The subject property is a mid-terraced four storey retail and residential premises. There is a self contained ground floor retail unit with service access from the rear on Dovecot Road.
The retail unit is currently let to an Indian street food restaurant with a dining area, serving counter, kitchen, WCs and rear entrance lobby.
The upper parts have been recently converted into six self contained residential flats comprising 5 x 2 bedroom and 1 x 1 bedroom that have all been sold off on long leasehold interests. The flats are accessed via a self contained stairwell. There are two undercroft parking spaces to the rear that have been allocated to flats 1 and 3.
( Agency Pilot Software ref: 1036 )
Location
The property is situated on Oxford Street in close proximity to Sainsburys, Eden Shopping Centre and the High Street, surrounded by numerous eateries and retailers.
Accommodation
The premises provide the following accommodation on a net internal area basis: -
Ground Floor Retail: 1,130 sq ft / 104.98 sq m
First Floor: 2 x 2 bedroom flats
Second Floor: 2 x 2 bedroom flats
Third floor: 1 x 2 bedroom flat & 1 x 1 bedroom fla
Terms
LEGAL COSTS Each party is to be responsible for their own professional and legal fees.
INVESTMENT SUMMARY The property is currently fully occupied, the ground floor retail shop being let to Shaywala Ltd trading as Karak Chaii at a rent of £17,000 per annum from 1st September 2021 for a 15 year term with five yearly rent review clauses and no break. The six self-contained residential flats in the upper parts have all been sold off on 125 year long leases from 2016 with a combined ground rent of £1,800 per annum with each flat paying £300.00 per annum. There are rent reviews for all flats on 01/01/2041 and each 25th anniversary of this date. Total income for the property is therefore £18,800 per annum.
PRICE Our clients seek £325,000 for their freehold interest.
VAT will not be applicable.
RATES The Valuation Office indicates a Rateable Value as of 1st April 2017 of £14,750. Rate in the £ for 22/23 is XXX