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Accommodation
The property has been measured by BKR Floor Plans and provides the following accommodation:
| 9 Melbourn Street: Dance Studio | ||
| Ground Floor Entrance | 118 sq ft | 10.96 sq m |
| First Floor Studio | 3,623 sq ft | 336.58 sq m |
| Total | 3,741 sq ft | 347.54 sq m |
| 11 Melboun Street: “Domino’s Pizza” | ||
| Ground Floor | 1,051 sq ft | 97.64 sq m |
| ITZA | 623.5 | |
| 15 Melboun Street: Barbers | ||
| Ground Floor | 330 sq ft | 30.66 sq m |
| ITZA | 311.5 | |
| 17 Melbourn Street: vacant | ||
| Ground Floor | 308 sq ft | 28.61 sq m |
| ITZA | 331.5 | |
| 9 Church Lane: Household Store | ||
| Ground Floor | 6,834 sq ft | 634.88 sq m |
| ITZA | 3,781.50 | |
| Total | 12,264 sq ft | 1139.44 sq m |
A set of floor plans is available to download and the measured survey will be re-addressed to a purchaser at a cost of £890 + VAT.
EPC
The property has the following EPC ratings
| 9 Melborn Street | D |
| 11 Melbourn Street | E |
| 15 Melbourn Street | C |
| 17 Melbourn Street | E |
| 16 Church Lane | E |
Rates
According to the Valuation Office website, the rateable value for the property is as follows:
| 9 Melborn Street | £20,000 |
| 11 Melbourn Street | £12,250 |
| 15 Melbourn Street | £7,600 |
| 17 Melbourn Street | £7,500 |
| 16 Church Lane | £52,500 (note: listed as 9 Church Lane) |
The business rate multiplier is 49.9 pence per pound.
Tenure
Freehold.
Tenancy
We understand that the property is let as follows:
16 Church Street: “Mark One”
The property is let to Nath and Sons UK Limited (Co. No 8131986) trading as Market One, with a guarantee from Surinder Nath, for a term of 6 years 11 months from 7th February 2020, expiring 7th January 2027. The lease is not registered.
The current rent is £60,000 per annum. The tenant has not been paying rent to the Fixed Charge Receivers and the Receivers are taking legal advice.
9 Melbourn Street: “Limitless Academy of Performing Arts”
The property is let to Limitless Academy of Performing Arts Limited (Co. No 9922588) with a guarantee from Messrs Petre Hepplethwaite and Peter Watson, for 7 years (less one day) from 8th March 2019 to 6th March 2026 . The lease is not registered.
The initial rent was £24,000 per annum; no rent has been paid to the Fixed Charge Receivers.
11 Melbourn Street: “Domino’s Pizza”
The property is let to DP Realty Limited (2882513) for 20 years from 17th September 2013, expiring 16th September 2033. The lease provided for a tenant’s break option on 16th September 2024. The tenant benefits from 1954 Act security of tenure protection. Furthermore, the tenant has an option to renew the lease at the end of the term for a period of 20 years. The lease is not registered.
The initial rent was rent at £12,500 per annum. We are understand that this is the current payable. The tenant has agreed to pay the Receivers.
17 Melbourn Street: vacant
This unit is vacant.
15 Melbourn Street: “Lordsman” barber Shop
The property is let to Dominic Amir Levi for 6 years from 21st October 2016, expiring 20th October 2022. We are unaware of the existence of a subsequent lease. This lease is not registered.
The current rent being paid is £7,500 per annum.
In summary, we understand that the income should be as follow:
| 16 Church Street | Nath and Sons UK Limited | £60,000 pa |
| 9 Melbourn Street | Limitless Academy of Performing Arts | £24,000 pa |
| 11 Melbourn Street | DP Realty Limited | £12,500 pa |
| 17 Melbourn Street | Vacant | – |
| 15 Melbourn Street | Dominic Amit Levi | £7,500 pa |
| Total | £104,000 pa |
VAT
The property has not been registered for VAT. Therefore, VAT will not be payable on the purchase price.
Proposal
We are instructed to guide offers in the region of £710,000 (Seven Hundred and Ten Thousand Pounds), subject to contract, to reflect a net initial yield of 14%, allowing for purchaser’s costs of 5.32%.
Please note that a purchaser will be re-charged the cost of the measured survey £890 + VAT and searches (£846.44 inc VAT) which are provided in the data room.
Investment Considerations
An opportunity to acquire a retail investment opportunity offering a significant add-value opportunity;
The legal rights to occupy are unclear, providing an opportunity to regularise the income for an investor;
An interesting town-centre property with add-value potential;
Attractive Net Initial Yield at the guide price.
Disclaimer
Fixed Charge Receivers Philip Reynolds and Steven Williams by the powers given by the Mortgage and all other powers given by statute or otherwise who act as agents for the Company and without personal liability. Both Fixed Charge Receivers are licenced by the Insolvency Practitioners Association and are bound by the Insolvency Code of Ethics.
Data Room & Click to Purchase
The property is available for immediate purchase using the clicktopurchase® process. Please refer to the clicktopurchase panel on this web page to obtain access to the data room, clear verification and be in a position to submit a legal offer.
