NOW SOLD 173 Freeman Street

Description

The property comprises three-storey, mid-terraced, mixed-use premises, directly abutting Freeman Street.  The ground floor provides retail accommodation with ancillary storage and staff facilities to the rear, benefitting from open-plan retailing accommodation and full-width display windows. The upper floors provide a self-contained, two-storey maisonette, accessed from the rear and comprising a lounge, kitchen, single bedroom and bathroom.

The purchaser will benefit from an element of existing income generation, as the upper floors are currently let by way of a market-standard Assured Shorthold Tenancy (AST), which is now in a periodic state, at a passing rent of £3,420 per annum (£285 per calendar month).”

Accommodation

Terms

The premises are offered For Sale at a guide price of £45,000. The premises are held by way of two long-leasehold agreements, both of which are for 125 year terms, commencing in August 1996 at a combined ground rent of £380 per annum.  The retail lease contains rent reviews every 30 years (next due in August 2026) and the flat contains a single predetermined rent increase to £100 per annum in August 2061

 RATEABLE VALUE

The new occupier will be responsible for the payment of Business Rates at the property.  The premises are listed within the Rating List as ‘Shop & Premises with a Rateable Value of £3,050 (Source: VOA website), although the premises will require reassessment should a change of use take place.  The new occupier may be eligible for Small Business Rates Relief but should make contact with North East Lincolnshire Council for confirmation.

The new occupier will be responsible for the payment of Council Tax at the property. The premises have a council tax band rating of A.

ENERGY PERFORMANCE RATING:  Ground Floor:  To be confirmed  /  Upper Floors:  E (50)