- TOWN CENTRE INVESTMENT
- LOCATION CLOSE TO MARKS & SPENCER
- SECURELY LET TO SUBSTANTIAL TENANT – MARIE CURIE
- GENERATING £20,000 ANNUAL INCOME WITH GROWTH POTENTIAL
- SCOPE FOR FUTURE RESIDENTIAL CONVERSION OF UPPER FLOORS
- STAMP DUTY OF BELOW 2% AND NO VAT TO PAY ON PURCHASE
OFFERS IN THE REGION OF £295,000 ARE SOUGHT FOR THE FREEHOLD INTEREST SUBJECT TO THE EXISTING LEASE
The property is located in Kettering town centre on the pedestrianised High Street in an excellent retail location. Local retailers include Marks & Spencer, Top Shop, Greggs and McDonalds.
Kettering is a busy Northamptonshire town with a borough population of 82,000. It is located close to the A14, 80 miles from London, 50 miles from Birmingham and 15 miles from the country town of Northampton. Kettering railway station links to London St Pancras with a journey time of 1 hour.
Kettering’s unemployment rate is amongst the lowest in the UK with over 80% of its adults in full-time employment. The demographic profile of the town is strong with a skilled and affluent executive population well above the national average (source CACI). Kettering is home to a wide range of companies including Weetabix, Pegasus Software,RCI and Morrisons Distribution.
The property comprises a 3-storey mid terrace building consisting of a ground floor sales area finished to a high standard with ancillary space to the rear, first and second floors which presently provide storage / sorting rooms, WC and kitchen. There is a rear access with right of way to Crispin Place which gives potential for conversion of upper parts to residential in the future.
Ground floor 688 sq ft (63.92 sq m)
First Floor (2 rooms, WC): 332 sq ft (30.84 sq m)
Second Floor (1 room plus kitchen) 315 sq ft (29.26 sq m)
Total: 1,335 sq ft (124.02 sq m)
Rateable Value: £18,750 Rates Payable 2017/18: £9281
The property is let on the following terms:
Tenant: Marie Curie
Term: 10 years and 3 months from 8th January 2015 (expiring 7th April 2025).
Repair & Dec: Tenant’s responsibility subject to schedule of condition
Rent Passing: £20,000 pa plus all outgoings and business rates
Rent Review: 5 yearly (upwards only).
Break Clause: 7th April 2020 with 6 months prior notice
Marie Curie Cancer Care is a substantial charity with 180 retail outlets in the UK and Northern Ireland and an income in the financial year 2015/16 of £156,200,000. Their covenant is excellent providing a low risk investment profile. A brief financial analysis 2015/16 is set out below:
The property is available to purchase freehold. Offers in the region of £295,000 are sought.
The rental price quoted excludes any VAT which the vendor may have a duty or choose to impose.
We are informed, however, that it is not proposed that VAT will apply to this transaction.
Energy rating – G – 202
Strictly by appointment through the Sole Agents:
Gorell Barnes – 01536 330100
Hadland Chartered Surveyors – 01604 639657
- Phone Number: 01536 330100