Overview
Description
Location
This investment property comprises a three-storey Grade II listed building generating a total income of £31,620 per annum from a ground-floor retail unit and 2x two bedroom flats.
One flat is let on an assured shorthold tenancy at an annual rent of £11,820 per annum. The other flat is sold off on a long lease. The owner pays a ground rent of £50 per annum.
The 712 sq ft shop has frontage to Church Street and is visible from Market Place. It is let to Tidal Vapes Limited on a 7-year lease from April 2023, expiring April 2030, at a rent of £19,800 per annum. There is a tenant-only break option in April 2028. The lease is on effective full repairing and insuring terms. The rent is subject to an upwards-only review in April 2028. The lease is available to review upon request.
The tenant offers a very good covenant, with a Credit Safe Risk Score of 79 (placing it in the upper 25% of 22,420 comparable companies) and an International Score of 'A' (very low risk).
Details of the current service charge and sinking fund arrangements are available upon request.
Please find the tenancy schedule overleaf.
Summary
Key points
- Town Centre Location
- Initial Yield of 8.44% excluding purchasers costs.
- Listed Building With Character Features
- Strong Retail Tenant Covenant
Contact
Keygrove Chartered Surveyors
Tel: 023 8083 5962
James Allen
ja@keygrove.com
EPC
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