43 & 45 CARDIFF ROAD, LUTON, LU1 1PP

Description:

43 and 45 Cardiff Road were purpose built office buildings that have now been converted to apartments.

To the rear of ’43 and 45’ are a series of car parking spaces which are also available to purchase with STPP potential for low density development or continued use as rental spaces or possible used car sales.

There are rights of way over the car parking area.

43 Cardiff Road:
There is ground rent of £750 per annum receivable for each of the 3 floors, i.e. £2,250 per annum. Each floor has been sub-divided into apartments. There is limited common area of which there is no formal management in place.

45 Cardiff Road:

There are 5 apartments, each due to pay £100 per annum ground rent, i.e. £500 per annum. 2 rear lock up garages are currently rented at £450 per annum per garage, i.e. £900 per annum.

Rear Car Park:

The car park is surfaced and was gated however this is no longer in situ. Allowing for access to the 2 garages, there are approximately 16 car spaces available to rent (quoting price £12,000 per annum).

Total potential rental income £15,650 per annum.

Location:

Cardiff Road is located upon the fringe of Luton town centre, within a mixed residential/commercial area.

Terms:

The freehold interests are available subject to the various tenancies at £150,000, showing a 10.43% return.

Legal Costs:

Each party to bear their own legal costs incurred.

VAT:

We are advised V.A.T. is not currently applicable.