An excellent opportunity to purchase a 3 storey building in the heart of the popular Bedfordshire town of Biggleswade
15 Mar 2017 | 02:00 PM
Result:
Sold for £1,055,000
Freehold
20 - 21 Market Square, Biggleswade, Bedfordshire, SG18 8AS
Lot 18
Result: Sold for £1,055,000
Key Features
- Upper floors with planning permission for 3 residential flats
- Ground floor premises let to Subway and SpecSavers producing combined income of £50,000pa
- Freehold mixed use investment
Description
An excellent opportunity to purchase an attractive 3 storey building in the heart of the popular Bedfordshire town of Biggleswade, with a secure letting income of £50,000pa from established tenants. The residential development opportunity on the upper floors adds further appeal to this flexible property.
At ground floor level the units comprise:
Unit A: Let to Subway Realty Limited. The let area is 1405sq.ft. A 15 year lease was signed on 19th November 2015, with an initial rent of £17,500pa. The lease contains provision for review on the 19th November 2020 and 19th November 2025.
Unit B: Let to SpecSavers Optical Superstores Limited. A 10 year lease commenced on the 21st October 2015 with an initial rent of £32,500pa. There is provision for review on the 21st October 2020.
The property benefits from 1st and 2nd floors with net internal areas quoted as 2,270sq.ft and 422sq.ft. respectively. Planning permission was granted in November 2016 for the change of use of part of the 1st and 2nd floor areas, to form 3 independent residential flats (Planning Ref. No. CB/16/04156/FULL).
The 3 approved flats have the following accommodation:
Flat 1: 1st floor level. 1 Bedroom, Sitting Room, Kitchen, Bathroom – gross internal area 40.3sq.m (433 sq.ft)
Flat 2: 1st floor level. 1 Bedroom, Sitting Room, Kitchen, Bathroom – gross internal area 64.1sq.m (689 sq.ft)
Flat 3: 2nd floor level. 2 Bedrooms, Kitchen/Living Room, Shower Room – gross internal area 67.9sq.m (730 sq.ft)
In addition to the approved planning scheme there are further void areas remaining, which may offer additional development opportunity subject to gaining the necessary planning consents.
The building has been well maintained and was extensively refurbished externally, prior to the commencement of the current tenancies.
Tenure
Freehold subject to tenancies
Overflow
Outside: There is a yard/parking area to the rear of the property, laid entirely to concrete, and accessed by a vehicular driveway to the left hand side of building.
PLANNING
Interested parties are advised to make any specific planning enquiries of Central Bedfordshire Council Planning Department on www.centralbedfordshire.gov.uk .
LOCATION
Market Square is ideally located just to the south of the main High Street in Biggleswade in an attractive part of the town. The property enjoys a prominent frontage to Market Square and public parking is available immediately outside the building and around the remainder of Market Square.
Biggleswade has grown rapidly in recent years, primarily due to its good transport links along the A1 between London and the North, as well as benefitting from a train station with main rail links to London.
Other occupiers in this popular part of the town centre include, Lloyds Pharmacy, Barclays Bank, Iceland, New Look, Coral, Poundland, Lloyds Bank and a range of independent retail and service business.
Lot Type
Commercial
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or Spearing Waite Solicitors, 34 Pocklingtons Walk, Leicester, LE1 6BU Tel: 0116 242 1287 Ref: SS
Viewing
Cheffins Property Auction Dept 01223 213777
Important notes
IMPORTANT: Cheffins would like to inform prospective purchasers that these sales particulars have been prepared as a general guide only. A detailed survey has not been carried out, nor the services, appliances or fittings tested. Room sizes should not be relied upon for furnishing purposes and are approximate. If floor plans are included, they are for guidance and illustration purposes only and may not be to scale. Images may have been digitally edited for illustration purposes. If there are any important matters likely to affect your decision to buy, please contact us before viewing the property.
*Guide prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set up to or within the Guide Range or no more than 10% above a single figure Guide. The reserve price will remain confidential between the seller and the auctioneer.
Fees: The guide price excludes any additional fees that the purchaser may incur, to include, but not limited to, Buyers Contract fee, Stamp Duty Land Tax, VAT, legal and search fees etc. Please refer to relevant Auction Legal Packs for details.