The subject property comprises a long income retail investment opportunity For Sale in the heart of Earl Shilton town centre, with approximately 9 years unexpired on lease in effect to Medivet Group Ltd. Medivet are not currently in occupation and there is a sublease in place to Luxury Nails 209 Ltd.
The property comprises the ground floor only and is currently in use as a nail salon. The accommodation comprises an open plan salon area with ancillary kitchen/store and WC facilities. To the rear is a yard area.
Externally, there is on street car parking to the front elevation.
( Agency Pilot Software ref: 50647 )
Location
The subject property is located fronting onto Wood Street in the town centre of the popular town of Earl Shilton. Nearby occupiers include The Lord Nelson public house, Easy Laundry laundrette, Renaissance hair salon and Mark Jarvis betting office.
There is short term car parking to the front elevation. Earl Shilton is a busy town (population 10,000), adjoining the village of Barwell, lying approximately 10 miles from Leicester and 3 miles from Hinckley.
There are excellent road communications with junctions of the M1 and M69 being within easy commuting distance. Earl Shilton also benefits from regular bus services to Hinckley, Nuneaton and Barwell.
Accommodation
845 sq ft (78.5 sq m)
Terms
SERVICES We understand mains electricity, water and drainage are connected to the subject property.
BUSINESS RATES As a result of internet enquiry only, we understand that the Rateable Value for the subject property appearing in the Rating List of the Hinckley & Bosworth Borough Council is: Rateable Value: £6,800 THIS IS NOT THE AMOUNT PAYABLE
TENURE The Freehold interest in the subject property is available at an asking price of £135,000 subject to the lease in effect, being a full repairing and insuring lease, at a passing rental of £9,500 per annum exclusive, for a term of 15 years from 1 August 2019. Rent reviews are every 5 years. The tenant is Medivet Group Limited who are not currently in occupation, with a sublease being in place to Luxury Nails 209 Ltd who are trading from the property as a nail salon. The asking price reflects an attractive Net Initial Yield of 7%. We are advised the first floor flat has been sold off long leasehold for a term of 999 years from 1 June 2022 with no ground rent payable.
LEGAL COSTS Each party to bear their own legal costs. ENERGY PERFORMANCE CERTIFICATE EPC Rating - E(117)
Specification
- Let to Medivet Group Ltd with an unexpired term of 9 years
- Passing rental of £9,500 per annum
- Located in the popular town of Earl Shilton
- Short term car parking to the front elevation