Property Details

Freehold Mixed Use Premises Comprising Ground Floor Class E Unit With Two Independent 2-bed Flats Above For Sale

Ground Floor Shop 1,500 Sf (139.4 Sm) Gia

Close To Street Parking And A Short Walk From The Public Car Park
Flats Let On Asts At Combined Rent Of £27,600 Pa
Class E Shop Let At £39,500 Pa To P J Bridgman & Co Until 1 September 2025 But With Renewal On Flexible Terms Being Documented With
Either Party Having The Right To Break On 3 Months Notice Plus £10k Penalty Payment.
Available As A Whole Or With Our Client Retaining The Flats

Location
The Two-storey Property Is Located On The West Side Of Whielden Street Close To Zsa Zsa And The Vehicular Access To The Crown Hotel Opposite Martin Moore
Kitchen Showroom. There Is A Forecourt Area And Short Stay Street Parking Is Close At Hand.
The Town Is Host To A Good Mix Of Multiple And Independent Traders Including Fashion, Eateries, Coffee Shops And Kitchen And Home Interiors Businesses.
Nearby National Multiple Traders Include Whistles, Moda In Pelle, Phase Eight, And Various Pubs And Restaurants Including The Griffin, Zaza, The Artichoke
And Pluma. A Large Tesco Superstore And Petrol Filling Station Are Located On The Eastern Edge Of The Town.

Description
The Ground Floor Shop Is Predominantly Open Plan With Forecourt Area. The Shop Has An Approx Gross Internal Area Of 139.4 M2 (1,500 Ft2) And Is Currently Let To P J Bridgman & Co Ltd (home And Garden Furniture) Until 1 September 2025 With Terms Agreed To Renew On A Flexible Basis At A Rent Of £39,500 Per Annum Exclusive With Either Party Having The Right To Break On 3 Months Notice Subject To Penalty Payment Of £10,000. The Lease Will Be Contracted Out Of The Security Of Tenure Provisions Of The Landlord And Tenant Act 1954.

The Two Flats Are Let On Assured Shorthold Tenancies At Rents Of £1,150 Pcm Each; Combined Annual Rent For The Flats Is £27,600 Per Annum.

Total Rent From Building Currently £67,100 Per Annum.

Terms
We Are Instructed To Market The Freehold Of The Building, Subject To The Tenancies, At A Guide Price Of £1,050,000 (reflecting A Net Initial Yield Of 6% After Assumed Purchase Costs Of 5.8%).

Alternatively, The Vendor Will Consider Retaining The Flats On Long-leases At Peppercorn Rentals - Guide Price For Shop Investment £575,000 (approx 6.5% Yield Net Of Assumed Purchase Costs Of 5%).

Epc
Shop - Rating - To Be Assessed
Flats: Rating D

Vat
We Are Advised That The Building Has Not Been Elected For Vat.

Viewings
By Arrangement With Dan Collins
Dan@pmcd.co.uk
01494 683643