The building is of brick construction under a pitched and tiled roof.
The property which is arranged on ground and first floor comprises three retail units over the ground floor only.
The first floor residential comprises two flats which have a separate access to the rear. (These are sold off on long occupational leases).
Flat 8a has 63 years unexpired on the lease and has potential additional value in a lease extension.
The property benefits from unrestricted on street car parking.
Location
The parade is located close to the junction of High Street and Church Street, opposite Stony Stratford Library and St Mary’s and St Giles Church.
National retailers in close proximity include Boots Pharmacy, Coral Bookmakers, Costa Coffee, Nat West Bank and RSPCA Charity Shop.
Stony Stratford is a famous old town having been established since 1215. It is located approximately 5 miles to the Northwest of Milton Keynes on the border of Northamptonshire. The A5 trunk road, M1 and M4 motorways are within easy reach providing access to London, Oxford and the North. There are main line railway stations within 5 miles at Wolverton and Milton Keynes providing regular service to London Euston in 44 minutes.
Accommodation
8 Church Street - AJN Student Properties Ltd - Café - Sales/Ancillary - 489 sq ft
10 Church Street - Neil Carpenter - Launderette - Sales/Ancillary - 497 sq ft
12 Church Street - Karela Ltd - Hairdresser - Sales/Ancillary - 460 sq ft
8A Church Street - G Burnham - Residential
12A Church Street - T Wilson - Residential
Terms
TENURE
Freehold.
TOTAL INCOME
The total passing annual rent from the 3 retail units and ground rent from one of the flats is £30,525 per annum.
For a detailed view of the Tenancies, please view attached brochure.
PROPOSAL
We have been instructed by the vendor to seek offers in the region of £280,000 subject to contract.
A purchase at this level reflects a net initial yield in the order of 10% assuming usual purchaser costs.
VAT
The property is not registered for Value Added Tax.
LEGAL COSTS
Each party to be responsible for their own legal costs incurred in this transaction.
Specification
- Attractive Local Retail Parade
- 3 Ground Floor Shop Units
- Self-Contained residential upper parts sold off on long leases
- Freehold
- Current rent £30,525pa
- Offers sought in the region of £280,000 stc
- Net Initial yield 10%