Property description

Two-storey mixed use property with two retail units to the ground floor and two self contained one bedroom flats to the first floor. Both retail units let to Jennings Bookmakers underlet to independent retailers. Flats subject to AST’s at £585 and £600 per calendar month.

ACCOMMODATION:
No. 12 Retail area 431 sq ft 40.06 sqm
No. 14 Retail area 392 sq ft 36.45 sqm
No. 12a One bedroom flat (unmeasured)
No. 14a One bedroom flat (unmeasured)
Areas provided by landlord and are approximate only. We have been unable to verify measurements and advise interested parties to do so.

LOCATION: The property is situated to the town centre end of North Street, just off the junction of High Street, Market Square and Hockliffe Street. This is a busy retail and food area with nearby occupiers including Taylors Estate Agents, Timpsons and numerous independent retailers, restaurants and takeaways.

SERVICES: Mains electricity, water and drainage.

TENURE: Freehold subject to leases / tenancies as follow:
? 12-14 North Street (Ground Floor): 25 year fully repairing and insuring lease from 31st May 2005, expiring 30th May 2030. Passing rent: £22,000 pax
* 12a North Street: Let on AST at £600pcm
* 14a North Street: Let on AST at £585pcm
* 12 North Street: Under-let at £8,000 pax
* 14 North Street: Under-let at £10,000 pax

Total Rental Income: £36,220 pax Guide Price: £470,000. Net initial yield of 7.35% after purchase costs. Gross yield 7.71%.

LOCAL MARKET: Leighton Buzzard is a thriving market town with a population of approximately 37,000. The town centre and town centre retail stood up very well during the 5/6 years following the collapse of the economy in 2008 and enjoys excellent levels of occupancy, with a good mix of independent regional and national operators, including Waitrose. Extensive residential development and investment is ongoing within the area with substantial housing projects being built. On the site immediately adjacent to the subject property McCarthy & Stone Later Living Apartments have just been built.

EPC Rating:
Unit 12 - F
Unit 12a - D
Unit 14 - C
Unit 14a D