78-78a High Street, Midsomer Norton, Somerset

Description

Retail Investment FOR SALE

The Property comprises a two-storey detached building with two lock-up shops at ground floor and residential flats at first floor, having been sold off on long lease. Yard to the rear with vehicular access providing parking.


£200,000, reflecting a NIY of 9.41% after purchasers costs.

The property is held freehold, subject to the following leases:

78 High Street plus 2 car parking spaces

Leased to Bailey and Bryant Limited for a term of 7 years from 09 April 2025, expiring 08 April 2032. Rent is £9,460 pa with reviews due on 09 April 2028. Repairs Tenant internal repairing and decorating basis. Tenant only break 08 April 2028, subject to 3 months' notice.

78a High Street plus 2 car parking spaces

Leased to a private individual for a term of 7 years from 18 August 2021, expiring 17 August 2028. Rent is £9,800 pa with reviews due on 18 August 2024. Repairs Tenant internal repairing and decorating basis. Tenant only break 18 August 2024, subject to 6 months' notice.


All figures shown are exclusive of VAT, if applicable.

Each party is responsible for the payment of their own legal costs.

Location

The merged towns of Radstock and Midsomer Norton are located 9 miles south of the Georgian city of Bath, 14 miles southeast of Bristol and 8 miles northwest of Frome. The principal route of access is the A37 trunk road which runs north to south between Bristol and Yeovil. Bristol Airport is about 18 miles distant to the north west.

The Property is situated in a prominent position on the south side of Midsomer Norton High Street. Midsomer Norton has a small retail offering centred around the High Street, characterised by a mix of predominately local occupiers with national covenants such as Dominos, Ladbrokes, Halifax, Sainsbury's and Lidl scattered throughout.

In recent years, the town has been the focus of regeneration projects, including investment into improvement of the public realm, enhancing the visual appeal of shopfronts, and repurposing vacant or underused buildings.


Viewing

Strictly by appointment with agents.

Planning Use Comments

We have made no formal enquiries of BANES Council in respect of the planning. We have assumed also that the property has consent for its current Class E use. It is noted that to the rear opportunities potentially exist for conversion and new build for alternative commercial / residential uses, subject to planning.

EPC

78A High Street - C [52] expiring 08 August 2031
78 High Street - C [72] expiring 04 June 2036