Investment Consideration:
Gross Initial Yield: 9.00%
Rental Income: £22,500 p.a.
VAT is NOT applicable to this property
Comprises two ground floor shops
Benefits from right to use 2 parking spaces at rear
Tenant of No.57 did not exercise break clause in 2022
Extensive roof works recently caried out
Nearby occupiers include Iceland, Lloyds Pharmacy, Subway, Specsavers, Coral, Poundland and Barclays Bank.
Property Description:
The property comprises two ground floor retail shops providing the following accommodation and dimensions:
Ground Floor No. 55 - 62 sq m (672 sq ft)
Open Plan Retail, Office, Storage, WC
Ground Floor No. 57 - 49 sq m (527 sq ft)
Open Plan Retail, Office, Storage, WC
Tenancy:
No. 55 - The property is at present let to Individual t/a a Barbers for a term of 6 Years and 11 Months from 1st March 2022 at a current rent of £13,000 per annum and the lease contains internal repairing and insuring covenants. Rent review on 01.03.2025 and tenant option to determine on 01.03.2025 with minimum 3 months notice. Deposit held of £2,166.67
No. 57 - The property is at present let to Revilo Sports Limited for a term of 10 Years from 1st June 2016 at a current rent of £9,500 per annum and the lease contains internal repairing and insuring covenants.
Tenure:
Long Leasehold. The properties are held on a 999 Year leasehold from 25th March 2021 at ground rent of peppercorn.
Location:
Biggleswade is a market town and civil parish in Central Bedfordshire, England. Biggleswade lies about 40 miles (60 km) north of Central London and 20 miles (30 km) to the west-south-west of Cambridge. The properties are located opposite the junction with Station Road in the town’s main shopping throughfare with occupiers nearby including Iceland, Lloyds Pharmacy, Subway, Specsavers, Coral, Poundland and Barclays Bank.
