32 High Street, Madeley, Telford, Shropshire, TF7 5AR
Guide Price* : £170,000
- Fully Let Mixed Use Investment
- Producing £18,600 per annum
- Guide Price of £170,000 reflects an attractive Net Initial Yield of 10.72%
The property comprises a two storey building. The ground floor is let to a local barber shop and the first floor comprises a self contained, two bedroom, flat let on an AST.
The retail unit is accessed from and has a frontage to the High Street whilst the flat has a separate entrance via stairs to the rear of the property, accessed from a passage to the side of the building.
The property is producing a total income of £18,600 per annum.
The property is located in Madeley to the south of Telford, the commercial capital of Shropshire. Situated in a prominent position with a frontage to the High Street, the property provides easy access to a number of local retail and leisure amenities.
The High Street connects to the A442 which has links with the M54 providing excellent access throughout the midlands and to Birmingham.
The property is let to an individual trading as Corner Barberz on a 10 year lease expiring 5th April 2029 and producing a rent of £7,800 per annum.
The lease is on effective FRI terms with 5 yearly upward only open market rent reviews and is drafted within the Landlord and Tenant (1954) Act. The next review date is 5th April 2024.
The first floor flat is let on an Assured Shorthold Tenancy (AST) for a period of six months from 17th May 2019 and paying a rent of £10,800 per annum (£900 pcm). The current tenants are holding over on a periodic basis. The current rent reserved was fixed for the first six months of the tenancy but after this period there is a clause in the lease allowing for an increase of up to 1.5% per annum.
Refer to the legal documentation
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton December 2023
Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any (“LSH”) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
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