Commercial Property - Investment - FULLY LET TOWN CENTRE INVESTMENT PROPERTY

TOWN CENTRE INVESTMENT
LOCATION CLOSE TO MARKS & SPENCER
SECURELY LET TO SUBSTANTIAL TENANT - MARIE CURIE
GENERATING £20,000 ANNUAL INCOME WITH GROWTH POTENTIAL
SCOPE FOR FUTURE RESIDENTIAL CONVERSION OF UPPER FLOORS
STAMP DUTY OF BELOW 2% AND NO VAT TO PAY ON PURCHASE
OFFERS IN EXCESS OF £295,000 ARE SOUGHT FOR THE FREEHOLD INTEREST SUBJECT TO THE EXISTING LEASE
Location: 

The property is located in Kettering town centre on the pedestrianized High Street in an excellent retail location. Local retailers include Marks & Spencer, Top Shop, Greggs and McDonalds. Kettering is a busy Northamptonshire town with a borough population of 82,000. It is located close to the A14, 80 miles from London, 50 miles from Birmingham and 15 miles from the country town of Northampton. Kettering railway station links to London St Pancras with a journey time of 1 hour. Kettering's unemployment rate is amongst the lowest in the UK with over 80% of its adults in full-time employment. The demographic profile of the town is strong with a skilled and affluent executive population well above the national average (source CACI). Kettering is home to a wide range of companies including Weetabix, Pegasus Software,RCI and Morrison's Distribution.

Description: 

The property comprises a 3-storey mid terrace building consisting of a ground floor sales area finished to a high standard with ancillary space to the rear, first and second floors which presently provide storage / sorting rooms, WC and kitchen. There is a rear access with right of way to Crispin Place which gives potential for conversion of upper parts to residential in the future.

Tenancy: 

The property is let on the following terms:
Tenant: Marie Curie
Term: 10 years and 3 months from 8th January 2015 (expiring 7th April 2025).
Repair & Dec: Tenant’s responsibility subject to schedule of condition
Rent Passing: £20,000 pa plus all outgoings and business rates
Rent Review: 5 yearly (upwards only).
Break Clause: 7th April 2020 with 6 months prior notice
Marie Curie Cancer Care is a substantial charity with 180 retail outlets in the UK and Northern Ireland and an income in the financial year 2015/16 of £156,200,000. Their covenant is excellent providing a low risk investment profile

Accommodation: 
Ground floor 63.9 sq m 688 sq ft
First floor (2 rooms, W.C) 30.8 sq m 332 sq ft
Second floor (1 room plus a kitchen) 29.3 sq m 315 sq ft
Total 124 sq m 1,335 sq ft

 

Rates: 
Rateable Value: £18,750
Rates Payable 2017/18: £9,281

(Excludes Small Business Rates Relief which may apply)
The Rates Payable figure is an estimate. It does not take into account any Transitional Arrangements. It is important that interested parties verify this information with the relevant Borough Council Rating Department.

Terms: 

The property is available to purchase freehold. Offers in excess of £295,000 are sought.

VAT: 

All figures quoted are exclusive of any VAT that the landlord may have a duty or choose to impose.

Viewing: 

Strictly by appointment through the Sole Agents: HADLAND CHARTERED SURVEYORS TEL: 01604 639657

Sub Location: 
TOWN CENTRE