4L120 2 Market Place, Wisbech Investment Sale - Realla
FREEHOLD RETAIL INVESTMENT FOR SALE 01733 897722
www.b
2 MARKET PLACE, WISBECH PE13 1DT Price: £185,000
Mid terraced retail unit with two upper floors & basement
Let to Age UK
15 year lease from March 2013 subject to 5 year upwards only rent reviews and tenant breaks 2018 and 2023
Net initial yield 7.14% after allowing for normal purchasers costs
Income £13,500 pax
Voted by the Estates Gazette ‘Most Active Regional Agent in Cambridgeshire 2012, 2013, 2014, 2015’
Bury St Edmunds
●
Cambridge
●
Huntingdon
●
Peterborough
LOCATION
LEASE TERMS
Wisbech is known as the capital of the Fens and is approximately 21 miles from Peterborough and 14 miles from Kings Lynn with a population of just over 30,000 people.
The property is let to Age UK for a term of 15 years from 3rd March 2013 at an initial annual rent of £13,500 pax subject to 5 yearly upward only rent reviews.
The property is situated on the east side of Market Place close to the junction with Church Terrace in the town centre.
The tenant has an option to break the lease at 3rd March 2018 and 3rd March 2023. Age UK is one of the country’s largest charities with a network of around 450 shops throughout the UK—see www.ageuk.org.uk. The 2014-2015 financial report states that income during the year amounted to £174.6 million compared to £167.1m in the previous year, with net assets of £29.7 million.
Nearby traders include Beale’s department store, Specsavers, WH. Smith & Hughes Electrical.
DESCRIPTION The property comprises a mid terraced retail unit with 2 upper floors, basement and a substantial single storey rear extension.
EPC An EPC has been commissioned.
The property is of brick construction under a flat roof.
PRICE
FLOOR AREAS Ground floor retail area:
114.43 sq m
£185,000 exclusive of VAT for the freehold interest subject to the existing tenancy.
(1332 sq ft)
ITZA:
53.87 sq m
(580 sq ft)
Basement:
16.08 sq m
(173 sq ft)
First floor staff room:
19.64 sq m
(211 sq ft)
Second floor store/office:
19.71 sq m
(212 sq ft)
VAT We understand that VAT will not be charged on the rent.
YIELD
Measurements are approximate and on a gross internal basis.
Based on a sale price of £185,000 this shows a net initial yield of 7.14% after allowing for purchasers costs of 1.8% plus SDLT of £700.
SERVICES Mains electricity gas and water are available to the premises. Interested parties are however advised to make their own enquiries of the relevant service providers. No warranty can be given in respect of the condition or working order of services, fixtures and fittings.
LEGAL COSTS Each party to bear their own legal costs.
VIEWING Strictly by appointment with the sole agents:-
BUSINESS RATES
Barker Storey Matthews
From enquiries made of the Valuation Office Agency website, we understand that the property has a current Rateable Value of £18,000 (2010 assessment).
37 Priestgate, Peterborough PE1 1JL Contact: Tony Barker
For the year commencing 1 April 2016 rates will normally be charged at 49.7 pence in the pound on the Rateable Value. However the amount may be affected by transitional adjustments and could be higher or lower - interested parties are advised to check with the Local Rating Authority.
[email protected] (01733) 897722 4L120 160726
The tenant is responsible for the payment of rates. Note: Barker Storey Matthews is the trading name of BSMH Ltd. Reg No. 2566342. These particulars do not constitute or form any part of an offer or contract nor may they be regarded as representations. All interested parties must themselves verify their accuracy. All measurements are approximate. Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax. NIA Refers to Net Internal Area. Where appropriate or stated IPMS 3 relates to the International Property Measurement Standards 1st Edition. A definition can be found at: www.ipmsc.org/standards/office
Bury St Edmunds
●
Cambridge
●
Huntingdon
●
Peterborough
www.b
2 MARKET PLACE, WISBECH PE13 1DT Price: £185,000
Mid terraced retail unit with two upper floors & basement
Let to Age UK
15 year lease from March 2013 subject to 5 year upwards only rent reviews and tenant breaks 2018 and 2023
Net initial yield 7.14% after allowing for normal purchasers costs
Income £13,500 pax
Voted by the Estates Gazette ‘Most Active Regional Agent in Cambridgeshire 2012, 2013, 2014, 2015’
Bury St Edmunds
●
Cambridge
●
Huntingdon
●
Peterborough
LOCATION
LEASE TERMS
Wisbech is known as the capital of the Fens and is approximately 21 miles from Peterborough and 14 miles from Kings Lynn with a population of just over 30,000 people.
The property is let to Age UK for a term of 15 years from 3rd March 2013 at an initial annual rent of £13,500 pax subject to 5 yearly upward only rent reviews.
The property is situated on the east side of Market Place close to the junction with Church Terrace in the town centre.
The tenant has an option to break the lease at 3rd March 2018 and 3rd March 2023. Age UK is one of the country’s largest charities with a network of around 450 shops throughout the UK—see www.ageuk.org.uk. The 2014-2015 financial report states that income during the year amounted to £174.6 million compared to £167.1m in the previous year, with net assets of £29.7 million.
Nearby traders include Beale’s department store, Specsavers, WH. Smith & Hughes Electrical.
DESCRIPTION The property comprises a mid terraced retail unit with 2 upper floors, basement and a substantial single storey rear extension.
EPC An EPC has been commissioned.
The property is of brick construction under a flat roof.
PRICE
FLOOR AREAS Ground floor retail area:
114.43 sq m
£185,000 exclusive of VAT for the freehold interest subject to the existing tenancy.
(1332 sq ft)
ITZA:
53.87 sq m
(580 sq ft)
Basement:
16.08 sq m
(173 sq ft)
First floor staff room:
19.64 sq m
(211 sq ft)
Second floor store/office:
19.71 sq m
(212 sq ft)
VAT We understand that VAT will not be charged on the rent.
YIELD
Measurements are approximate and on a gross internal basis.
Based on a sale price of £185,000 this shows a net initial yield of 7.14% after allowing for purchasers costs of 1.8% plus SDLT of £700.
SERVICES Mains electricity gas and water are available to the premises. Interested parties are however advised to make their own enquiries of the relevant service providers. No warranty can be given in respect of the condition or working order of services, fixtures and fittings.
LEGAL COSTS Each party to bear their own legal costs.
VIEWING Strictly by appointment with the sole agents:-
BUSINESS RATES
Barker Storey Matthews
From enquiries made of the Valuation Office Agency website, we understand that the property has a current Rateable Value of £18,000 (2010 assessment).
37 Priestgate, Peterborough PE1 1JL Contact: Tony Barker
For the year commencing 1 April 2016 rates will normally be charged at 49.7 pence in the pound on the Rateable Value. However the amount may be affected by transitional adjustments and could be higher or lower - interested parties are advised to check with the Local Rating Authority.
[email protected] (01733) 897722 4L120 160726
The tenant is responsible for the payment of rates. Note: Barker Storey Matthews is the trading name of BSMH Ltd. Reg No. 2566342. These particulars do not constitute or form any part of an offer or contract nor may they be regarded as representations. All interested parties must themselves verify their accuracy. All measurements are approximate. Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax. NIA Refers to Net Internal Area. Where appropriate or stated IPMS 3 relates to the International Property Measurement Standards 1st Edition. A definition can be found at: www.ipmsc.org/standards/office
Bury St Edmunds
●
Cambridge
●
Huntingdon
●
Peterborough
