14 Institute Lane, Alfreton, Derbyshire, DE55

Investment Consideration:
Gross Initial Yield: 9.57%
Rental Income: £11,000 p.a.
VAT is applicable to this property
Comprises ground floor retail shop t/a Charity Shop
Let until 2029 on a lease renewal. Tenant in occupation since 2014.
Situated on the pedestrianised Institute Lane, forming the town centre's main retailing provision along with High Street. Nearby occupiers include Card Factory, Boots and Greggs.

Property Description:
Comprises ground floor retail shop t/a Charity Shop, providing the following accommodation and dimensions:
Ground Floor: 63 sq m (678 sq ft)
Open plan retail, storage, office, wc

Tenancy:
The property is at present let to The Air Ambulance Service* for a term of 5 years from 8th August 2024 at a current rent of £11,000** p.a. and the lease contains full repairing and insuring covenants. Tenant option to determine on 08.08.27. Lease renewal. Tenant in occupation since 2014.
*The Air Ambulance Service has over 50 stores, including four Superstores, with further expansion beyond this year.
**Tenant currently pays rent of £10,000 p.a. Fixed rental uplift to £11,000 p.a. from 08.08.26. The vendor will top up rent until 08.08.26 so the buyer receives the equivalent to £11,000 p.a. from completion.

Tenure:
Virtual Freehold. Held on a 999 year lease from 20th July 2012 at a ground rent of peppercorn.

Location:
The market town of Alfreton is located in Amber Valley at the junction of the A38 and A61. The town is 4 miles west of the M1 (Junction 28) midway between Derby and Sheffield. The property is situated on the pedestrianised Institute Lane, forming the town centre's main retailing provision along with High Street. Nearby occupiers include Card Factory, Boots and Greggs.