33, 33a and 33b Westgate, Peterborough, PE1 1PZ

Description
The property comprises a former bank premises which have been converted into two ground floor shops with 13 apartments above. The building is of traditional construction with a stone façade. The building has total site coverage. The property has been extensively refurbished and is in excellent condition.

The ground floor consists of two shops, one retailing hairdressing products and the second being a chicken takeaway. To the east there is a separate entrance to the upper parts known as Walker House located on the first and second floors providing 13 apartments, 8 on the first floor and 5 on the second floor.

Location
The cathedral city of Peterborough is a major commercial centre with a population in excess of 200,000. It has excellent transport links being approximately 80 miles north of London, adjacent to the A1(M) and having a complete dual carriageway ring-road system. There are fast and frequent rail connections to many parts of the country, with the fastest train journey to Kings Cross being 44 minutes.

33 Westgate is prominently located at the junction of Park Road on one of the main city centre routes leading to the train station and bus station. It is close to the entrance of Queensgate Shopping Centre and nearby occupiers includes Lloyds Bank, Subway and Savers.

Viewings
Strictly by appointment with the joint agents Savills ) and FHP (Noel Roper - ).

Terms
Offers are invited in excess of £2,650,000 to show a gross initial yield of 8%. The property is elected for VAT and therefore will be sold as a TOGC.

Specifications
The current income derived from this property is £213,200 per annum, the majority being the residential income totalling £133,200 and two retail shops producing £80,000. A schedule of residential income and tenancies is available upon request.
The two shops are let on rising rents as itemised in the Schedule of Income and Tenancies. The vendor will top up the difference between the rent passing and the headline rent, so that a purchaser has the benefit upon completion of a gross income of £213,200.

EPC
33A & 33B EPC ratings of B. The apartments range from C to D - all expiring in March 2033. Copies can be supplied upon request.

Legal Costs
Each side to be responsible for their own legal costs.

Anti-Money Laundering
In order to comply with Anti-Money Laundering Legislation, any purchaser will be required to provide identification documents.

Leases
The residential accommodation is let on standard ASTs.

The commercial element is let on a full repairing and insuring lease of the demised parts.

Plans
Detailed plans showing the ground floor shops and the apartments are available upon request.

Planning
The property is situated within the Westgate City Centre Conservation Area. We understand that the property is not Listed.

Business Rates
To be assessed.