Description
The existing property comprises of 3 retail units and 18 studio flats situated over ground, first and second floors totalling approximately 299m2 / 3218.42 sq.ft. The entire property is fully let and currently producing approximately £104,000 per annum as per our schedule below. The residential units are currently under let and offer significant asset management opportunities and in our opinion there is scope to add further units subject to gaining the necessary planning consents.
Articles published in this weeks Estates Gazette and This is Money.co.uk, both highlight Luton as having higher rising rents than anywhere else in the UK, with a 10.4% rise last year compared to the UK average of 3.8%. This makes Luton an ideal place for buy-to-let properties.
Location
The property is situated on Cheapside, Luton and is located in the heart of the town centre. The Mall is a short walk away, with its vast array of high street retail shops and restaurants. The high street also offers a selection of independent shops, bars, clubs and a cinema all within walking distance from the property. Luton is undergoing a substantial redevelopment project which has focused on new retail, leisure, and residential developments to ensure growth in the city and to revitalise Luton town centre.
The University of Bedfordshire is located within walking distance, making the development potentially ideal for student lets.
Transport
Luton main line train station is a one-minute walk from the property and there is a busy bus network, which runs in and out of central Luton to the surrounding villages. Luton Airport is a ten-minute drive from the property and the nearby M1 motorway has direct links on to the M25.
Tenure
The property will be sold freehold and subject to the existing tenancies remaining in-situ.
VAT
The sale will not be subject to VAT.
Terms
Offers are invited in excess of £1,150,000 for the freehold interest reflecting a 9% yield less purchase costs.
Additional Information
Copies of the existing commercial leases and AST’s are available on request. All residential units pay their own council tax and water rates. The electricity and boiler are on one meter for the entire property.
