The property comprises a ground floor lock-up shop with two self-contained flats above.
The retail unit is rectangular in shape with good floor to ceiling height and ancillary areas at the rear with wc facilities.
The residential accommodation is arranged over the first and second floors with stair access from the ground floor via a set of doors to the front right hand side of the property.
There is a 3 bed flat on the first floor and a 2 bed flat on the second floor. The flats have gas central heating and double glazed windows. The first floor flat also has the benefit of a large patio area.
( Agency Pilot Software ref: 12818 )
Location
Letchworth Garden City is the World's first Garden City, founded in 1903. It has a population of 33,986 (2021 Census) and is located in north Hertfordshire, approximately 32 miles north of London. The town has direct access to the A1(M), which offers links to the M25, 20 minutes to the south. Letchworth Garden City Garden City mainline railway station provides a fast service to London Kings Cross (36 minutes) and is well located for the international airports at both Luton and Stansted. The original town centre was designed around Eastcheap and Leys Avenue and is now supplemented by the Garden Shopping Centre.
The property is located in a prime position at the southern end of Eastcheap close to an entrance to the Garden Shopping Centre and opposite a pay and display car park. There are a number of local and national occupiers close to the property including Sainsburys Local, Prezzo, Energie Fitness, Turquoise Kitchen, Superdrug and Greggs.
Accommodation
3,046 SQ FT (200 SQ M)
Terms
Tenure The property is available for sale on a long leasehold basis for a term of 250 years at a peppercorn ground rent. The property will be sold with the benefit of the two residential tenancies and the ground floor retail unit which is currently vacant.
Tenancy The first floor flat is let on an AST from 30 Jan 2021 at £1,000.00 per month / £12,000pa. The second floor flat is let on an AST from 1st November 2021 at £875.00 per month / £10,500pa. The ground floor retail unit has an estimated rental value of c£26,000pa.
Rent The ground floor retail unit is also available to rent separately for a term to be agreed subject to negotiation. £26,000 per annum.
Price £725,000 for the long leasehold interest.
Rates We understand from the Valuation Office Agency website (www.voa.gov.uk) that the rateable value is £19,000. The UBR for 2023/24 is 51.2p in the £.
Rates payable may be subject to transitional arrangements and/or small business relief, which should be verified with the Charging Authority. Assessments may be subject to appeal. The Council Tax band for both flats is ‘C’. The amount for the year 2023/24 is £1863.20 per flat.
Specification
• Two fully let flats.
• Retail unit in prime position.
• Further development potential (STP)
• Significant break-up potential.