We are pleased to offer this three storey terraced premises for sale comprising a recently formed double fronted ground floor retail unit let to Jackdaw Menswear Limited (trading as Westdaw Menswear). This recently fitted out gents outfitters suits the traditional building and location and benefits from WC and staff room to rear. The upper parts form two newly formed flats over first and second floors with access from the rear and are subject to new leases to be granted for 999 years.
Completion of the residential conversion is anticipated during November 2017.
Double fronted shop unit
Retail area 580 sq ft (53.88 sq m)
The Tenant Jackdaw Menswear Limited (Company Reg No 10365176)
Term 10 years from 7thDecember 2016 with a Tenant break provision at the end of the third year (subject to the Tenant paying the Landlord a break penalty of £3000), upward only rent review at the end of the fifth year and a monetary deposit equating to six months rent.
Rent £ 22,000 pax
Repair & Insurance Internal repairing and insuring with Tenant responsible for the shop front.
Offers in the region of £ 285,000 for the freehold interest subject to the commercial shop lease and leases granted for the residential upper parts.
We are advised that the premises is not elected for VAT at present.
Freehold sale subject to the existing lease of the ground floor and residential upper parts as detailed above.
Ingoing tenant to be responsible for both parties legal costs.
A new assessment will be undertaken once the scheme is completed.
An EPC is available for the ground floor element of this property. It has been rated C (75). A full copy of the EPC is available upon request. Further details for the upper parts will be available upon completion of the scheme.
Strictly by appointment with the Landlord’s Agents Robinsons with Martin-Brown, telephone 01306-884685.
This investment comprises a ground floor retail unit which is subject to a recently granted 10 year lease with the upper parts forming two newly created self contained flats both to be subject to new 999 year leases. An ideal town centre investment opportunity in this well established trading position.