TYPEResidential Land, General Retail, Retail - Out of Town, Land, Mixed Use, Residential, Retail, Commercial Land, Other Property Types & Opportunities
TENUREUnder Offer
POSTED ON16th March 2023
Description
The property comprises an end of terrace retail/office property arranged on ground and two upper floors. The upper floors are in residential use having the benefit of a separate access to the rear. To the rear of the property is a large car park with two garages. The property is shown edged red on the Ordnance Survey extract and occupies a site of 0.14 acres. The rear car provides a purchaser an opportunity to develop the rear car park for residential.
The entire property is let on a full repairing and insuring lease to Murugesu Sivakumar, trading as TaxAssist Accountants, for a term of 5 years from 16th August 2022 on the following stepped rent:
Year 1: £26,500 per annum Year 2: £27,500 per annum Year 3: £28,500 per annum Year 4: £29,500 per annum Year 5: £30,500 per annum
The lease excludes the security of tenure provisions of the Landlord & Tenant Act 1954 (as amended).The residential upper parts are sub-let on an Assured Shorthold Tenancy.
TaxAssist Accountants is a nationwide network of independent accountancy practices operating from 409 offices throughout the UK.
We are instructed to seek offers in excess of £400,000 to show a purchaser the following net yield profile:
August 2023: 6.59% August 2024: 6.83% August 2025: 7.08% August 2026: 7.32%
