Property for sale

Mill Street, Oakham

Sold STC £375,000

Property Description

Key features

  • For Sale: Investment Opportunity
  • 3 Ground-floor Retail Units
  • 2-bedroom First-floor Flat Above
  • Character Accommodation
  • Town Centre Position
  • All Shops Currently Tenanted
  • Flat Sold with Vacant Posessesion
  • Energy Rating: TBC

Full description

** FOR SALE: THREE TOWN CENTRE RETAIL SHOPS WITH A FLAT ABOVE INVESTMENT OPPORTUNITY **

A rare investment opportunity has arisen to acquire three retail shops with a two bedroom character apartment above in a premium retail location in Oakham town centre. The three shops are currently let producing a combined annual rent of £24,250.00. In addition to the rent generated by the shops, the apartment could let for in the region of £500 per month, producing a possible combined ANNUAL RENT IN THE REGION OF £30,000 PER ANNUM.

Description - ** FOR SALE: THREE TOWN CENTRE RETAIL SHOPS WITH A FLAT ABOVE INVESTMENT OPPORTUNITY **

A rare investment opportunity has arisen to acquire three retail shops with a two bedroom character apartment above in a premium retail location in Oakham town centre. The three shops are currently let producing a combined annual rent of £24,250.00. In addition to the rent generated by the shops, the apartment could let for in the region of £500 per month, producing a possible combined ANNUAL RENT IN THE REGION OF £30,000 PER ANNUM.

The property is constructed of local stone under a tiled roof, is located in a Conservation area and is Grade II Listed, having being built in the late seventeenth century.

The property on offer briefly comprises:

No. 1 Mill Street, Oakham (small ground floor retail unit): Front Retail Shop, Rear Room, Rear Store Room, WC;

No. 1a Mill Street, Oakham (small ground floor retail unit): Entrance Area, Front Retail Shop, Rear Room, Rear Store Room, WC;

No. 3a Mill Street, Oakham (small ground floor retail shop): Front Retail Shop, Rear Room, Rear Store Room, WC.

No. 3 Mill Street, Oakham (first floor apartment):
Ground Floor: independent entrance door from Mill Street leads to an Entrance Hall with stairs giving access to first floor accommodation;
First Floor: Landing, Sitting Room, Two Bedrooms, Kitchen, Bathroom.

The property is sold subject to the three leases on the ground floor units (Nos. 1, 1a and 3a). The first floor flat (No. 3) is offered with vacant possession.

Location - The properties are situated on Mill Street, close to the High Street in the centre of the town of Oakham in the county of Rutland. The property is located in a popular commercial area of the town.

Mill Street is accessed directly from the High Street and is one of the most popular streets in the town for shoppers with many high class retailers to include Cavells Clothing, Otters Smokehouse & Delhi, Elizabeth Stanhope Interiors and a number of independent café owners.

Oakham is the market town of the county of Rutland and has a good catchment area for the villages in close proximity to the town. The town currently has a population of approximately 12,000 people and benefits from a good range of successful retailers from a variety of High Street names, for example, Boots the Chemists, Timpsons and Tesco to a number of smaller independent retailers. For commercial and industrial businesses there are good sites locally and for communications there is a British Rail station in the town which connects to Leicester, Birmingham in the Midlands and Peterborough and London in the East.

No. 1 Mill Street, Oakham, Rutland, Le15 6Ea - A small ground floor retail unit extending to approximately 280 sq. ft internally. The property is located on a busy corner fronting onto the High Street and Mill Street. The property offers the following accommodation:

Front Retail Shop - 3.94m x 3.18m + 1.80m x 2.79m (12'11" x 10'5" + 5' - Dual aspect windows to High Street and Mill Street.

Inner Hallway - 1.52m x 1.57m (5'141" x 5'2") - Electric storage heater.

Rear Room - 3.43m x 1.96m (11'3" x 6'5") -

Kitchenette/Rear Store Room - 3.40m x 1.47m + 2.13m x 1.30m (11'2" x 4'10" + 7'0 - Small kitchen area with stainless steel sink unit.

Wc - 1.04m x 0.76m (3'5" x 2'6") - White low level WC.

Lease Terms - This property is currently let on a three year internal repairing and insuring lease, which commenced on 31st July 2017 at an annual rent of £10,000 per annum payable quarterly in advance.

The unit is occupied as a shoe shop and chiropodist. The current lease expires on 31st July 2020.

No. 1A Mill Street, Oakham, Rutland, Le15 6Ea - Small ground floor retail unit extending to approximately 165 sq. ft internally with the following accommodation:

Entrance Area - 3.12m x 1.37m (10'3" x 4'6") -

Front Retail Shop - 0.81m x 1.96m + 2.34m x 3.48m (2'8" x 6'5" + 7'8" - Window to Mill Street.

Rear Room - 3.99m x 2.39m (13'1" x 7'10") -

Kitchenette/Rear Store Room - 2.11m x 1.14m (6'11" x 3'9") - Small kitchen area with stainless steel sink unit.

Wc - 1.40m x 1.12m (4'7" x 3'8") - White low level WC and wash hand basin.

Lease Terms - This property is currently let on a three year internal repairing lease at an annual rent of £5,750 per annum payable monthly in advance.

The unit is occupied as a wool shop and seamstress. The lease commenced on 16th November 2018 for a period of three years, expiring on the 15th November 2021.

No. 3A Mill Street, Oakham, Rutland, Le15 6Ea - A ground floor retail unit extending to approximately 345 sq. ft internally with the following accommodation:

Front Retail Shop - 4.24m x 3.99m (13'11" x 13'1") - Window to Mill Street.

Rear Room - 1.98m x 3.30m (6'6" x 10'10") -

Rear Store Room - 2.39m x 2.57m (7'10" x 8'5") -

Wc - 2.11m x 1.17m (6'11" x 3'10") - White low level WC and wash hand basin.

Rear Yard Area - There is a small rear yard area

Terms Of Lease - This property was originally let on a one year internal repairing and insuring lease on the 1st November 2017 at an annual rent of £8,500 per annum payable quarterly in advance. The lease continues on a periodic basis.

The unit is occupied as a ladies' high fashion second hand clothes shop.

No. 3 Mill Street, Oakham, Rutland, Le15 6Ea - A first floor residential apartment being sold with vacant possession with the following accommodation:





Ground Floor: -

Entrance Hall - 1.50m x 1.04m (4'11" x 3'5") - Independent entrance door from Mill Street gives access to Entrance Hall, which leads to Inner Hall.

Inner Hall - 0.89m x 1.68m (2'11" x 5'6") - Stairs leading to first floor accommodation.

First Floor: -

Landing - 4.47m x 2.03m (14'8" x 6'8") - Galleried stairs, radiator.

Sitting Room - 4.45m x 5.44m (14'7" x 17'10") - Spacious dual aspect room featuring open fireplace with inset gas fire, radiator and windows to Mill Street and High Street.

Breakfast Kitchen - 2.13m x 4.32m (7'0" x 14'2") - Range of fitted white fronted base and wall mounted units with timber effect formica work surfaces and tiled splash-backs, inset double sink with drainer, cooker; built-in airing cupboard housing hot water cylinder, SUPRIMA gas fired boiler.

Kitchen incorporates a small seating area.



Bedroom One - 4.65m max x 4.55m (15'3" max x 14'11") - Fitted wardrobes to one wall, radiator, dual aspect windows to front and rear elevations.

Bedroom Two - 2.67m x 3.53m (8'9" x 11'7") - Radiator, window to front elevation.

Bathroom - 2.11m x 1.75m (6'11" x 5'9") - White suite comprising bath with MIRA electric shower above, low level WC and wash hand basin; tiled splash-backs, plumbing for washing machine, radiator.

Rental Potential - No. 3 Mill Street is available with vacant possession. In our opinion the property could achieve a rent in the region of £6,000.00 per annum, if let on an Assured Shorthold Tenancy,

Services - Mains water, electricity, and drainage are connected to the commercial properties. Telephone installed. The central heating present at the residential apartment is a gas fired central heating system.

It has been assumed that all the Mains services which are connected are available on the normal terms and that the roads giving access to the property are made-up highways maintainable at public expense. It has been assumed that all the heating and other services to the property are free from defect and that where necessary all Building Regulations and Fire Regulations have been obtained.

None of the services, fittings, appliances (if any), heating installations, plumbing or electrical systems, telephone or television points have been tested.

Council Tax Band - Enquiries to Rutland County Council, Oakham 01572-722577

Energy Rating - 1 Mill Street, Oakham - D/87
1a Mill Street, Oakham - C/66
3 Mill Street, Oakham - E/43
3a Mill Street, Oakham - C/71

Independent Mortgage Advice - Murray, in conjunction with St. James's Place Wealth Management can offer free independent advice whether you buy through Murray Estate Agents or another agent. St. James's Place Wealth Management have access to over 13,000 mortgage products and are able to find the most competitive products from the whole market. Your home may be repossessed if you do not keep up repayments on your mortgage.

N.B. - Interested parties are advised to check with ourselves that these particulars have not been altered or amended in any way since they were issued.

Viewing - By appointment to be made through the Selling Agents please. If you are travelling a long distance please telephone prior to departure to ensure the property is still available and to discuss any particular points which are likely to affect your interest in this property in order that you do not make a wasted journey.

Office Opening Hours - Monday - Friday 9.00 - 5.30
Saturday 9.00 - 4.00
Bank Holidays 10.00 - 2.00

Disclaimer - 1. The particulars are intended to give a fair and substantially correct overall description for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract. No responsibility is assumed for the accuracy of individual items. Prospective purchasers and lessees ought to seek their own professional advice.

2. All descriptions, dimensions, area, reference to condition and necessary permission for use and occupation and their details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact, but must satisfy themselves by inspection, or otherwise as to the correctness of each of them.

3. No person in the employment of Messrs Murray has any authority to make or give any representations or warranty whatever in relation to this property or these particulars or enter into any contract relating to this property on behalf of the vendor.

4. No responsibility can be accepted for any expenses incurred by intending purchasers or lessees in inspecting properties which have been sold, let or withdrawn.

5. It should not be assumed that the property has all necessary planning, building regulation or other consents. Where any reference is made to planning permission or potential uses, such information is given in good faith.

6. The information in these particulars is given without responsibility on the part of the agents or their clients. These particulars do not form any part of an offer of a contract and neither the agents nor their employees has any authority to make or give any representations or warranty in relation to this property.

Money Laundering Regulations 2003

Anti-Money Laundering Regulations came into force in March 2004. These regulations affect estate agents, there will be requirement that Murray's confirm the identity of its seller and buyers.


More information from this agent

Listing History

Added on Rightmove:
02 September 2019

Nearest station

  • Oakham (0.4 mi)
Distances are straight line measurements from centre of postcode

Nearest schools

Use the school checker

To view this property or request more details, contact:

Murray Estate Agents & Chartered Surveyors., Oakham

Market Street, Oakham, Rutland, LE15 6DY

01572 366021 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest station

  • Oakham (0.4 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Murray Estate Agents & Chartered Surveyors., Oakham

Market Street, Oakham, Rutland, LE15 6DY

01572 366021 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference 29063387. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Murray Estate Agents & Chartered Surveyors., Oakham. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

* Average speeds are based on the download speeds of at least 50% of customers at peak time (8pm to 10pm) from packages available on comparethemarket.com. Speed can be affected by a range of technical and environmental factors. The speed you receive where you live may be lower than that listed above. You can check the estimated speed to your property prior to purchasing. Fibre/cable services at your postcode are subject to availability. You can confirm availability on the provider's website. Providers may increase charges. You should have the right to exit your contract without penalty if this happens. The information is provided and maintained by Decision Technologies Limited.

Map data OpenStreetMap contributors.