TYPERetail, General Retail, Retail - High Street, Retail Park
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON24th March 2023
Description
Investment Consideration: Gross Initial Yield: 7.53% Rental Income: £24,470 p.a. VAT is NOT applicable to this property Comprises retail parade of 3 ground floor shops and 2 flats above (sold-off) Situated in predominantly residential area within 1 mile from Belper Town Centre
Property Description: The property comprises retail parade of 3 ground floor shops and 2 residential flats above (sold-off), providing the following accommodation and dimensions: Ground Floor: 188.39 sq m (2,027 sq ft) Shop No.9: 46.40 sq m (499 sq ft) Shop No.10: 46.40 sq m (499 sq ft) Shop No.11: 95.59 sq m (1,029 sq ft) double fronted First Floor: 2 Flats (sold-off)
Tenancy: Shop No. 9 is at present let to an Individual for a term of 10 Years from 1st March 2017 at a current rent of £7,200 p.a. and the lease contains full repairing and insuring covenants. Rent review on 1st March 2026. Break clause in 2022 NOT exercised. Tenant in occupation since 1999. Shop No. 10 is at present let to an Individual for a term of 5 Years from 14th September 2022 at a current rent of £7,250 p.a. and the lease contains full repairing and insuring covenants. Rent review on 14th September 2025 to a higher of open market value or RPI linked (uncapped). Shop No. 11 is at present let to Five Lamps Interiors Limited for a term of 5 Years from 1st March 2021 at a current rent of £10,000 p.a. and the lease contains full repairing and insuring covenants. Rent review on 1st March 2024 open market upward only. Flat 1 has been sold-off on long leasehold for a term of 150 Years from 11th October 1985 at a ground rent of £10 per annum. Reversion 2135. Flat 2 has been sold-off on long leasehold for a term of 125 Years from 7th January 2000 at a ground rent of £10 per annum. Reversion 2125.
Location: The market town of Belper lies 9 miles north of Derby, on the edge of the Peak District. The town is located on the A6 and is some 15 miles west of Junction 26 of the M1 Motorway. The property is situated in a predominantly residential area on the east side of Hayfield Close, at its junction with Ladywood Avenue.
