Price £395,000

Rates Payable Upon Enquiry

Description

The property comprises a corner terrace, two storey, plus loft property and traditional brick construction, under a pitched slate roof, with single storey outriggers to the side. Onsite parking is available outside the property, either on the road, or within the curtilages of the site, which have been concrete surfaced to accommodate this.

Internally the property is occupied by two tenants, being a chemist at ground floor and accountants offices at first and loft level. The ground floor is fitted out with a typical specification for a chemist with counter and reception area, plus dispensary, kitchen, stores and WC’s to the rear. The first floor, which is accessed via an external stairwell to the rear provides a reception, a number of offices, plus records store, whilst the attic level offers further offices, plus kitchen and separate male and female WC’s. Walls are generally plastered or papered, whilst floors are carpeted in the main, whilst there are also some suspended ceilings with integrated lighting. Heating is by way of gas fired central heating. Windows throughout the property are uPVC double glazed units, while the lower windows benefit from roller secutiy shutters.

Terms

We are instructed to invite offers in excess of £395,000 for the Freehold property.

A purchase at this level would equate to an attractive 7.3% Net Initial Yield (NIY) after allowing for purchasers costs of 4.14%.

Tenancies

The ground floor of the property is currently leased to The Hub Pharmacy Ltd at a passing rental of £14,500 per annum. The ground floor was leased for a term of 15 years on effective full repairing and insuring terms from 2 July 2024. There is a tenant’s option to determine the lease at the end of the third, sixth, ninth and twelfth anniversaries of the lease start date.

The first and second floors of the property are currently leased to Watkinson Black Ltd at a passing rental of £15,514 per annum. The lease is dated 1st July 2024 for a term of 10 years from 1 July 2024 on effective full repairing and insuring terms. There is a tenant’s option to determine the lease at the end of the fifth anniversaries of the lease start date.

The total net passing rent is therefore £30,014 per annum.

EPC Rating

Ground Floor Shop = C75
1st & 2nd Floor Offices = D92

VAT

We understand that this property has not been elected for VAT, meaning that neither the rental income or sale price are subject to VAT.

Legal Costs

Each party are to be responsible for their own legal costs incurred in this transaction.

Anti-Money Laundering Regulations

In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.