INVESTMENT PROPERTY – FOR SALE MIXED RESIDENTIAL & COMMERCIAL
Excellently situated mixed investment for sale. Lock-up shop let on a 6-year lease of approx 8021ft²/74.5m² NIA. First and second floor self-contained flats let on AST’s and managed by Stevens Property Management Ltd. Total current income of £15,000 p.a.EPC Ratings: Flat 1 – C: Flat 2 – tbc: Shop – D
A three-storey property situated in a prominent position on the corner of Northgate and Eve Street, close to the centre of Louth and in proximity to Louth Post Office and other local traders.
Louth is a market town of approximately 17,000 people, famous for its thrice weekly market and cattle market. The town centre provides essential services for a large rural area and, in particular, secondary schools, banks and shopping facilities. The town is famous for its sole proprietor independent retailers, including butchers, bakers and specialist clothing shops etc. In addition, the town accommodates the main High Street banks and national retailers including Boots the Chemist, WH Smith, Millets etc. There are 3 supermarkets in the town, being a Co-operative, Morrison’s and Aldi.
Approx 8021ft²/74.5m² NIA
The shop is let on a 6-year lease from 26th June 2016 at a rent of £4,680 p.a. on a full repairing and insuring basis. The shop consists of office space, sales floor, storage, kitchen and toilet.
Flat 1 -
Approx 828.8ft²/77m² NIA
Let on an Assured Shorthold Tenancy and comprising a lounge, kitchen/diner, 3 bedrooms and bathroom/WC, let at £425 pcm.
Flat 2 -
Approx 753.48ft²/70m² NIA
Let on an Assured Shorthold Tenancy and comprising a lounge, kitchen/diner, 3 bedrooms and bathroom/WC, let at £435 pcm.
Agents Note -
Current management of the residential dwellings is held by Stevens Property Management Limited, any interested parties are advised to consult with them relating to all aspects of the management before proceeding, as fees may be applicable.
Rateable Value -
From enquiries of the Valuation Office Agency website, we understand that the commercial property is currently assessed in accordance with the 2017 revaluation as follows:-
Description:- Shop & Premises
The flats are assessed as being in Council Tax Band A.
The charging authority is East Lindsey District Council.
Strictly by appointment with the agent’s office in Louth on 01507 602264.
Measurements are approximate with the metric conversion shown in brackets, taken wall to wall unless otherwise indicated.
Notice is hereby given that these particulars are set out for the guidance of proposed purchasers and, although due care is taken in their preparation and they are believed to be correct, proposed purchasers must not rely on them as statements of fact and must satisfy themselves by inspection or otherwise as to their correctness. These particulars are issued on the understanding that all negotiations are carried out through the agents Turner Evans Stevens but they do not constitute an offer or contract. Any price quoted in these particulars is subject to contract. No person employed by Turner Evans Stevens Limited has any authority to make or give any representation or warranty whatsoever in relation to this property.