Wonderful investment opportunity in the heart of melbourne village centre, to acquire the Freehold interest in two ground floor retail premises, both currently let and producing a yield of 7.53%, £25,250 pa, New 6 & 5 year fr & I leases in place, will sell as A whole or individually
Perfectly positioned on Derby Road, in the heart of Melbourne village centre, this is a wonderful investment opportunity to acquire the Freehold interest in two retail shop's, currently trading as The ivory Chapter Bridal Shop and The Air Ambulance. Producing a yearly rental income of £25,250, with a gross yield of 7.53%, both units have recently signed new 5 & 6 year fr & I leases and the units can be either acquired as a whole or individually. Situated within a historic and prominant Victorian building fronting onto Derby road at its junction with Blanch-croft, the units occupy a prime retail position, opposite William's yard. Formally one shop, which has skilfully now been split into two, both properties are heated by electric panel/storage heaters, tea making and toilet facilities.
Unit A.. The Air Ambulance extends to 573 sq ft (53.25 sq m), occupying a prominent corner position with excellent window frontage onto Derby Road and Blanch-Croft, consisting of a large retail area, stock room, changing room, kitchen area and toilet..
Unit B..The Ivory Chapter Bridal Shop extends to 429sq ft (39.85 sq m), fronts onto Derby Road, with an attractive sales/office area, fitting room, wc, storage and kitchen, with the benefit of side access off Derby road to the rear courtyard.
Tenure and possession Unit A..The Air Ambulance - fr & I Lease, commencement 5th July 2017, Lease expires 4th July 2022, Rent Review 5th July 2021. Current Rent £15,250 per annum.The tenant benefits from a break clause option at 4th July 2020 with 6 months prior notice.
Unit B..The Ivory Chapter Bridal Shop - fr & I Lease commencement 20th October 2016, Lease expires 19th October 2022, Rent Review 19th October 2019, Current Rent £10,500
Both Leases are available on request and are excluded from sections 24-28 of the landlord and tenant Act 1954.
The property is to be sold Freehold Subject to tenancy, each party to bear their own legal fees.
VAT Vat is not chargeable in addition to the sale price.
Business rates According to information provided by the Valuation Office Agency website, Unit a has a 2017 Rateable Value of £10,500 and Unit b has a separate Rateable Value of £5,600.Maybe eligible for small business rates relief please check with South Derbyshire DC
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