Investment Consideration:
Gross Initial Yield: 10.33%
Rental Income: £11,880 p.a.
VAT is applicable to this property. Sale to be treated as TOGC.
Comprises ground floor shop No.106 t/a Mobility Scooter Retailer
Includes retail shop at No.102-104 and self-contained offices at first floor No.108, both of which have been sold-off on 999-year leaseholds
Situated in the heart of the town centre with nearby occupiers including Sports Direct, Iceland, Morrisons, B&M, The Works, Costa Coffee, Café and many more.
Property Description:
Comprises ground floor retail shop (No.106) t/a Mobility Scooter Retailer. The property includes retail shop (No.102-104) and first floor offices (No.108), both of which have been sold-off on long leaseholds, providing the following accommodation and dimensions:
Ground Floor No.106: 180 sq m (1,937 sq ft)
Open plan retail, storage, office, kitchenette, wc
Ground Floor No.102-104: Sold-Off
First Floor No.108: Sold-Off
Total Retail GIA: 180 sq m (1,937 sq ft)
Tenancy:
No.106 is at present let to Farplace Animal Rescue* for a term of 10 years from 20th August 2019 at a current rent of £11,880 p.a. and the lease contains full repairing and insuring covenants.
*Farplace Animal Rescue has sublet the premises to the charity DC Mobility Ltd. Farplace remains liable for the lease. Farplace are an animal welfare charity that operate from 39 charity shops across the UK and have been established since 2008.
No`s 102-104 and 108 have been sold off on long leaseholds for a term of 999 Years from 2026 at a ground rent of peppercorn.
Location:
The property is situated in the heart of the town centre on the south side of High Street, close to Regent Walk Shopping Centre where retailers include Home Bargains and JD Sports. Other nearby occupiers of the High Street include Iceland, Morrisons, B&M, The Works, Wilko, Costa Coffee, Greggs, Sports Direct and WHSmith, amongst others.
