£290,000
(£149.64/sq. ft)
Retail premises for saleMountfields, Cross In Hand, Heathfield TN21
1,938 sq. ft
Freehold
About this property
Rare Freehold Interest opportunity
Mixed use (retail with residential) building
Of interest to investors or owner occupiers
Double fronted corner retail presence
Spacious self-contained maisonette
Description
The property comprises a three-storey end of terrace building arranged as a ground floor double fronted retail shop with ancillary space and a self-contained maisonette over the first and second floors. The ground floor retail unit is predominantly open plan and currently operates as a women's dress shop. The residential accommodation is well proportioned and includes two bedrooms, kitchen, dining room, lounge, bathroom and additional second floor storage.
Externally the property benefits from a private rear garden and parking which are demised to the tenants. There is also potential scope to build an additional dwelling in the garden, subject to necessary consents.
The Freehold Interest is being offered, subject to a commercial lease of the ground floor commercial and vacant possession on the residential. The commercial lease is granted to Any Occasion Boutique Ltd on a 5 year Fri lease from 6 December 2021 with a passing rent of £12,500 per annum exclusive. The tenant is currently in arrears (more information on request) and is not currently intending to renew at lease expiry. The residential accommodation is currently vacant but estimated market rent is in the region of £1,200 pcm (£14,40 pa). Copies of the legal documents are available upon request.
The quoting price of £290,000 is considered low and, if erv is achieved, this represents a gross initial yield of approximately 9.3%.
Given the tenancy situation, this would suit an owner occupier, as well as an investor/developer.
Location
The property is situated within the High Street retail area of Cross-In-Hand, serving the surrounding residential population and nearby villages. The location provides a range of local shops, services and amenities and benefits from regular passing traffic.
Residential
EPC Rating - D
Council Tax - A
Aml
In line with the relevant legislation, Anti-Money Laundering checks will need to be carried out on all relevant parties. We charge £30 +VAT for this service.
The property comprises a three-storey end of terrace building arranged as a ground floor double fronted retail shop with ancillary space and a self-contained maisonette over the first and second floors. The ground floor retail unit is predominantly open plan and currently operates as a women's dress shop. The residential accommodation is well proportioned and includes two bedrooms, kitchen, dining room, lounge, bathroom and additional second floor storage.
Externally the property benefits from a private rear garden and parking which are demised to the tenants. There is also potential scope to build an additional dwelling in the garden, subject to necessary consents.
The Freehold Interest is being offered, subject to a commercial lease of the ground floor commercial and vacant possession on the residential. The commercial lease is granted to Any Occasion Boutique Ltd on a 5 year Fri lease from 6 December 2021 with a passing rent of £12,500 per annum exclusive. The tenant is currently in arrears (more information on request) and is not currently intending to renew at lease expiry. The residential accommodation is currently vacant but estimated market rent is in the region of £1,200 pcm (£14,40 pa). Copies of the legal documents are available upon request.
The quoting price of £290,000 is considered low and, if erv is achieved, this represents a gross initial yield of approximately 9.3%.
Given the tenancy situation, this would suit an owner occupier, as well as an investor/developer.
Location
The property is situated within the High Street retail area of Cross-In-Hand, serving the surrounding residential population and nearby villages. The location provides a range of local shops, services and amenities and benefits from regular passing traffic.
Residential
EPC Rating - D
Council Tax - A
Aml
In line with the relevant legislation, Anti-Money Laundering checks will need to be carried out on all relevant parties. We charge £30 +VAT for this service.
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