47 The Ridgeway, Flitwick MK45

Investment Consideration:
Gross Initial Yield: 6.71%
Rental Income: £28,500 p.a.
VAT is NOT applicable to this property
Tenant in occupation since 2010. Property has been newly refurbished to a high standard
Comprises single storey building operating as a veterinary practice on a plot of 0.10 acres
Future residential development potential, subject to obtaining the necessary consents
Property benefits from 2 car parking spaces at front
Situated in a predominantly residential area within 0.7 miles from Flitwick Station.

Property Description:
Comprises single storey detached building operating as a veterinary practice. The property benefits from 2 parking spaces at front and provides the following accommodation and dimensions:
Ground Floor: 216.70 sq m (2,333 sq ft)
Reception, Treatment Rooms, Staff Rooms, Kitchenette, Shower, WCs

Tenancy:
The property is at present let to Medivet Group Ltd* for a term of 10 years from 11th May 2025 at a current rent of £28,500 per annum and the lease contains full repairing and insuring covenants. Rent review in May 2030 open market upward only. Tenant option to determine in May 2030 with min 6 months notice. Lease renewal. Tenant in occupation since 2010 and currently paying £25,000 p.a. until 11th May 2025. Vendor will top-up rent so the buyer receives the equivalent to £28,500 p.a. from completion.
*Medivet was founded in 1987 and now operates over 350 branches across the UK. In 2021 CVC Capital Partners acquired Medivet for in excess of £1bn. ().

Location:
Flitwick is a town and civil parish in Bedfordshire, situated in close proximity to the M1, providing easy access to London and to the north. The property is situated on the north side of The Ridgeway at its junction with Catherine Road, within 0.7 miles from Flitwick Station. Occupiers close by include a wide range of local business in a predominantly residential area.