Investment Consideration:
Gross Initial Yield: 6.56%
Rental Income: £6,490 p.a.
VAT is applicable to this property.
Comprises large ground floor shop with ancillary accommodation at basement and self-contained upper parts which have been sold-off on long leasehold.
Retail premises benefit from separate side access with service lift and private yard at basement level
Town centre location with occupiers nearby including Lloyds Bank and Santander, amongst many others.
Property Description:
A corner building comprising large ground floor shop with ancillary accommodation at basement and self-contained upper parts which have been sold-off on long leasehold. The retail premises benefits from separate side access with service lift and enclosed yard at basement level, providing the following accommodation and dimensions:
Ground Floor: 108 sq m (1,162 sq ft)
Open Plan Retail, Service Lift to Basement
Basement: 215 sq m (2,314 sq ft)
3 Large Rooms, Outside Courtyard
Total: 323 sq m (3,476 sq ft)
Tenancy:
The retail shop is at present let to an Individual for a term of 6 Years from 1st November 2022 at a current rent of £4,980 p.a. Fixed rental increase to £6,240 p.a. on 01.11.25 for Years 4,5 and 6. Vendor will top-up rent so the buyer receives the equivalent of £6,240 p.a. from completion. Tenant option to determine on 1st November 2025, with minimum 3 months notice. Deposit held of £1,500.
The upper parts have been sold on long leasehold for a term of 125 Years from 24 March 2006 at a ground rent of £250 p.a. Rent doubles up every 25 years.
Location:
The property is situated on the west side of High Street at its junction with Castle Street, next to Market Hall in the town centre of Brecon, close to the Brecon Beacons National Park. Brecon is a market and minster town in Powys, mid-Wales. Brecon is located near where the east-west A40 (Monmouth-Carmarthen-Fishguard) meets the north-south A470 (Cardiff-Merthyr Tydfil-Llandudno). The property is located on the busy High Street in Brecon. Occupiers close by include Lloyds Bank, Santander, amongst many more.
