FOR SALE

Fully Let Income Producing Shop,

 1 x 1 bed flat & 5 x Studio’s

Self-contained  Studio units

Established Use

Landlord Certificates in place

6.5% return before costs

Separately rated throughout

Other Details

Accomodation

ACCOMMODATION: Comprising a two storey mixed use commercial & residential property laid-out to provide an extensive ground floor shop, with a one bed flat & 5 additional studios all located on the 1st floor. All parts of the demise benefit from having their own self-contained facilities & are separately metered & assessed for Business rates & Council Tax respectively. EXISTING TENANCIES AND RENTAL INCOMES DERIVED: Shop A new FRI Lease was granted to Pasta Remoli Production Ltd on 11th June 2019 for a term of 6 years, subject to a mid-term upward only rent review at a commencing rent of £25,000pax. The Lease provides for a tenant Break on 10th December 2022. The premises are used as a ‘dark kitchen' & produces fresh pasta on site for the companies 6 retail outlets. Residential There are a total of 5 studios and a one bedroom flat all of which are let on periodic AST's providing a combined income of £46,200 per annum. The total income from the shop and residential units is therefore £71,200 per annum.

Amenities

Self-contained Studio units Established Use Landlord Certificates in place 6.5% return before costs Separately rated throughout

Lease

Tenure. Freehold to include the benefit of the above tenancies & rental income derived which totals £72,100pa. Salient Information: All flats are separately metered. Separate rate assessments throughout. Landlord Licences for each residential unit. Establish Use Certificates in place. Rent deposits equal to 6 weeks rent held in respect of each residential Letting & 3 months in respect of the shop.

Rent

Price. Offers are invited in excess of £1 Million.

Legal Costs

Each party are to be responsible for their own legal costs borne in this transaction. ADMINISTRATIVE FEE: Upon terms being agreed and prior to Solicitor’s being instructed, the prospective tenant or purchaser is to pay an administrative fee of £500 plus VAT to Bennett Phillips Luton. This fee will cover all associated administrative costs including any referencing fees incurred. In the event that the Landlord or Vendor withdraws from the transaction once solicitors are instructed, 50% of the fee will be refunded.

Possession

Vacant possession is to be granted if applicable in the event any part should be vacant on completion.

Viewing

VIEWING: Strictly by appointment through agents Bennett Phillips Luton | 0208 501 3000 Contact Marc Luton at marc@bennettphillips.com