Commercial Property for saleBridge Street, Boston
A TOWN CENTRE INVESTMENT which offers retail premises on the ground floor and a one bedroom apartment above. The shop premises has a combined area of 27.71m2 (298ft2) and the apartment has a total internal floor area of 83m2 (893ft2). The current tenant of the retail premises has just agreed a new 5 year tenancy agreement.
Set within a Boston town centre location, the property is close to West Street which offers a variety of shops and business's including a Co-operative store and the local cinema. Within easy access is the local train and bus station's. Also there are several public car parks located nearby.
The shop is currently being let on a a new 5 year lease as of November 2016 at £5000 per annum and the apartment currently has an income of £4500. Currently this is a total YIELD OF 7.03%.
General Remarks - This town centre investment offers retail premises to the ground floor with access from Bridge Street with a one bedroom apartment above having separate access to the rear. The shop premises has a combined area of 27.71m2 (298ft2) and the apartment has a total internal floor area of 83m2 (893ft2).
Location - Set within Boston town centre, the property is located within a parade of similar shops on the route from West Street to High Street and Market Place. Within the vicinity there are a variety of local shops and business's including a Co-operative store, local cinema, Boston Borough Council offices and easy access to the local train and bus station's.
Investment - The shop is currently let on a commercial lease at £5,000 per annum on a 5 year lease with a break clause at the end of years 1 and 3 subject to 3 months notice. The apartment let on a AST providing an income of £4,500 pa. A total of £9,500 pa income gives a total gross YIELD OF 7.03% based on the asking price of £135,000.
Energy Performance Certificate - Apartment currently F34 potentially E43
First Floor Duplex Apartment - Entrance Hall
Stairs & Landing to 1st floor
Modern fitted Kitchen 12'2 x 7'1 (3.71m x 2.16m)
Lounge 17'1 x 13'3 (5.21m x 4.04m)
Stairs & Landing to 2nd floor
Double Bedroom 16'9 x 13 (5.11m x 3.96m)
Gas Central heating
Tenure - The retail premises has just agreed a new agreement for 5 years with break clauses at the end of years 1 and 3. The rent is £5000 per annum exclusive.
The apartment is let on an Assured Shorthold Tenancy currently running as a statutory periodic tenancy at a rent of £375 per month exclusive, equating to £4,500 per annum.
Rateable Value - Rateable value for the shop premises is £4400.
Property Management - Both the retail unit and the apartment are fully managed by Hill & Clark and have been for some considerable time. Our Lettings Department would be pleased to advise and continue with the management of the property.
Viewing Arrangements - Strictly via Hill & Clark sales office
Lancaster House, Gilbert Drive, Boston, Lincolnshire. PE21 7TQ. 01205 352019
Misrepresentation Act - Hill & Clark for themselves and for the Vendor or Lessor of this property, whose agents Hill & Clark are, give notice that: 1.These particulars do not constitute, nor constitute any part of, an offer or a contract. 2. All statements contained in these particulars as to this property are made without responsibility on the part of Hill & Clark or the Vendor or Lessor. 3. None of the statements contained in these particulars as to this property are to be relied on as statements or representation of fact. 4. Any intending Purchaser or Lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 5. The Vendor or Lessor does not make or give, and Hill & Clark or any person in the employ of Hill & Clark has no authority to make or give, any representation or warranty whatever in relation to this property.
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Disclaimer - Property reference 26304832. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Hill & Clark, Boston Sales. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
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