An excellent investment opportunity comprising 2 ground floor commercial units located on Cheltenham Road. The property currently let producing £33,500pa. In addition each of the flats sold off on long leases pays a ground rent of £50pa until 31st January 2052, £75pa until 31st January 2085 and £100pa thereafter. Offered for sale on a freehold basis subject to the long leases of the flats, previously sold off.
DESCRIPTION -
An excellent Investment opportunity comprising 2 ground floor commercial units currently let producing £33,500pa. In addition each of the flats sold off on long leases pays a ground rent of £50pa until 31st January 2052, £75pa until 31st January 2085 and £100pa thereafter.
LOCATION -
The property is situated in a great position on Cheltenham Road, a bustling and vibrant area known for its diverse mix of independent businesses, shops, and eateries. This high-footfall location offers excellent visibility and accessibility, making the commercial units highly desirable to tenants.
TENURE -
The 2 commercial units are held on a long leasehold basis but the sale is to include the freehold of the property. The 4 flats have previously been sold off on long leases.
LEASE DETAILS -
The commercial units are let on the following basis producing £33,500pa. One of the two commercial units is let on a long lease. The lease has expired on the other commercial unit and the tenants are “holding over”. In addition each of the 4 flat owners pay a ground rent of £50pa until 31st January 2052, £75pa until 31st January 2085 and £100pa thereafter. Two of the flats have 87 years left on their leases the other two of the flats are held on the residue of 999 year leases.
UNIT 1 - AID BOX COMMUNITY -
Let at £16,000 pa. Currently holding over from July 2024, we understand that they do not plan to renew. We would suggest the market rent to align with the adjoining unit at £17,500pa.
UNIT 2 - PAPA JOHNS -
Let at £17,500pa on the remainder of a 15 year lease from October 2013.
BUSINESS RATES -
The rateable value with effect from April 2023 for each unit is as follows:
Unit 1 - £13,250
Unit 2 - £14,000
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Unit 1 - C (valid until March 2032)
Unit 2 - D (valid until March 2032)
FLOOR PLAN -
The floor plan is provided for indicative purposes only and should not be relied upon.
VAT -
All figures quoted are exclusive of VAT unless otherwise stated.
VIEWINGS -
By appointment with Maggs & Allen.
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.
