Description -

The premises comprises a detached two storey building, with a single storey extension to the rear. The ground floor is currently used as an educational facility which is divided into a number of smaller teaching rooms and is accessed via the side door of the property. There is a workshop to the rear of the site that is used as storage along with a parking area for the sole use of the ground floor tenant.

The first floor comprises a modern two bedroom flat with an open plan kitchen and living room and is accessed via an internal staircase via the front door of the premises. There is one allocated parking space with the flat which is outside the front of the building.

There is future potential to convert the entire premises to residential accommodation subject to the necessary planning consents.

INVESTMENT SUMMARY

The property is currently fully occupied, the ground floor office and workshop accommodation are let to an educational user at a rent of £13,500 per annum exclusive from 1st June 2022 for a term of three years. The rent is to be reviewed on the 1st June each year on an upwards only basis. Full details are available on request.

Either party may determine the lease from 1st June 2023 subject to three months prior written notice. The lease is outside the Landlord & Tenant 1954 Act so the tenant does not have the automatic right to a new tenancy at the end of the term.

The first floor is currently let out via an AST agreement at a rent of £14,400 per annum from 5th July 2024 for an initial 12 month fixed term. The rent is to be reviewed on the anniversary of the term according to the rise in RPI from the start of the tenancy, or the previous rent increase date, whichever is the later, to the month before the current rent increase date.

Total income is therefore £27,900 per annum.

Accommodation -

The premises provide the following accommodation measured on an approximate gross internal area basis:

Ground Floor:
Offices & Workshop: 1,276.60 sq ft / 118.6 sq m
Rear Workshop: 533.46 sq ft / 49.56 sq m

First Floor:
Two Bedroom Flat: 688.89 sq ft / 64 sq m

Total: 2,498.95 sq ft / 232.26 sq m

Terms -

Our clients seek £495,000 for their freehold interest.

VAT is not applicable.

Rateable Value -

The Valuation Office indicates a Rateable Value as of 1st April 2023 of £11,500 for the ground floor. Rate in the £ for 24/25 is 49.9p

Energy Performance Rating -

Commercial (No.51) - D-98
Residential (No.51A) - C-69