The property is a terraced brick built three storey protected by a pitched tiled roof with a rear courtyard leading onto an adjoining two storey building of the same construction. The main building comprises a double width shop front and retail unit to the ground floor, previously two shops. A separate self-contained entrance at the front elevation which leads to the first and second floors set out as office space currently. Potential for conversion into flats subject to planning permission. The rear building has an open planned ground and first floor area which needs redeveloping.
Location
The property is located on the one way street Victoria Street which is on the eastern fringe of the Town Centre and within a short walk to Silver Street and main shopping areas. There is a shared right of way to the rear of the property via Alexandra Street.
Kettering is in North Northamptonshire with a borough population of 100,000with good road links to the A14, A43, A6,A1, M6, M1 and M11
Accommodation
The property has been measured on a net internal basis and is approximately 3,100ft² (287.9m²) and comprises the following areas:
Ground Floor Retail (Let) 940ft² / 87.3m²
First Floor offices - vacant 510ft² / 47.3m²
Second Floor offices (Let) 650ft² / 60.4m²
Vacant rear building 1,000ft² / 92.9m²
Terms
Tenancies - The ground floor retail unit is currently let out to Aimees dress shop currently paying an annual rent of £10,560 per annum rising to £11,XXXer annum as of 31 July 2023. The lease is due to expire 31 July 2025 and is on internal repairing terms.
The top floor office is occupied by Davies & Co Surveyors who pay £650 per month and are holding over from a historic lease agreement and has rights to use the kitchen and toilets on the first floor.
The first-floor has 2 / 3 office suites currently vacant also able to share the kitchen and WC facilities.
Terms - The property is available Freehold at an asking price of £350,000 and is subject to two commercial tenancies being in place for the ground floor retail unit and second floor office with shared first floor facilities.
The total potential income would represent a net yield of circa 7.3% after purchasers’ costs.
Business rates:
The premises has three separate rating assessments relating to each floor which are as follows:
Ground floor shop £8,600
First floor office £3,500
Second floor office £3,350
Interested parties should contact the local authority to confirm amounts payable.
Planning - The office and retail use in the main building are considered to be within the new E class planning use.
Any other use is subject to landlord’s consent.
KET/2006/0320 granted consent for the conversion of the rear building to provide a studio flat and ground floor storage facilities. This consent has now lapsed.
Service Charges - There is a service charge which covers the upkeep and maintenance of the common areas and some utility costs. Information available upon request.
Services - The property benefits from mains / 3 phase electric, gas and water. All utilities are untested by the agent.
VAT - VAT is not applicable to the sale.
EPC - A copy of the EPCs are available on request.
Legal Costs - Each party to bear its own costs.
Specification
- Current income of £18,860 per annum
- Potential to add another £12-14,000 per annum
- Two commercial tenants in place
- 2 Storey rear building needing redevelopment.
- Inner Ring Road Location near Town Centre
- Asking Price of £350,000