Investment Consideration:
Gross Initial Yield: 8.00%
Rental Income: £30,000 p.a.
VAT is applicable to this property
Property benefits from newly replaced roof
Comprises double fronted ground floor shop with ancillary accommodation at first floor
Future residential development, subject to vacant possession and obtaining planning
Situated within 50 metres south of the Quedam Shopping Centre with occupiers nearby including Boots the Chemist, Waterstones, Specsavers and Nationwide, Ladbrokes and more.
Property Description:
The property comprises double fronted ground floor shop t/a café with ancillary accommodation at first floor. The property benefits from rear yard and newly replaced roof, providing the following accommodation and dimensions:
Ground Floor: 186.50 sq m (2,008 sq ft)
Open plan café, Store, WCs
First Floor: 50.70 sq m (546 sq ft)
Ancillary, Storage
Total area size: 232.70 sq m (2,554 sq ft)
Tenancy:
The property is at present let to Nowbelieve Ltd for a term of 5 Years from 28th September 2022 at a current rent of £30,000 per annum and the lease contains full repairing and insuring covenants. Rent review on 27th September 2025 open market upward only. Break clause in 2024 NOT exercised. Lease within Landlord & Tenant Act 1954. Deposit held of £7,500.
Location:
The property is situated in a prominent position on the south side of pedestrianised Middle Street in the heart of the town centre and some 50 metres south of the Quedam Shopping Centre with occupiers nearby including Boots the Chemist, Waterstones, Specsavers and Nationwide, Ladbrokes and more.
