Mixed Use Investment Property For Sale
Prominent, three storey building in Towcester town centre.
100% let asset management opportunity.
Ground floor retail unit with four self-contained flats above.
Low passing rent of £47,090 per annum exc.
Offers in excess of £595,000.
Location
Towcester is a thriving and expanding market town which is strategically placed for access to the regional and national road network with Junction 15a of the M1 Motorway less than 6 miles to the north east.
The town is situated at the Junction of the A5 Watling Street and A43 dual carriageway which provide easy access to Milton Keynes, Northampton, Banbury and the midlands.
The property is located in a highly visible location on Watling Street. Occupiers in close proximity include Costa Coffee, Specsavers, Jardines pharmacy, Co-operative Food and a range of independent retailers.
Description
The property is a Grade II listed, three storey, mid terraced building arranged as a ground floor retail unit with large basement and four self-contained flats on the first and second floors.
The flats are accessed via a covered passageway to the side of the building and to the rear is a large communal garden and courtyard.
Tenancies
The residential upper parts are subject to individual Assured Shorthold Agreements all of which have expired. The residential parts are let for a total of £29,340 per annum exclusive.
The ground floor is subject to a full repairing and insuring lease to a private individual for 20 years from 1st April 2012. The current passing rent is £17,750 per annum. There are upwards only rent reviews on every 4th anniversary (next due 1st April 2028) and there are no break options.
Price
The property is available inviting offers in excess of £595,000 exclusive.
Services
We understand that the property is connected to all mains services however these have not been tested by the Agent.
Tenure
The freehold interest is offered for sale subject to the existing tenancy agreements producing £47,090 per annum exclusive.
Energy Performance Certificates
The property has the following EPC’s:
Ground floor – C (52)
Flat 1 – C (69)
Flat 2 – D (65)
Flat 3 – C (69)
Flat 4 – D (60)
Legal Costs
Each party is to bear their own legal and professional costs.
VAT
All figures are quoted exclusive of VAT at the prevailing rate.
Local Authority
West Northamptonshire Council, One Angel Square, Angel Street, Northampton, NN1 1ED.
Accommodation
Map & Nearby