Mixed use retail & residential investment opportunity.
• GF retail let to Domino's for 20 years from 11/12/18 at £12,000 PA. Resi flats/garages let at £18,960 PA - total income £30,960 PA
• Offers invited for the property, subject to the occupational leases and AST's, in excess of £450,000
• A purchase at the above level represents a net initial yield of 6.59%, assuming purchasers' costs of 4.47%
The property is situated close to the centre of Castle Donington, on Bondgate near its junction with Market Street, which leads to the town centre.
Castle Donington is situated close to East Midlands Airport and the internationally known Donington Park motor racing circuit.
The town has excellent transport links with the A50 to the north providing access to Derby and Junction 24 of the M1, and the A453 to the south providing access to Junction 23 A of the M1 and junction 14 of the A42.
The property comprises a detached building of brick construction under a part pitched, tiled roof, and part flat roof. The building is arranged over three floors and has a ground floor single storey retail unit with three floors of residential accommodation above. There are four garages and a further ground floor store.
The residential accommodation is split over three self-contained flats providing two 2 bedroomed and one 1 bedroomed flat.
There is a further flat which we have not inspected which has been sold off on a long lease.
From areas provided, the property has the following approximate floor areas:-
Ground Floor Retail: 133.87 sq m (1,441 sq ft)
Flat 1: 82.00 sq m (883 sq ft)
Flat 2: 76.00 sq m (818 sq ft)
Flat 3: 42.00 sq m (432 sq ft)
Flat 4: 39.00 sq m (420 sq ft)
Total: 372.87 sq m (3,994 sq ft)
There is parking in the front forecourt.
Freehold, subject to the occupational leases stated on the tenancy schedule.
Please see sales particulars for the full tenancy schedule.
Copy leases and AST's are available upon request.
We are instructed to invite offers for the property, subject to the above occupational leases and AST’s, in excess of:-
£450,000 (Four Hundred & Fifty Thousand Pounds).
A purchase at the above level represents a net initial yield of 6.59%, assuming purchasers’ costs of 4.47%.
Vat is not applicable to purchase price.
Located close to East Midlands Airport and the M1 motorway.
There are various major industrial logistic hubs in close proximity which require a large local workforce which may assist with residential letting demand.
Valuable A5 consent on the ground floor with scope to improve the rent at rent review.
Long term lease to well-known national operator who are currently fitting out ready to commence trading.
Parking available for both the commercial and residential tenants.