Investment Consideration:
Rental Income: £23,500 p.a. + 1 vacant flat
ERV once fully let: £30,000 p.a. GIY: 10.10%
VAT is NOT applicable to this property
Comprises ground floor shop and 3 residential flats above (2 x 1-bed & 1 x 2-bed)
Retail shop let until 2033. No breaks. RPI linked reviews in 2027 and 2031
Situated in the heart of Town Centre, opposite Albion Shopping Centre
Occupiers nearby include Costa Coffee, Sports Direct, NatWest, Boots and more.
Property Description:
An end of terrace building comprising retail shop at ground floor t/a Nail Salon and 3 self-contained flats on the first, second and third floors, providing the following accommodation and dimensions:
Ground Floor Shop: 33 sq m (355 sq ft)
Open plan retail area, Kitchenette, WC
First Floor Flat 1: 53 sq m (570 sq ft)
1 bedroom, kitchen, living room, bathroom
First Floor Flat 2: 54 sq m (581 sq ft)
1 bedroom, kitchen, living room, bathroom
Second/Third Floor Flat 3: 80 sq m (861 sq ft)
2 bedrooms, kitchen, living room, bathroom
Total GIA: 220 sq m (2,367 sq ft)
Tenancy:
The retail shop is at present let to an Individual for a term of 10 Years from 9th November 2023 at a current rent of £10,000 p.a. and the lease contains full repairing and insuring covenants. Rent review every 4 years linked to RPI. No breaks. Deposit held of £2,500. Lease within Landlord & Tenant Act 1954.
Flat 1 is at present let on APT to an Individual at a current rent of £6,600 p.a.
Flat 2 is at present vacant. ERV: £6,500 p.a.
Flat 3 is at present let on APT to an Individual at a current rent of £6,900 p.a.
Location:
Ilkeston is located approx. 8 miles north-east of Derby and approx. 6 miles west of Nottingham with good access via the M1 (Junctions 25 and 26). The property is located, in this town centre pedestrianised retail thoroughfare, adjacent to Your Move and Co-Operative Travel, opposite NatWest and amongst such multiples as Boots, Greggs, H Samuel and New Look. In addition, the entrance to the Albion Shopping Centre is diagonally opposite which houses retailers including Costa Coffee, B&M Bargains and Sports Direct. The property is also adjacent to a footpath that leads directly to one of the town's public car parks situated to the rear.
