Investment Consideration:
Rental Income: £24,000 p.a.
Gross Initial Yield: 6.86%
VAT is NOT applicable to this property
Comprises ground floor shop t/a florist (No.95) and a Children`s Nursery arranged over ground and first floor (No.97)
No.97 benefits from gated yard, suitable for vehicle parking
Nearby occupiers include Papa John`s Pizza, BP Petrol Station and Co-Op Food, amongst other local retailers.
Property Description:
The property comprises Grade II Listed building arranged as a ground floor shop t/a florist (No.95) and a Children`s Nursery arranged over ground and first floor (No.97), providing the following accommodation and dimensions:
No. 95
Ground Floor: Shop 46 sq m (495 sq ft)
3 Rooms, WC
No. 97
Ground Floor: Shop 25 sq m (270 sq ft)
2 Rooms, Yard suitable for parking up to 2 cars
First Floor: Ancillary 47 sq m (503 sq ft)
2 Rooms, Kitchenette, Bathroom
Tenancy:
No.95 Ground Floor Shop is at present let on Tenancy at Will to an Individual for a term of 1 year from 1st May 2022 at a current rent of £10,000 per annum and the license contains full repairing and insuring covenants.
No.97 Ground/First Floor is at present to an Individual t/a children’s nursery for a term of 10 Years from 6th October 2022 at a current rent of £14,000 p.a. and the lease contains full repairing and insuring covenants. Rent review linked to RPI in October 2027. Tenant option to determine in October 2027 with minimum 6 months notice. Deposit held of £3,500
Location:
Kempston is a town and civil parish in the Borough of Bedford, Bedfordshire, England. It had a population of 19,330 in the 2011 census. Kempston is part of Bedford's built-up area and is situated directly south-west of Bedford. Transport links include excellent access to the A421 bypass linking to both the A1 and M1 and Milton Keynes and for people commuting by train, Bedford Station linking to St Pancras lies approximately 2 miles away. The property is ideally located for all of the Kempston's amenities including well respected schools, Addison Park and the Saxon Centre which contains Sainsbury’s supermarket, Costa Coffee and other national retailers.
