64 High Street, Martin

£65,000
For Sale
1/4
£65,000
For Sale
Jasper Caudwell
MRICS BSc (Hons)
Chartered Surveyor
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Property summary

Investment For Sale
Yield 7.6% (NIY) at asking price
Occupied as retail/office accommodation
Passing rent totals £5,100 Per Annum
Village location
Frontage on to High Street (B1191)
Single storey manageable premises
EPC - G (197)

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Jasper Caudwell
MRICS BSc (Hons)
Chartered Surveyor

More about the property

Manageable single storey mixed-use investment premises currently let to a hairdressers and office. The current annual rent is £5,100 PA across two tenancies. A purchase at the asking price would reflect a Net Initial Yield of c7.6%.

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Accommodation

Description
The Property comprises a manageable single storey mixed use investment premises currently let to a hairdressers and office. The current annual rent is £5,100 PA across two tenancies with one due to expire in January 2021 and the other August 2022.

A purchase at the asking price would reflect a Net Initial Yield of c7.6%.
Services
Pygott and Crone have been made aware that mains water, electric and drainage are connected to the property. The services or installations have not been serviced or tested.
Location
The Property is located in the heart of Martin with frontage directly on to the High Street (B1191). Martin is a small village some 5 miles (8 km) west from Woodhall Spa and 3 miles (5 km) east from Metheringham. The village of Timberland is just to the south.

Martin benefits from local amities such as a Primary School, a church, a public house and a small village shop.
Rateable Value
We are advised from enquiries to the Valuation Office Website that the Property has a single rateable value of £4,550 under reference 12880800781.

The charging authority is North Kesteven District Council.
Accommodation
The Property’s accommodation is split across two parts; one being occupied as a hairdressers and the other, a small office. Both elements have uPVC double glazed frontages on the High Street and provide well maintained manageable spaces.
VAT
The purchaser price is not subject to VAT being charged.
Tenure
The freehold interest is available for sale at an asking price of £65,000 (sixty-five thousand pounds) subject to the existing tenancies.
Legal Fees
In the usual manner each party will be responsible for their own legal costs incurred within the transaction.
Tenancies
The Property is subject to two tenancy agreements; please see the schedule of tenancies below:

Lease 1 - Dated 23rd January 2016 for a period of 5 years at a rent of £2,400 PA.
Lease 2 - Dated 22nd August 2017 for a period of 5 years at a rent of £2,700 PA.

The full leases can be made available to any interested party.
Local Authority
North Kesteven District Council
Kesteven Street
Sleaford
NG34 7EF

Tel: 01529 414155
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