The ground floor retail premises, rear store and car park (with the exception of 2 parking spaces) are let to 'Coral Racing Limited' on a 10 year lease from 22nd November 2011 at a passing rent of £16,000 per annum. The lease included a tenant only break clause after year 5 of the lease term which Coral have not exercised.
The tenants are responsible for 50% of sums paid for repair/maintenance and renewal of the main structure, roof and exterior of the building and are fully responsible for internal repairs to the ground floor and maintenance of the car park.
Currently let on an Assured Shorthold Tenancy agreement at £775 per calendar month, including 1 parking space.
Currently let on an Assured Shorthold Tenancy agreement at £750 per calendar month, including 1 parking space.
Whilst the current lease to Coral Racing Limited includes the car park to the rear, we feel there is long-term potential to redevelop the car park and rear store (in total approximately 350sqm) subject to obtaining the necessary planning consents. There is potential to increase the rent on the flat 375A to circa £795 per calendar month at the end of the current tenancy.
The property is offered for sale on a freehold basis.
In accordance with the Valuation Office Agency website, the draft Rateable Value for 2017 is £15,750.
Ground Floor - D
373A - D
375A - E
All figures quoted are exclusive of VAT unless otherwise stated.
As per the Control of Asbestos Regulations 2012, the owner or tenant of the property, or anyone else who has control over it and/or responsibility for maintaining it, must comply with the regulations which may include the detection of and/or management of any asbestos or asbestos related compounds contained at the property. Maggs & Allen has not tested or inspected for Asbestos and therefore recommend all interested parties to make their own enquiries.
Maggs & Allen use all reasonable endeavors to supply accurate property information in line with the Consumer Protection from Unfair Trading Regulations 2008. These property details do not constitute any part of the offer or contract and all measurements are approximate.
It should not be assumed that this property has all the necessary Planning, Building Regulation or other consents. Any services, appliances and heating system(s) listed have not been checked or tested. Please note that in some instances the photographs may have been taken using a wide angle lens.
Any site and floor plans provided are for indicative purposes only and should not be relied upon.