Ground Floor Retail Unit with First & Second Floor Living Accommodation
Self contained Basement Flat - Currently Vacant
For Sale as a whole
Current Rental Income: £10,000pa
Net Initial Yield: 5.7%
The properties are located on Market Street in the Georgian market town of Wisbech. Locally known as the Capital of the Fens, Wisbech has a population of around 20,000 and is a market town of great character and historical importance.
Wisbech lies approximately 23 miles from Peterborough, 39 miles from Cambridge and 55 miles from Norwich. The A47 Trunk Road between Norwich and Leicester passes around the Southern side of Wisbech.
Market Street feeds off the Market Place directly opposite the entrance to the Horsefair shopping centre. Occupiers of the Market Place include local occupiers, regional and national chains.
4 Market Street is a Ground Floor Retail Unit with Living accommodation above on the First and Second floors. There is further self contained flat to the basement of the property.
Ground Floor Retail Area Total NIA: 26.4 sq m
First & Second Floor Living Accommodation Total NIA: 41.9 sq m
Total NIA: 22.6 sq m
It is understood that the property is connected to mains drainage, water and electricity with mains gas available for connection in the street. Interested parties are advised to make their own enquiries of the relevant drainage authority and utility companies.
The property is offered For Sale Freehold as a whole, subject to the tenancy of the current occupier. Part of the property is Let to Hollywood Nails on a Business Tenancy contracted out of the Security of Tenure provisions of the Landlord & Tenant Act 1954 Pt II. The passing rent is £10,000 per annum.
The basement flat is currently vacant.
Further lease details are available from Maxey Grounds & Co.
Rateable Value (2010 List): £4,500
Uniform Business Rates 2015/16: £2,218
Council Tax Band A (Basement Flat)
It is understood that the property is not currently elected for VAT. All guide prices quoted are excluding VAT. Should any VAT become chargeable on the transaction this will be paid in addition.
Each party to be responsible for their own legal costs incurred in the transaction.
The current use of 4 Market Street falls within Use Class A1 (Shops) as defined by the Town & Country Planning (Use Classes Order) 1987 (As Amended).
The use of the Basement Flat falls within Use Class C3 (Dwellinghouses) as defined by the Town & Country Planning (Use Classes Order) 1987 (As Amended).
Strictly by appointment with Maxey Grounds & Co.