Investment for Sale Subject to Occupational Lease and Two Assured Shorthold Tenancies

Fixed Price £425,000

Ground floor lock-up double fronted shop with two self-contained one bedroom flats each let on an assured shorthold tenancy.  Presently underlet and producing £25,700 per annum exclusive

Location

Luton which has a population of two hundred and twenty thousand combined with Dunstable is approximately thirty miles north of London.

This property is contained in the neighbourhood area of Round Green approximately one mile east of the town centre and a similar west of Stopsley local shopping centre.

Junction 10 of the M1 Motorway is within a fifteen minute drive of the property in good traffic conditions.

Description

A two-storey inner terrace substantial property the majority of which was constructed as two separate units in the early twentieth century since which time the ground floor of each property has been converted into a single shop with a single storey back addition and what were the upstairs elements of those two properties have been converted into two self-contained flats.

Accommodation

The following accommodation is provided:

  • Ground floor shop, gross internal area approximately 1,100 square feet/102m2
  • First floor, two self-contained one bedroom flats each providing lounge/diner with fitted kitchen, bathroom and one double bedroom

Tenure

Freehold secured under Title BD94174 subject to two separate assured shorthold tenancies on each of the first floor flats and a twenty year lease in respect of the ground floor at a rent of £14,000 per annum exclusive subject to review in December 2022 and tenant only breaks on payment of decreasing penalties in the years 2020/21/22 and 23.

Facilities

Each unit is separately serviced with each flat benefitting from gas fired central heating.

Planning

To the best of my knowledge there are no planning matters which impact on the property.

EPC

Energy Performance Certificates are available.

Rateable Value

Each unit is separately assessed.  The flats are rated for Council Tax whilst the retail unit has a rateable value of £16,750 with all rates payable by the tenants.

Legal Costs

Each party to pay their own costs.

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