The property comprises of a ground floor retail premises that has until recently been occupied on new lease terms and finished to a high standard throughout. The ground floor provides ancillary storage accommodation towards the rear including a kitchen area and rear W/c.
The first and second floors provide a self-contained three bedroom maisonette benefitting from large bedrooms and a living room with a family bathroom and kitchen located towards the rear. The maisonette has future redevelopment potential to provide two separate flats which could see an increase in the overall income and future capital value of the entire property. The tenant has recently agreed a new 12 month AST at an increased rent of £500 per month up from £475 per month.
Outside, the property has outdoor space to enjoy as a rear garden area as well as a detached garage which has the potential to be sold off separately due to its unique position behind neighbouring property.
The ground floor retail unit has recently been let on a five year term with the rent commencing at £8,400 per annum rising to £9,600 per annum in year five. This opportunity will appeal to a private investor seeking to start or grow their existing property portfolio with the benefit of future redevelopment potential.
The freehold interest subject to the existing tenancy is available at a guide price of £155,000. A purchase at this level will provide a net initial yield of 9.7% assuming acquisition costs of 3.8% based on the headline rental income figure as detailed above.
Viewings to be made strictly through us as sole selling agent.
For further information about this property listing you can download the brochure or contact Jonathan Barker on 07432 534 668 or by emailing jonathan@barkerproperty.uk
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