About

The property comprises a mid-terraced, mixed-use building of traditional masonry construction, arranged as four interconnecting retail units at ground floor level with four self-contained one-bedroom flats above.

The building is predominantly surmounted by pitched and hipped tiled roofs, with flat felted roof extensions at ground floor level.

The ground floor accommodation provides predominantly open-plan trade counter/retail space, together with additional cellular storage accommodation to the rear. The frontage incorporates a glazed shopfront with pedestrian access, whilst roller shutter access is provided to the rear together with a small enclosed/fenced yard area.

The commercial premises have been occupied by the existing business since 2003, with the business having recently been sold to new company owners. As part of the transaction, the new owners have entered into a 20-year lease of the ground floor accommodation at an initial rent of £19,800 per annum for years one and two, increasing to £21,600 per annum for years three, four and five. The initial rental is considered to be below current market rental levels. An open market rent review is provided for on the fifth anniversary of the term.

The four residential flats are each let separately on ASTs and currently generate a combined rental income of £28,700 per annum.The property therefore produces a current gross rental income of £48,500 per annum, with the benefit of further rental growth from the commercial element during the term of the lease.