The premises are located in the village centre, at the junction of the High Street with Market Place in a predominantly retail position, opposite St Peter’s Court shopping mall. Nearby retailers include M&S Simply Food, Yorkshire Building Society, Timpsons, and the major Banks. Access to the A413 trunk road is nearby.
The property comprises a two-storey, end of terrace period building fronting the High Street with a lockup shop on ground and a flat on the uppers, which has been sold off on a long lease. The property has 2 car spaces at the rear.
The ground floor of the property is let on a commercial lease, for a term expiring 10th May 2025, to R Narotomo trading as The Party Shop, at a rent of £13,067.44 p.a.x. This rent is reviewable to the rise in RPI annually. The floor areas suggest an ITZA of 480 ft2 units, in which case the passing rent equates to £27.22 psf which may be considered highly reversionary. The tenant has a break option 11 May 2020 on serving a minimum 6 months’ notice. We understand that the tenant has requested an extension to the term, which implies that a re-gear may be possible. The flat was sold off April 2009 on a 125-year term at a peppercorn rent.
We are seeking offers in excess of £200,000 for the freehold interest in the building with the benefit of the tenancies. £200,000 equates to a net initial return of 6%. For further details, or to arrange a viewing, please call Philip Marsh on 01494 683642 or e-mail firstname.lastname@example.org