025 (on 6 month’s minimum notice).

The passing rent is £13,000 p.a. exc. The lease is subject to a rent review at year 5.

89A/89B/89C London Road
The residential aspect comprises of three studios units let on assured shorthold tenancy agreements currently achieving:
89a - £650.00 p.c.m.
89b - £695.00 p.c.m
89c - £625.00 p.c.m.

VAT

The premises are registered for VAT and therefore VAT will apply.

LEGAL COSTS

Each party to be responsible for their own legal costs in connection with this matter.

BUSINESS RATES

According to the VOA website the rateable values stated are as below:

87 London Road:

Rateable Value £4,800

Rates Payable for 2018 - 2019 £2,295

89 London Road:

Rateable Value £8,200

Rates Payable for 2018 - 2019 £3,
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