Industrial, Residential House/Flat, Investment - Mixed Residential/Commercial)
Description
FREEHOLD INDUSTRIAL/RESIDENTIAL INVESTMENT PROPERTY PRODUCING £35,700 PER ANNUM. A semi-detached 2 storey property. The ground floor is a motor vehicle workshop and MOT garage with forecourt parking leased to the same tenant for many years https://www.blackfieldgarage.co.uk/. It benefits from a large pit for MOT works, MOT Licence, 3 phase electric, gas hot air blowers and LED strip lights.
The garage is let on a 5 year full repairing and insuring lease from 13th December 2023 to Peter Charles Cousins at a rent of £24,000 per annum exclusive. There is a rent review at the end of year 3.
The upper floors have been converted into 3 self contained flats with a separate access at the side of the building. All the flats have gas central heating, UPVC double glazing and velux windows in the bedrooms.
Flat 1 is vacant and it is understood this could be let at a rent of £650 pcm.
Flat 1a has been let to the same tenant since May 2018 at £475 pcm rising to £495 pcm in January 2024
Flat 2 has been let to the same tenant since August 2019 at £525 pcm.
Total rental income £36,000 per annum. Future potential income when flat 1 is let and the rent on flat 1A is increased is £43,800.