LOCATION
The property occupies a prime position along Southgate in the centre of the market town of Sleaford. Nearby occupiers include Costa, Boots and Greggs. Sleaford is situated approximately 14 miles north east of Grantham, 18 miles south of Lincoln and 17 miles west of Boston.
DESCRIPTION
This property comprises a ground floor retail unit with three flats above. One flat comprises a kitchen, living room, bedroom and bathroom and the other two flats comprise a kitchen living area, bedroom and shower room. The retail unit benefits from a prominent shop frontage onto busy Southgate in the town centre.
TENANCY INFORMATION
25 Southgate is let to Hass Barbers Ltd (with personal guarantee) for a term of 10 years from 1 December 2023 at a rent of £18,000 plus VAT per annum with provision for a rent review at the end of five years. The three flats are let on ASTs and produce an income of £19,800 per annum. The total rent roll for the property is £37,800 per annum.
ACCOMMODATION
We have been informed that the net internal floor areas are as followed;
25 Southgate: 91.5 Sq m (985 Sq ft)
Flat 1,25a Southgate: 49 Sq m (527 Sq ft)
Flat 2,25a Southgate: 41 Sq m (441 Sq ft)
Flat 3,25a Southgate: 42 Sq m (452 Sq ft)
Total Floor Area: 223.5 Sq m (2,405 Sq ft)
SERVICES
We understand that the following services are connected. None of the heating systems or any other plant and equipment have been tested by Commercial List and prospective purchasers must rely on their own investigations as to their existence and condition.
25 Southgate- Mains water, gas, electricity and drainage
All the flats have mains water, electricity and drainage connected.
BUSINESS RATES
From enquiries made though the Valuation Office website, we understand that the following Rateable value applies;
25 Southgate- £15,250
Flat 1,25a Southgate- Council Tax Band A
Flat 2,25a Southgate- Council Tax Band A
Flat 3,25a Southgate- Council Tax Band A
TERMS
The property is FOR SALE freehold subject to the current tenancies, we are inviting offers in excess of £385,000.
EPC
The following energy ratings apply;
25 Southgate- C
Flat 1,25a Southgate- E
Flat 2,25a Southgate- D
Flat 3,25a Southgate- D
VAT
Although the property is elected for VAT the sale will be treated as a TOGC and therefore VAT will not be payable on the purchase price.
LEGAL COSTS
Each party to pay their own legal costs incurred.
AGENTS NOTE
Under the Estate Agents Act of 1979, we hereby give notice that an employee of Commercial List is a relative of the owner of this property.
