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Monnow Street, Monmouth

Guide Price
£595,000
Added on 12/11/2020
DJ&P Newland Rennie, Magor
PROPERTY TYPE
Block of Apartments

Key features

  • Investment opportunity
  • Good rental income
  • Excellent transport links
  • Flexible accommodation
  • Potential for additional accommodation (STP)

Property description

A commercial investment opportunity with ground floor commercial unit with A2 Use (480ft2), additional storage/workshop (260ft2) and two well-presented first and second floor 1-bedroom flats.

Commercial Description

An opportunity to purchase a mixed-use investment property within the heart of Monmouth. The property is marketed subject to existing leases with Tenants occupying both commercial and residential aspects.

The ground floor commercial area is currently occupied as a sales & lettings agency and extends to approximately 480 sq ft comprising open plan space with a large display window with direct pedestrian access from the main High Street of Monmouth. To the rear of the ground floor is additional space with kitchenette and storage. The property is finished to an extremely high standard and provides modern, light accommodation with wooden flooring maintaining the character of the property.

To the rear of the property is a private courtyard with a further self-contained building. The building currently provides storage and toilet facilities for the commercial space however could provide additional accommodation subject to granting of the necessary planning permissions.

Residential Description

There are 2 residential flats to the property and the accommodation is listed in brief below.

First Floor Flat (72a)
A well presented one bedroom first floor flat providing open plan kitchen/living, a double bedroom and shower room.

Top Floor Flat (72b)
A spacious one bedroom second floor flat comprising kitchen/diner, sitting room, double bedroom, and shower room.

Situation

The property is well positioned within the heart of the historic town of Monmouth with frontage onto the main thoroughfare of Monnow Street. Monmouth is an expanding town of over 10,000 population but serving a much larger area and benefits from excellent transport links to both the Midlands, South Wales and West County.

The town also benefits from an excellent choice of well-known schools both in the state and independent sector, as well as a good balance of local and national retailers situated in the main street including, Waitrose, Marks and Spencer Simply Food and White Stuff etc.

Outside

The property benefits from road frontage onto Monnow Street.

Tenure

Freehold subject to the existing leases.

Lease

An existing 5 year commercial lease on the ground floor unit commenced 1st August 2020 and includes the storage/workshop to the rear. The lease has an escalating rent over the 5 year period. The lease is internal repairing with the landlord responsible for structural insurance of which the premium will be recoverable from the tenant.

72a is currently let on an Assured Shorthold Tenancy agreement with the initial fixed term of 9 months due to expire on 14th May 2021.
72b is currently let on an Assured Shorthold Tenancy agreement, the initial fixed term of which has expired and is it now within the statutory periodic stage of the tenancy agreement.

Total annual income on the property on a fully let basis is currently £30,000 and scheduled to rise to in excess of £34,800 by 2023.

Business Rates & Council Tax

Current rateable value – £14,000
72a – Council Tax Band B
72b – Council Tax Band C

Planning

The ground floor unit benefits from A2 Financial and Professional Services Use following approval of a change of use application.

Services

Mains water, drainage, and electric heating.

Viewing

Viewing
Strictly by appointment with the Agents: DJ&P Newland Rennie – .

Brochures

Property BrochureFull Details

Monnow Street, Monmouth

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Lydney Station10.4 miles
Mortgages
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Market information
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About the agent

DJ&P Newland Rennie, Magor

Court Barn, West End, Magor, Monmouthshire, NP26 3HT

DJ&P Newland Rennie, Magor

DJ&P Newland Rennie act in the sale, letting and valuation of all types of commercial property including offices, workshop, retail and storage premises. Historically, acting in the management of rural business lets, our service has expanded to manage investment portfolios, urban and high street properties for our retained clients, advising on lease renewal and end of tenancy matters and ensuring rent collections.

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Disclaimer - Property reference 10660232. 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 DJ&P Newland Rennie, Magor. 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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