Due to retirement - A great opportunity to acquire a town centre mixed use investment property comprising three ground floor retail units and four self contained flats currently let on assured shorthold tenancies. EPC - Retail 14 E, Retail 16 D, Retail 18 E. EPC Flat14a D. Flat16 D. Flat18a D. Flat 18b C.
The town of Market Rasen is situated some 13 miles north east of Lincoln and some 16 miles south west of Grimsby.The property is located in the centre of the town on its main high street with surrounding businesses including Co-op, Lloyds Bank, Boots Pharmacy, Couplands Bakery and McColl Newsagents.
Access is via a communal entrance at the rear of the building. Each of the four flats have an entrance hall, lounge, kitchen, bedroom and bathroom.
The shops have the following approximate net internal areas:-14 Queen Street - 46 sqm / 495 sqft16 Queen Street - 45 sqm / 484 sqft18 Queen Street - 46 sqm / 500 sqftExternal store - 16 sqm / 172 sqftEach shop has a cellar
To the rear of the building is a tarmac carpark providing parking for at least six vehicles and a brick store which forms part of the lease for No. 18 Queen Street.
Lease / Tenancies
We understand that the shop leases are verbal leases with a rent combined of Â£18,000 p.a.Each of the flats are let on assured shorthold tenancy agreements with a combined rent of Â£13,380 p.a.
Rates / Council Tax
According to the Valuation Office Agency's website, the shops have the following assessment for the year 2017:-14 Queen Street - Shop & Premises Rateable Value Â£5,20016 Queen Street - Shop & Premises Rateable Value Â£5,80018 Queen Street - Shop & Premises Rateable Value Â£5,100Each of the flats are in Council Tax Band A. Interested parties are advised to make their own enquiries of West Lindsey District Council to confirm this.
We understand that the shops are connected to mains water, electricity and drainage. The flats also have mains water, electricity and drainage with heating provided by electric heaters and hot water via immersion heaters.
Please note that the landlord reserves the right to charge VAT should he elect to do so.
- Three Retail Units
- Four separate Flats
- Flats EPC Rating TBC
- Shops EPC Rating TBC
- Good Size Car park
- Total rental income £31,380 pa