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TheFREEHOLD INVESTMENT UNDER TITLE NO SY676579 comprises three High Street retail units and five residential flats forming the upper parts of 230. Four of the flats are currently let on an Assured Shorthold basis and one three bedroom flat is included but is subject to a long lease (125 years granted from 27.2.98) held under Title No SY678396.
This investment portfolio has been let by the current owners for two decades and offers a great opportunity to a new Landlord.
SHOPS
224 High Street – A ten year FRI Lease from 17 September 2024 – expiring 29thSeptember 2034.
228 High Street – A five year FRI Lease from 24 July 2023 expiring 24 July 2028. Upward only rent review and tenant only break on 24 July 2026.
230 High Street – A fifteen year FRI Lease from 16 March 2011 expiring 2026.
Sale of the freehold interest under Title No SY676579 subject to the following leases:
Address
Tenant
Start Date
Expiring Date
Passing Rent
EPC
224
Nguyen
(Nail bar operator)
17.9.24
29.9.24
£16,250
C (55)
228
Sajdeva
(Mobile phone retail & repairs)
24.7.23
24.7.28
£12,000
A new EPC is being commissioned.
230
Headmasters
(Ladies Hair Salon)
16.3.11
16.3.26
£35,350
B (48)
FLATS
The flats themselves have been let by the current owners for many years. Each unit has benefitted from continuous lettings being located on the High Street.
Flat A, One bedroom self-contained first floor flat with living room, kitchen, bedroom, bathroom
Flat B, Two bedroom first floor flat to the rear with living room, separate eat-in kitchen and bathroom
Flat C, Second floor studio flat to the front, latterly redecorated with separate kitchen and bathroom
Flat D, Second floor one bedroom flat to the rear with separate galley kitchen and bathroom.
First/second floor flat over 224/226 High Street . Three bedroom flat subject to a 125 year long lease granted from 27.2.98 at a peppercorn annual Ground Rent .
All flats are situated above the commercial units
Sale of the freehold interest is subject to the following residential tenancies:
Address
Tenant
Start Date
Current Rent (pa)
EPC
Flat A
Private Tenant
1.6.17 - Periodic
£9,600
E (46)
Flat B
Private Tenant
31.7.20 - Periodic
£11,400
D (61)
Flat C
Private Tenant
26.4.24
£10,400
D (65)
Flat D
Private Tenant
12.7.24
£11,400
C (75)
First/second floor flat over 224/226 High Street
Long leasehold flat
Title No SY678396
27.2.1998
Peppercorn
Collectively the three shop units and four residential flats provide a total rent of £106,200 pa. Exclusive . The four flats on an AST basis produce an income of £42,800 pax and the commercial element comprising the three shops £63,300 pax gross.
Offers in excess of £1.36m, subject to contract, for the freehold interest subject to the existing four Assured Shorthold Tenancy leases granted to flats A to D.
We understand that all parts have the benefit of gas, electric and water supply and each Tenant is responsible for said costs.
We understand that the premises are not elected for VAT.
Each party to be responsible for their own legal costs in the transaction.
BUSINESS RATES
From internet enquiries only the business rate assessment is as follows:
224 High Street
Rateable Value £12,750
Uniform Business Rate £0.49.9 (April 2023 – present)
228 High Street
Rateable Value £7,400
Uniform Business Rate £0.49.9 (April 2023 – present)
230 High Street
Rateable Value £20,000
Uniform Business Rate £0.49.9 (April 2023 – present)
Interested parties should verify this information and any transitional adjustments prior to
entering into any contract.
Strictly by prior appointment only through sole agents:ROBINSONS 01306 884685