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Commercial Property for sale

Pen Street, Boston

£150,000

Property Description

Full description

A freehold property which offers self contained retail premises on the ground floor with a duplex apartment situated on the 1st and 2nd floors. The shop premises offers a 12m2 (129sft2) retail zone with a total area of 42m2 (452ft2). The Apartment offers a total internal floor area of 63m2 (678ft2).

The freehold property is set within the town centre and is located close to Pescod Square shopping which offers several national stores including Waterstones and Thomas Cook travel agents. Also located nearby is a multi storey car park and Marks and Spencer.Within Pen Street itself is a range of smaller, locally owned retailers.

Combined the investment is currently obtaining an income of £9950 per annum (yield of 6.6%)

General Remarks - This town centre investment offers retail premises to the ground floor with access from Bridge Street with a one bedroom duplex apartment above having separate access to the rear. The shop premises has a combined area of 42m2 (452ft2). The Apartment offers a total internal floor area of 63m2 (678ft2).

Location - The property is set within the town centre and is located on a busy route to and from Wide Bargate and close to Pescod Square shopping area and multi storey car park. A number of national retailers are located in Pescod Square while in Pen Street itself is a range of smaller, locally owned retailers offering a variety of services.



Investment - The shop is currently let on a commercial lease at £5,200 per annum and the apartment let on an AST providing an income of £4,740 pa. A total of £9,940 pa income gives a total gross YIELD OF 6.6% based on the asking price of £150,000.

Energy Performance Certificate - Apartment currently D63 potentially C74

Ground Floor Retail Premises - Entrance Lobby
Retail Area/reception 11'2 x 10 (3.40m x 3.05m)
Room 2/Treatment Room 11'3 x 9'5 (3.43m x 2.87m)
Changing Room 10'9 x 6'6 (3.28m x 1.98m)
Kitchen/Staff Room 8'7 x 7 (2.62m x 2.13m)
Shower Room/WC 10'9 x 6'6 (3.28m x 1.98m)

Externally there is a small, enclosed yard to the rear of the property which is maintained by the ground floor premises.

First Floor Duplex Apartment - Stairs & landing to 1st floor
Fitted Kitchen 10'7 x 7'8 (3.23m x 2.34m)
Lounge 14'4 x 7'8 (4.37m x 2.34m)
Stairs & landing to 2nd floor
Bathroom 10'7 x 9 (3.23m x 2.74m)
Double Bedroom 13'3 x 11 (4.04m x 3.35m)
Gas Central heating and secondary double glazing

Tenure - The retail premises are currently let on a commercial lease until October 2018. The current rent is £5,200 per annum exclusive.
The apartment is let on an Assured Shorthold Tenancy currently running as a statutory periodic tenancy at a rent of £395 per calendar month exclusive, equating to £4,740 per annum exclusive.

Rateable Value - Rateable value for the shop premises is £1200.

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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