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 rent of £15,600. The potential rental income upon granting of a new lease in 2026 is estimated to be £23,000 per annum, based on current market valuation.
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.
A purchaser can either take vacant possession of one / both the studio flats, or the benefit of £16,800 per annum in income.
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.