Price £500,000 exclusive and subject to contract.

Rates Payable Upon Enquiry

Description

The property comprises two ground floor commercial units located in the corner of a purpose built parade of shops.

42 Victoria Road is currently occupied as a café and is arranged internally with a customer seating area, kitchen with serving counter, WC and rear ancillary space. A flat is located above the property but this is not included having previously been sold off on a long leasehold interest.

44-46 Victoria Road comprises a large retail unit previously used as an electrical appliances showroom. The property benefits from a large open plan sales area together with rear storage, WC and ancillary space.

Both units benefit from rear loading access via a communal service road. 20 free communal customer car parking spaces are provided to the front of the units.

Development Potential

The properties form part of a larger mixed use development which provides retail accommodation on the ground floor and first floor residential accommodation arranged as separate flats, accessed from a communal external passageway. All of the ground floor shops have residential accommodation above, apart from 44-46 Victoria Road.

We consider there is excellent potential for an infill development above this property (whilst it is vacant), effectively completing the run of residential flats on the first floor (subject to planning permission and obtaining the necessary consents). An initial feasibility study has been undertaken illustrating the potential for two flats (1 x 2 bed and 1 x 3 bed). Indicative plans and elevations are attached. The proposed flats are anticipated to comply with Nationally described space standards 2015 and Approved Documents Part B and Part M.

Tenure

Freehold but subject to the following tenancies:

42 VICTORIA ROAD
Let to Nigel Perkins (trading as The Hungry One) for a term of 10 years (from 20th May 2022), subject to a Tenant only break option at the expiry of the third year of the term (on 6 months notice). The lease contains effective full repairing and insuring covenants.

The current passing rent is £11,000 per annum, reducing to £10,000 per annum in years 4 & 5, but subject to a rent review at the expiry of year 5 to the higher of £10,000 per annum or Open Market Rent.

42A VICTORIA ROAD
Comprising a first floor flat, previously sold off on a Long Leasehold interest for a term of 99 years from 24/06/88 subject to a current annual ground rent of £200.

Please note: These terms are subject to change as the current owners are in discussions with the freeholder regarding a lease regear and term extension (which may conclude prior to a sale of the freehold). Please contact the agents for more information.

44-46 VICTORIA ROAD
Provided with vacant possession.

Price

£500,000 exclusive and subject to contract.

We understand that the property has not been elected for VAT.

EPC

The properties have the following energy ratings:

42 - D (98)
44-46 - B (37)

Legal Costs

Each party to be responsible for their own legal costs