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Agent's details

70 High Street, Banbury, OX16 5JG

For sale: £200,000.00|661 |Retail, Retail - High Street

Property details

FOR SALE£200,000.00
SIZE661
ADDRESS70 High Street, Banbury, OX16 5JG
TYPERetail, Retail - High Street
TENUREFor Sale Freehold
POSTED ON30th July 2021

Description

LOCATION
Banbury is a busy and growing commercial centre in North Oxfordshire with a population approaching 50,000. It has excellent communication links which is helping fuel its growth situated on the M40 and with fast rail links to London and Birmingham. The town centre is full of historic buildings with a range of shops both national and independent, professional services and a strong hospitality sector. The Council's purchase of the shopping centre and the development of a new leisure scheme opening in 2021-22 adjacent to the canal will provide a further boost for the town. Banbury is popular for town centre living with a number of conversion or new build schemes having taken place for apartments increasing the town's residents.

The property is situated on a busy pedestrianised part of the High Street. It has a return frontage to Butchers Row. Nearby occupiers include Subway, CEX, Lloyds Bank, White Stuff and Café Nero.

ACCOMMODATION
The property provides a sales and seating area at ground floor with a first floor kitchen, staff WC and store and second floor office. It has been fitted out to a high standard with contemporary furnishings.

Gross Frontage to High Street: 7.50 metres / 24 ft 8 ins
Return Frontage: 3.80 metres / 12 ft 6 ins

Ground Floor Net Area: 26.04 sq m / 280 sq ft

First Floor Kitchen: 8.50 sq m / 91 sq ft
First Floor sub kitchen: 7.25 sq m / 78 sq ft
First Floor WC (staff only)

Second Floor office: 11.35 sq m / 122 sq ft
Second Floor Store: 8.36 sq m / 90 sq ft

Total Area: 61.50 sq m / 661 sq ft


BUSINESS RATES
The Rateable Value of the property is £9,100. It is eligible for Small Business Rates Relief.

LEASE
The property is let to The Missing Bean Limited on a full repairing and insuring lease expiring 13th April 2028. From the 14th April 2022 rent is £14,000 per annum subject to an upwards only rent review on 14th April 2026.
The rent from 14th April 2021 to 13th April 2022 rent is £11,500. The tenant has a break clause (six months notice required) on 14th April 2024. The lease is Landlord and Tenant Act Protected.

THE MISSING BEAN
The Missing Bean Ltd is an independent artisan coffee roaster with four shops located in Oxfordshire. Predominately a wholesaler of their inhouse roasted coffee beans, the company expanded into the retail sector in 2009 with their first shop on Turl Street, Central Oxford.
A fiercely independent company, the small team oversees all aspects of the business from sourcing to roasting, ensuring that they maintain their high environmental and ethical standards. Provenance and fair trade are at the heart of their accomplishments.

PRICE
The freehold of the property, subject to the lease to The Missing Bean Ltd, is for sale at £200,000. This represents a net initial return of 6.84% based on the rent of £14,000 p.a.

VIEWINGS
Viewings must be carried out by arrangement and we would encourage anyone interested in viewing the property to first discuss their requirement with us to ensure the property is likely to be suitable. Do not discuss the sale direct with the business owner without first setting up an appointment with us.

Location

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Location: 70 High Street, Banbury, OX16 5JG

Kings Sutton (0.4 miles)

Banbury (0.6 miles)

Heyford (9.7 miles)

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