Lock up shop in Hemel Hempstead - Investment sale.
( Agency Pilot Software Ref: 31542 )
Location
The property is situated towards the northern end of the Marlowes in the raised pavement area adjacent to the town centre bus terminus. Other local occupiers in the immediate area include William Hill, Santander, Opuz Restaurant and British Heart Foundation. There are also a number of restaurants, takeaways and convenience shops located close-by. Hemel Hempstead is one of the principal towns in Hertfordshire with a population in order of approximately 100,000.The town is served by the M1 motorway (J8) and is approximately 4miles from the M25 (J20/M21). The town is also served by the main line railway with the station being approximately 1.5 miles from the town centre.
Accommodation
Retail Area: 74.88 Sq. m (806 Sq. ft )
First Floor (Ancillary): 84.20 Sq. m (907 Sq. ft )
Total: 159.00 Sq. m (1,713 Sq. ft)
Terms
PRICE Offers in the region of £350,000.
TENURE The property is to be sold freehold subject to all tenancy terms
EPC The retail unit has an EPC rating of D(92).
TENANCIES Ground & First Floor – the property is let on a protected lease for 10 years on a full repairing and insuring term from 28th May 2020 at an annual rent of £24,000 per annum. The lease is subject to an upward only rent review on 28th May 2025. The tenant is Mr Thanh Cong Tran and trades as a nail bar. A 3 month rent deposit is held. Residential Upper Parts – there are 2 flats included within the freehold, all sold off on long leases. Flat 20 – 99 years from 25th March 1992. Ground rent: first 25 years £100 per annum; second 25 years £200 per annum; third 25 years £300 per annum; fourth 25 years £500 per annum. Flat 21 – 125 years from 15th November 1984. Ground rent:peppercorn.
LEGAL COSTS Each party are to be responsible for their own legal costs incurred in this transaction.
Specification
- Rent being paid in full during Covid lockdown.
- Hemel Hempstead is a major Hertfordshire commuter town.
- The town centre is undergoing major regeneration.
- Prominent position adjacent to transport hub.
- No VAT.