53 High Street, Huntingdon, Cambridgeshire, PE29

Investment Consideration:
Gross Initial Yield: 5.60%
Rental Income: £28,000 p.a.
VAT is applicable to this property
Comprises ground floor shop and self-contained first floor ancillary
Planning submitted for conversion of first floor to 3 x 1-Bed Flats.
Located within 0.5 miles from Huntington Rail Station with regular services to London King's Cross in less than 1 hour.
Nearby occupiers include Barclays Bank, Halifax, Greggs and Iceland.

Property Description:
The property comprises large retail shop at ground floor and self-contained ancillary accommodation at first floor. First floor accommodation is accessed via All Saints' Passage. Planning submitted for conversion of first floor to 3 x 1-Bedroom Flats.

The property provides the following accommodation and dimensions:
Ground Floor: Shop 242.80 sq m (2,613 sq ft)
First Floor: Ancillary 136.50 sq m (1,469 sq ft)

Tenancy:
The ground floor shop is at present let to The National Deafblind and Rubella Association for a term of 15 years from 22nd July 2021 at a current rent of £28,000 per annum and the lease contains full repairing and insuring covenants. Rent review linked to RPI every 5th year (subject to a 1% collar and 3% cap per annum and 10% cap in each 5 year period). Tenant option to determine in 2026 and 2031 with minimum 6 months notice and payment of £17,000 penalty if 2026 break clause exercised. The first floor ancillary accommodation is at present vacant.

Location:
Huntingdon is an historic market town, known for its racecourse, located 15 miles northwest of Cambridge and 17 miles south of Peterborough. The town is served by the A141 which provides direct access to both the A1(M) and A14 some 4.25km to the west. The town benefits from regular mainline rail services to London King's Cross in under 1 hour. The property is situated on the south side of High Street between its junctions with St. Benedicts Court and Princes Street, in an established trading location. Nearby occupiers include Barclays Bank, Halifax, Greggs and Iceland Foods, amongst others.