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 |
9 Church Lane | NON LISTED? |
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 |
9 Church Lane | £52,500 |
The business rate multiplier is 49.9 pence per pound.
Tenure
Freehold.
Tenancy
We draw you attention to lack of information available in relation to the tenancies. No leases have been registered and the vendor, in the capacity as joint fixed charge receivers, have been unable to obtain copy leases in relation to the occupation.
Indeed, in the absence of documentation, it is assumed that some of the occupation can be terminated and may be occupied without rights to do so.
We are able to provide the following commentary:
9 Church Street: Shop Unit
We have been advised that this unit is let to Market One but we have not been provided with a copy of a lease and there is no lease registered. We have had sight of a valuation report from 2019 which listed the rent for the unit at £60,000 per annum but we have no evidence to confirm.
No rent has been paid to the Fixed Charge Receivers.??
9 Melbourn Street: Dance Studio
We understand that the property is let to Limitless Academy of Performing Arts Limited for 7 years (less one day). However, the lease is not registered and we do not have a completed lease so cannot confirm the lease start date. The copy provided shows rent at £24,000 per annum but this has not been confirmed.
No rent has been paid to the Fixed Charge Receivers.??
11 Melbourn Street: DP Realty Limited
We understand that the property is let to DP Realty for 20 years from 17th September 2013.
The lease is not registered. We are in possession of a redacted lease copy which shows rent at £12,500 per annum
We understand that the current rent being paid is £xxx – Nathan? How much rent are you receiving?
17 Melbourn Street: vacant
This unit is vacant. We are unaware of any existing lease arrangement to be able to confirm if the vacancy is due to an expired lease or attempt by a tenant to assign.
15 Melbourn Street: Barbers
We have a copy of a lease to Dominic Amir Levi for 6 years from 21st October 2022 with the rent at £7,500 per annum. This lease is not registered.
We understand that the current rent being paid is £xxx – Nathan? Have you received any rent?
A purchaser will no doubt wish to pursue possession where applicable and organise formal leases/licences for occupation.
Should the rental figures above be correct, the rent receivable could be £104,000 per annum. However, it should be noted that the vendor is in the process of locking some of the units given the possibility that tenants do not have rights to occupy.
VAT
The property is elected for VAT. We anticipate the sale should be capable of being treated as a Transfer of a Going Concern (TOGC).
Has the property been elected?
Proposal
The property is to be sold by way of a binding tender. Legal offers to treat are to be submitted by interested parties using the clicktopurchase® facility by XXXX.
Please note that a purchaser will be re-charged the cost of the measured survey £890 + VAT and searches (£x 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.
Disclaimer
Receivers Philip Reynolds and Matthew Reay 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 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 by the deadline.