Elizabeth Street, Corby, Northamptonshire, NN17

Detached town centre office/leisure building with 6 suites producing an income of £44,500 split across two commercial tenants. Unit is split over ground and first floors. Each suite approx. 1278sq.ft (118sq.m) and with 4 allocated car parking spaces per suite. Communal lobby with WCs and Kitchen to each floor. Available Freehold. Asking price £550,000.

Location
The property is situated on the junction of Elizabeth Street and Stuart Road in Corby, adjacent to the pedestrianized town centre shopping facility of Willow Place.

Corby is an expanding commercial town located in north Northamptonshire. Lying approximately 23 miles north of Northampton and 24 miles west of Peterborough the town has good road links via the A43 and A6003 to the A14 dual carriageway in the south, which in turn leads to the M1 and M6 in the west.

Description
A two storey detached office building with communal lobby and shared WC’s and kitchen facilities. The suites are mostly carpeted throughout and have a mixture of suspended and ceiling mounted lighting with heating provided via electric panel heaters.

Accommodation
The suites are measured on a net internal basis and are approximately 1,200sq.ft per suite, totalling approx 7,200 sq.ft givng a net capital value of £76.38psf.

Terms
The property is available at an asking price of £550,000 Freehold representing a gross yield of 8.09%.

Tenancies
Suites 1 & 2 are let out to Starlight Dance Group Ltd at a rent of £15,000 pax as of 29th Dec 2022. Lease expiry of 28th June 2027 for Starlight Dance no breaks. Rent review in the third anniversary.

Suites 3-6 are let out to Morthyng Group Limited at a total rent of £29,500 pax rising to £31,500 as of 1st September 2023. Lease expiry of 2028 with breaks at 1st Sept 2023,2025 and 2027 with 3 months notice. Rent Review 1st Sept 2024..

All leases are outside the Landlord & Tenants Act 1954.

Rates
The property has the following rateable values:

Suites 1 & 2 £7,500
Suite 3-6 £13,500

VAT
Please note that VAT is not applicable to the sale.

Legal Costs
Each party to bear its own costs.

Service Charge
There will be a service charge levied against the premises to deal with the upkeep and maintenance of common parts, both internally and externally. Each suite has a service charge of 17% of the whole cost.

Services
The building benefits from all mains services and are untested by the agents.

Viewing
Strictly by appointment only through sole agents Berrys. Contcat Kevin O'Dell on or kevin.

Parking
The property has 24 allocated parking spaces.

Planning
The property was previously used as offices and has consent for this use. Suites 1 & 2 have planning use for the old D2 Gym use class which will now fall under the recent E Class as of Sept 2020.