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REGIONAL HOUSE 28-34 CHAPEL STREET, LUTON, LU1 2SE
15,000 Sq Ft / Other / Investment
Withdrawn - Last updated: 10 July 2023
Description:
The purpose built office building has retail and food & beverage premises upon the ground floor and office accommodation upon its upper floors.
Whilst the ground floor premises are let, the upper floors remain vacant, with the exception of the rooftop terrace which is occupied by a shisha bar.
S.R. Wood & Son understands that the current rental income is in the region of £75,000 pa.
Due to its mixed-use and part-let nature, the property would suit owner occupiers and investors alike. There is also potential for residential development (subject to planning).
Floor areas are as follows:
- First Floor – Arlesey Suite = 2,198 sqft (204.41 m2)
- Second Floor – Chalgrave Suite = 2,501 sqft (232.59 m2)
- Second Floor – Henlow Suite = 2,198 sqft (204.41 m2)
- Third Floor – Someries Suite = 2,500 sqft (232.50 m2)
- Ground Floor Premises = to be advised
- Roof Top Terrace = to be advised
Location:
Regional House is prominently positioned on Chapel Street, within the heart of Luton town centre, having good visibility from Park Viaduct/Stuart Street.
- Bedfordshire University: 0.3 miles
- Luton Train Station: 0.4 miles
- London Luton Airport: 1.9 miles
- Luton & Dunstable Hospital: 2.8 miles
Terms:
The freehold interest is available for £1,500,000.
Legal Costs:
Each party are to bear their own legal costs incurred.
VAT:
Plus VAT at the appropriate rate if applicable.
Rateable Value:
The Rateable Values of this property as of 1st April 2023 are as follows (please note these are not the rates payable).
- First Floor – Arlesey Suite = £24,500
- Second Floor – Chalgrave Suite = To be confirmed
- Second Floor – Henlow Suite = £24,500
- Third Floor – Someries Suite = £25,000
- Ground Floor Premises = to be advised
- Roof Top Terrace = to be advised
Subject to certain conditions, you will not pay Business Rates on a property with a Rateable Value of £12,000 or less. For properties with a Rateable Value of £12,001 to £15,000 the rate relief will go down gradually from 100% to 0%, i.e. if your Rateable Value is £13,500 you will get a 50% reduction off your bill.
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