Property for salePark Lane, Kidderminster
- Card Shop Currently Let at £5,000 pa
- Flat 1 Currently Let at £4,080 pa (£340 pcm)
- Flat 2 Currently Let at £4,080 pa (£340 pcm)
Freehold investment property comprising two flats and retail shop let to long term tenants at a combined present annual rent of £13,160 (7.52% yield with good scope to improve).
* Each Property with a Private Parking Space
* Up and Coming Part of Town
Sales Area One - 4.57m x 4.52m (15'0" x 14'10") -
Sales Area Two - 3.76m x 3.35m (12'4" x 11'0") -
Kitchenette - 3.91m x 1.68m (12'10" x 5'6") -
Flat One First Floor Lounge - 4.83m x 4.60m (15'10" x 15'1") -
Flat One First Floor Breakfast Kitchen - 3.38m x 2.95m (11'1" x 9'8") -
Flat One First Floor Landing Area - 3.38m x 1.78m (11'1" x 5'10") -
Flat One First Floor Bedroom One - 2.84m x 2.67m (9'4" x 8'9") -
Flat One First Floor Bedroom Two - 4.70m x 1.63m (15'5" x 5'4") -
Flat One First Floor Bathroom - 3.76m x 1.96mmin/2.59mmax (12'4" x 6'5"min/8'6"max -
Flat Two Lounge - 4.57m x 3.63m (15'0" x 11'11") -
Flat Two Kitchen - 3.40m x 2.87m (11'2" x 9'5") -
Flat Two Bedroom - 4.50m x 3.15maverage (14'9" x 10'4"average) -
Flat Two Bathroom - 3.30m x 2.11m (10'10" x 6'11") -
Flat Two Study/Occasional Bedroom - 3.40m x 1.63m (11'2" x 5'4") -
The property for sale forms part of a mixed use residential/commercial block know as Forest Complex at 200 Park Lane, conveniently situated close to Crossley Retail Park and the smart Weavers Wharf canal side shopping area. The area is seeing considerable regeneration with new restaurants due to open in 2017 at Riverside Walk adjacent to Weavers Wharf and it is also understood that there are plans for redevelopment of the Matalan site located close to the property for sale.
Flat 1 occupies the second floor, with staircase from own entrance lobby leading up to landing with doors off to: lounge, breakfast kitchen with maple-effect units, stainless steel electric oven and gas hob plus wood laminate floor. There are two bedrooms and a bathroom, the whole flat being well presented throughout.
Flat 2 is on the first floor, providing: lounge, kitchen, bedroom and bathroom which also gives access to a further room which could be used as a study or occasional bedroom.
It is considered likely that the current yield of 7.52% could be improved, based on current market rents.
Both of the flats are let to long standing tenants and the rent has not been reviewed for a number of years. The shop premises have also been let the same tenant for a number of years and it is understood that the business tenant is keen to agree a new 10 year lease if possible.
The card shop premises to the ground floor includes an open plan sales showroom area arranged as two separate bays with sales counter plus kitchenette to the rear and access to toilets.
Mains gas, electricity, water and drainage are all connected with a gas fired central heating system.
The property offers potential purchasers a good degree of flexibility as it would of course be possible to sell the shop and/or either of the flats individually at any time in the future.
EPC Ratings: Flat 1: D. Flat 2: E.
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