A mixed use investment property situated in a highly desirable location on the Henleaze High Street. The property is arranged as a ground floor extended shop with a large self-contained 3 bedroom maisonette above.
The shop is let at £22,000pa on an effectively fully repairing and insuring basis. The flat is currently let at a reduced rent of £1,250pcm but with some updating, we consider the market rent to lie in the region of £750pcm per room (i.e £2,250pcm) subject to obtaining a Landlord Licence. There is also potential for a further 4th bedroom, subject to obtaining the necessary consents.
The property is therefore currently let at £37,000pa but offers potential to produce an annual rent of circa £50,000pa and to create a further bedroom.
DESCRIPTION -
A mixed use investment property situated in a highly desirable location on the Henleaze High Street. The property is arranged as a ground floor extended shop with a large self-contained 3 bedroom maisonette above.
The shop is let to Bayfield Opticians and Audiologists at £22,000pa, on an effectively fully repairing and insuring basis. The flat is currently let at a reduced rent of £1,250pcm but with some updating, we consider the market rent to lie in the region of £750pcm per room (i.e £2,250pcm) subject to obtaining a Landlord Licence. There is also potential for a further 4th bedroom, subject to obtaining the necessary consents.
The property is therefore currently let at £37,000pa but offers potential to produce an annual rent of circa £50,000pa and to create a further bedroom.
LOCATION -
The property is situated in a busy trading position on Henleaze Road. Neighbouring occupiers include Boots, Costa Coffee and The Co-Operative supermarket, and various other more local operators.
SHOP ACCOMMODATION -
The shop has been recently refurbished by the tenant and is arranged as a retail area to the front, with partitioned examination room, two further examination rooms to the rear, office/kitchen, male and female toilet facilities, and rear access. The shop has gas central heating, air conditioning and modern LED lighting.
MAISONETTE ACCOMODATION -
The maisonette is accessed from the rear, off Cavendish Road. The maisonette is currently arranged as 3 bedrooms with large lounge, kitchen/diner, shower room and bathroom. There is potential to reconfigure the maisonette to create a further fourth bedroom, subject to obtaining the necessary consents. The flat has gas central heating and UPVC double glazing.
FLOOR PLAN -
The floor plan is provided for indicative purposes only and should not be relied upon.
VIEWINGS -
By appointment.
LEASE DETAILS -
SHOP -
The shop is let to Bayfield Opticians and Audiologists (Bayfields Y Limited) on a 5 year effectively fully repairing and insuring term from the 30th June 2022, at a passing rent of £22,000pa. The lease is excluded from Sections 24-28 of The Landlord & Tenant Act 1954. A copy of the lease is available on request. For the year ending December 2022, Bayfields Y Ltd reported a turnover of £12.9m.
MAISONETTE -
We understand the flat is let on an Assured Shorthold Tenancy at £1,250pcm. This is below market level and offers potential to increase.
BUSINESS RATES / COUNCIL TAX -
The shop has a rateable value of £12,750 with effect from April 2023. The maisonette has a council tax band B.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Rating:
Shop: C - valid to C February 2032.
Maisoentte: D - valid to February 2032
VAT -
All figures quoted are exclusive of VAT unless otherwise stated.
CONTROL OF ASBESTOS REGULATIONS -
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.
