Investment - Mixed Residential/Commercial)
Description
A semi-detached 2 and 3 storey property. The ground floor is a retail shop used as a bakery/ coffee shop, there is rear kitchen space for preparation, baking and first floor office and storage space. There is a secondary entrance to the kitchen and first floor from Ascupart Road.
There has been a bakery at 120 St Mary Street for 135 years. The current bakery tenant has a lease of 10 years from 2016, with a passing rent of £23,000.
The property has 2 occupied studio flats and the residential upper floors have been partially converted into two self contained 1 bedroom flats with a separate access at the side of the building from Ascupart Road. As per the planning permission, one of the studio flats will be incorporated into the 1 bedroom flat. Therefore, upon completion of works there will be 2 x 1 bedroom flats and 1 x studio flat.
The current rental income for the flats is £12,600 per annum.
The flats have gas central heating, and UPVC double glazing. Planning has been granted for the additional flats and can be found under reference no 22/01026/FUL. The anticipated rental income for the flats when works are complete is approximately £25,800 per annum.