This property is a red brick-built end of terrace which has been extended over time to provide a mix of three, two and single storey accommodation with a small rear courtyard and some outbuildings in need of repair. There is an additional strip of land down the side of the premises which provides potential for additional parking subject to planning permission.
The building is protected by a mixture of both pitched and flat roofs and consists mainly of a ground floor retail unit and a self-contained split level flat to the first and second floor of the main building.
Location
This property is located on the main through road of Desborough Town Centre Station Road with other independant retailers nearby.
Desborough is a market town with a population of circa 10,000 with neighbouring towns to include Rothwell , Market Harborough, Kettering and Corby with good road links to the A14 & A6.
Accommodation
The retail unit has been measured on a net internal basis and comprises a ground floor retail unit occupied by Corals bookmakers with 4 years remaining on the lease and a separately let 3 bedroom split level flat currently let out on a periodic tenancy basis.
Terms
Tenancies - The ground floor unit is occupied by the national bookmakers 'Coral Racing Ltd' paying an annual rent of £12,500 pax with approx. 4 years remaining on the lease without break clause, expiring 24th December 2027.
A rent review for the current rent was agreed in October 2022 at nil increase.
As of the 28th February 2024 the first floor flat will generate an income of £725 per calendar month. This tenant is holding over.
Terms - The property is available Freehold at a guide price of £299,950. Title plan available on request showing strip of land to be included in the sale.
Business Rates & Council Tax - The premises has a rateable value of £7,000. Any interested parties should contact the relevant local authority to ascertain amounts payable.
Planning - The ground floor retail unit was approved for a change of use to a bookmaker under appliacation KE/02/0183 in 2002.
Services - The retail unit benefits from mains electricty and water but no gas connection.
The residential flat has mains electric, gas and water connected.
All utilities are untested by the agents.
Legal Costs - Each party bear their own costs.
VAT - VAT is applicable to the sale.
EPC - The EPC band for the retail is C, and for thr residential flat the EPC is band
Specification
- Mixed use investment available
- Potential for rental growth on residential flat
- Four years on lease to national tenant
- Total income of £21,200
- Guide price £299,950