About this property

Key Features

Long leasehold
Rental income of £50,500 per annum
Good central location
Commercial investment opportunity

Description

A wonderful opportunity to purchase a well-located commercial investment property, offering a generous rental income of £50,500 per annum, from three well-established commercial tenants. The property comprises a terrace of three ground floor retail units only, with the upper parts having been sold off and therefore not for sale. VAT is payable on the purchase price.


Tenure

Long leasehold subject to tenancies

Location

The property is well located on Market Street, with a mix of local and national retailers in close proximity, as well as pubs and restaurants. The historic cathedral city of Ely lies around 17 miles north of Cambridge and 40 miles south east of Peterborough. The city is fast expanding with a resident population of approximately 19,000. It is also a major tourist destination with the Cathedral attracting visitors from all over the world. Ely benefits from good road links via the A10 and A142 which in turn provide access to the A14 and M11. Further, there is a mainline train station which provides direct services to Cambridge, Norwich and London.

Lot Type

Commercial

Tenancies

The upper parts have been sold off, with the property therefore comprising the ground floor retail units only. The ground floor premises are fully let, with the three units occupied as follows (see legal pack for further details): Tenant: Phoenix Electronic Ground Floor Retail/Ancillary Size: 11.80 sq m (127 sq ft) Rent: £6000 per annum Term: 6 years from 04/12/2015 Tenant: t/a Costcutter £27,000 per annum Ground Floor Retail/Ancillary Size: 211.17 sqm (2,273 sqft) Term: 15 years from 06/02/2015 Tenant: WILLIAM HILL £17,500 per annum Ground Floor Retail/Ancillary Size: 68.10 sq m (733 sq ft) Term: 6 years from 10/05/2016

Legal Packs

www.cheffins.co.uk/auctions/property-auctions or Sean McCarthy at Taylor Rose TTKW, 13-15 Moorgate, London, EC2R 6AD, 0207 400 6093, sean.mccarthy@taylor-rose.co.uk

Viewing

Cheffins Commercial Department 01223 213666


Important notes

*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.”