Southgate, Sleaford, Lincolnshire, NG34

Mixed use INVESTMENT OPPORTUNITY situated in the retail core of Sleaford with a potential income of £37,750 Per Annum Exclusive across three residential apartments (all fully refurbished) and two ground floor retail shops. The two shops are occupied by regional and national covenants on commercial leases and two of the three residential flats on standard ASTs with the third is currently being vacant after recently being refurbished. Once fully let, the property will reflect a yield of 8.9% on asking price.

Viewing is strictly by appointment.

SITUATION

Sleaford is a popular market town with wide range of amenities including local and national retail outlets, banks, restaurants, schools and doctors and dental surgeries. A host of national occupiers are situated nearby including Boots, Superdrug, Costa Coffee, Yorkshire Trading Co, Greggs and Subway. Sleaford is also home to the Interflora headquarters and North Kesteven District Council main offices.The town has good access to the A17 and A15 which bypass the town, and is serviced by a railway station situated on the Skegness – Nottingham Line, with connections available at Grantham onto the east coast mainline between Edinburgh and London King's Cross.

ACCOMMODATION

The accommodation is arranged over two storeys and offers two retail shops together with staff facilities along with three residential flats which have recently been fully refurbished (one to the ground floor and two to the first floor). The commercial and residential parts are independently accessed. Floor plans are attached showing the extent of the accommodation.

SERVICES

Mains services are connected to the property. The service installations have not been tested by the agents and interested parties should make their own enquiries into the suitability.

TENURE

The freehold is for sale subject to the existing leases. Copies of the leases can be made available to any seriously interested parties.The proposed/current rents are:Ground Floor Shop (TUI) - £8,750 Per Annum (current)Ground Floor Shop (VBC Blinds) - £6,500 Per Annum (current)Ground Floor Flat - £6,900 Per Annum (Proposed)First Floor Flat (Front) - £7,800 Per Annum (current)First Floor Flat (Rear) - £7,800 Per Annum (current)The proposed/current rents total: £37,750 Per Annum. The ground floor shop will be let shortly following the recent refurbishment works.

OUTGOINGS

The property is subject to the following rating assessments:71 Southgate - Rateable value of £9,20071A Southgate - Rateable value of £6,900Flat 71A Southgate - Council Tax Band - A1st Flr 71B Southgate - Council Tax Band - AThe final flat is awaiting a Council Tax rating following the refurbishment works.

VAT

The sale price is not subject to VAT.

LEGAL COSTS

Each party is responsible for their own costs incurred throughout the transaction.

LOCAL AUTHORITY

North Kesteven District Council.

VIEWING

Viewings are strictly by appointment via the selling agent.