Summary
| Property Type | Investment / Retail |
| Tenure | For Sale |
| Size | 4,198 sq ft |
| Price | Offers in the region of £550,000 |
- Guide price £550,000 plus VAT
- £54,140 income generated per annum
- Town centre location
- Allocated parking to the rear
About
The property consists of three ground floor retail units all fully let on 10 year lease terms creating an income of £50,735 per annum exclusive.
The freeholder benefits from ground rents payable by long leaseholders of £3,405 per annum. The ground rents are subject to increases every 10 years linked to RPI.
The building has recently undergone extensive conversion of the upper parts from offices into residential apartments. The ground floor retail units have equally been refurbished and offer prominent shop frontage in the heart of Bedford town centre.
Location
The premises is located in a prime location on Mill Street just off the High Street of Bedford, benefitting from the full footfall the town centre has to offer.
Bedford, the county town of Bedfordshire, is situated approximately 11 miles from junction 13 of the M1 and within approximately 9 miles of the A1. The Bedford southern bypass, the A421, provides a direct link to the A1, junction 13 of the M1 and Milton Keynes. The bypass also links with the A603, A600 and the A6 southbound to Luton.
The A6 is approximately 2 miles west and is a major road link to Bedford and Luton with the A1 being approximately 2.5 miles east.
Further Information
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Terms
All 3 units are let for a term of 10 years from November 2020 with rent reviews and tenant only break options on the 12th November 2025. Copies of the leases can be provided upon request. The tenants are Richpark Retail Limited who are trading as Montego's African & Caribbean Food Market.
Each unit has one allocated parking space to the rear.
The property has been measures in accordance with the RICS Property Measurements Standard 2nd Edition.
The freehold title is available to purchase at an asking price of £550,000 exclusive of VAT. The freeholder benefits from ground rents payable by long leaseholders of £3,405 per annum. The ground rents are subject to increases every 10 years linked to RPI.
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