Commercial Property - Investment - FULLY LET INVESTMENT OPPORTUNITY
The property is situated in a prominent position on Wellingborough Road Northampton. Northampton is an expanding regional centre. The present population is in the order of 200,000. Wellingborough Road (A4500) is the main arterial road leading east from the town centre and the property therefore benefits from substantial volumes of passing traffic.
A four-storey property divided into various self-contained areas. The ground floor of the property is in retail use. The present tenant has carried out a programme of refurbishment to the shop to create modern retail environment with storage and ancillary areas behind. In addition but excluded from the shop letting there is a garage/storage building accessed off Bostock Avenue.
Two self-contained and independently accessed residential flats are provided on the upper floors. Flat A provides bay window living room two double bedrooms bathroom, separate w.c. kitchen complete with white goods, plus box room with built in bed. Flat B is arranged over second and third floors and consists of two bedrooms, spacious utility room with washer and drier, bathroom with w.c.. Stairs lead to top floor living/dining room and galley kitchen complete with white goods.
The property is let on the following terms:
Tenant: Extracare Charitable Trust (Reg No. 02205136)
Term: 10 years from 25th March 2011
Tenant Break: At end of year 5
Rent: £15,000 pa (fifteen thousand pounds per annum)
Rent Review Pattern: 5 yearly, upward only
Usage: A1 use allowed by lease
Garage/storage unit: Offered with vacant possession on completion.
Flat A: Assured short hold tenancy at £600 per calendar month
Flat B: Assured short hold tenancy at £550 per calendar month
The property provides the following accommodation: -
|Total Ground Floor shop Area:||74.51 sq m||(802 sq ft).|
|Cellar:||29.40 sq m||(316 sq ft)|
|Garage:||33.82 sq m||(364 sq ft)|
|First Floor Flat A:||61.18 sq m||(659sq ft)|
|Second Floor/Third Floor Flat B:||67.72 sq m||(729 sq ft)|
All mains services are available but have not been tested.
|Rateable Value:||£ 9,600|
|Council Tax:||Both flats are Band A|
The property is offered for sale subject to the present tenancies at £360,000. (Three Hundred and Sixty Thousand Pounds).
The price quoted excludes any VAT which the owner may have a duty or choose to impose.
Each party to bear their own legal costs.
Strictly by appointment through the Sole Agents: HADLAND CHARTERED SURVEYORS TEL: 01604 639657