9 Dec 2015 | 02:00 PM
Result:
SOLD £500,000
Freehold
6-8 Arcade Walk, Hitchin, Hertfordshire, SG5 1EE
Lot 8
Result: SOLD £500,000
Key Features
- Total Annual Rental Income £43,000
- Established tenants
- Central town location
- Multi-let commercial investment opportunity
Description
A unique opportunity to purchase a multi-let commercial parade of properties known as 6, 6A, 7 and 8 Arcade Walk, Hitchin, Hertfordshire. The property comprises an attractive parade of two storey retail units, opening onto a privately owned pedestrian thoroughfare.
There are a total of 4 units in the block with a total approximate gross internal area of 345m2. Unit 6 has a gross internal area of 68m2. Unit 6A has a GIA of 86m2. Unit 7 has a GIA of 83m2. Unit 8 has a GIA of 108m2. The units have good rates of occupancy and rental income, from established tenants. The total annual rental income is £43,000, offering a good rental yield for purchasers/investors.
Tenure
Freehold subject to tenancies and service charge
Location
Hitchin is a well served historic market town in North Hertfordshire, approximately 37 miles north of London and 33 miles south-west of Cambridge. The properties are found in a retail arcade off the main shopping square of Hitchin.
Auctioneers Note
Part of the premises occupied by Cove Spa is within seperate ownership and therefore not included within the sale. The quoted rent of £14,000pa is the proportion attributed to the unit within the sale.
The land is subject to the rights, reservations and covenants of a 999 year lease dated 30th June 1960
Overflow
between Hitchin Arcade Limited (1) Phyllis Adelaide Smith and others (2) and The Arcade Furnishers Limited (3) in respect of access to and from the Property and a service charge for the maintenance of Hitchin Arcade.
TENANCY SCHEDULE
Lot Type
Commercial
Legal Packs
Brignalls, Balderston, Warren, Broadway Chambers, Letchworth Garden City, Hertfordshire, SG6 3AD Tel: 01462 482248 or www.cheffins.co.uk/propertyauctions
Viewing
Joint Sole Agent - MESSRS JOHN SHILCOCK - 01462 454144 E: [email protected]
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.