Retail investment in prominent high street location

Key Points

• Well presented retail unit with full height lower ground floor
• Prominent location
• Car Parking opposite
• Close to retail centre of North Camp
• Well maintained property

Description

The building comprises a terraced three-storey property, with lower ground floor, which extends the full depth of the property.

The 2 residential flats on first and seconds floors have been sold on 125 year ground leases, drawn on general standard terms, and creating minimal ground rent income.

The commercial lease includes the retail ground floor area, together with the extensive lower ground floor, which has traditionally been used for retail sales / workshop / storage, and is provided in good order with lighting and extensive fitout. The demise includes kitchen and WC facilities, together with a small private rear yard, accessed internally.

Available area

The accommodation comprises of the following

Viewings

All inspections must be organised in advance and by appointment only via the agent.

Terms

Available For Sale Freehold, with the benefit of the existing lease dated 29 July 2022, expiring on 28 July 2032, at a current passing rent of £17,500 per annum exclusive, rising to £18,000 per annum from 29 July 2024, and then to £20,000 per annum from 29 July 2027. The existing tenant is BMEX Limited, who have additional retail premises elsewhere.

The lease incorporates tenant break options on 28 July 2025 and 28 July 2028.

price

£250,000

Business Rates

Rateable Value - £11,000 pa
Rates Payable - £5,489 pa

Note: Small Unit Business Rate Relief may reduce the amount payable, subject to status.

Legal Costs

Each party to meet their own legal costs incurred in the transaction.