Commercial Property - Investment - INCOME PRODUCING INVESTMENT
Kettering is one of the major Towns in North Northamptonshire accessed primarily by the A14, A6, A509 and A43. It has a mainline train to London St. Pancras International with the journey taking just under one hour.
The property is located in a prominent position on Silver Street in Kettering Town Centre. The street is characterised by a mix of local and national retailers.
10 Silver Street comprises of ground and first floor estate agent’s premises. The ground floor is currently used as a shop front office and the first floor is used as additional office space and a meeting room.
11 Silver Street comprises of a café premises (ground floor only).
The upper floors have a dedicated self-contained access and were previously used as offices. The vacant space current comprises of two levels above 11 Silver Street (first and second floors) and second floor level above 10 Silver Street.
ASSET MANAGEMENT OPPORTUNITIES
• Conversion of the currently vacant upper floors to residential accommodation (subject to
obtaining the requisite consents).
• Re-gear of existing leases.
• Surrender of first floor commercial accommodation and subsequent conversion to
residential accommodation (subject to obtaining the requisite consents).
• Implementing historic unactioned rent reviews.
• Piecemeal break-up and sale of parts.
|Property||Tenant||Rent||Lease Term||Rent Reviews||Break options||Notes|
|Ground floor, 10 Silver Street, Kettering||
Pumpernickels (UK) Limited
Alan Taylor & Jesse Taylor
|Current passing of £18,600 per annum exclusive||30 Years from 27th August 2003||5th, 10th, 15th, 20th and 24th year of the term (upwards only to market rent)||Expiry of 5th, 10th, 15th,20th and 25th year of the term||
Curently used as a cafe.
Internal repairing and insuring lease
|11 Silver Street, Kettering||Hobin Roberts Limited||£22,000 per annum exclusive||2th December 2015 - 11th April 2024||11th April 2019 (we are informed the rent review has never been actioned)||11th April 2019 (the tenant has missed their option to break)||Currently trading as an estate agents|
|10 Silver Street|
|Ground floor||89.5 sq. m||963 sq. ft|
|First floor||85.8 sq. m||924 sq. ft|
|11 Silver Street|
|Ground floor||129.7 sq. m||1,396 sq. ft|
|First and second floors (GIA) inc ground floor W.C's|
|Ground floor||18.1 sq. m||195 sq. ft|
|First floor||119.3 sq. m||1,284 sq. ft|
|Second floor||91.4 sq. m||984 sq. ft|
|Total for section||228.8 sq. m||2,463 sq. ft|
Planning consent was granted 22nd January 2018 (reference: KET/2017/0935) for the conversion of the first and second floors to two residential units. This comprised of 1 x two bedroomed apartment and 1 x 3 bedroomed apartment. We are informed this planning consent has since lapsed.
There may the opportunity to increase the density of the residential accommodation (subject to obtaining the requisite consents).
The first-floor accommodation of Hobin Roberts measures 85.8 sq. m (924 sq. ft). If this space is surplus to the occupiers’ requirements, there may be the opportunity for them to surrender this section and convert the additional accommodation into further residential units.
The property is available to purchase subject to the existing occupational tenancies at an asking price of £650,000 exclusive.
All figures quoted are exclusive of any VAT that the vendor may have a duty or choose to impose.
Each party shall bear their own legal costs involved in the transaction.
Strictly by appointment through the Sole Agents: HADLAND CHARTERED SURVEYORS TEL: 01604 639657