Fully let retail/residential investment for sale in Newent

This property is marketed by:
ASH Chartered Surveyors

DESCRIPTION

Description The property is a Grade II Listed building dating from the 17th Century with later additions. It has brick elevations with ashlar render under a tiled roof. It has recently been refurbished to a high standard throughout and a range of original features have been retained such as exposed beams, original paneling and sash windows. It has been fully re-wired, and a new gas heating system has been installed. There is a self-contained retail unit in the ground and first floor of No. 3, and a 6-bedroom HMO occupies the remainder of the accommodation. The HMO accommodation includes 6 fully furnished double bedrooms, 2 with en-suite facilities and separate office/dressing area, a fully fitted kitchen with range of Neff appliances, separate dining/utility area and communal lounge. There is also a downstairs toilet and family sized bathroom with 3-piece suite with electric shower over the bath. The furniture is HMO-specific supplied by Fusion Furniture. The retail unit benefits from a fully glazed frontage and includes ancillary space at first floor level.

Size: 369.23 Sq.M (3974 Sq.Ft)

LOCATION

Newent is an expanding country market town with a population of approximately 5,500, situated approximately 10 miles north-west of Gloucester, off the B4215 Gloucester to M50 road which by-passes the town. Junction 3 of the M50 Motorway, which links to Ross-onWye and South Wales and to the M5 and national motorway network, is approximately 3 miles to the west of the town. The property is located in a prominent town centre location on Broad Street, which is the main thoroughfare through the town. There are a range of local amenities provided in the immediate area and the town’s main public car park is a short distance away. There is allocated parking to the rear of the property with electric car charger and enclosed garden.

PLANNING

The property has been used for general retail and a single dwelling which fall within Classes E and C3 of the Use Classes Order 1987.

An HMO licence is in place for 6 bedrooms.

There may be potential to improve the rental income by using the existing lounge as a 7th bedroom subject to the necessary consents being obtained.

RATES

The Rateable Value listed on the Valuation Office Agency website for the commercial unit is £6,100 and the HMO falls within Band E for Council Tax purposes.

TERMS

We are instructed to seek offers in the region of £650,000 for the freehold interest in the property, subject to the tenancies outlined in the schedule.

A purchase at this level would reflect a gross yield of 7.57% or net initial yield of 8.38% after purchaser’s costs of 4.88%. VAT The property is not elected for VAT. Legal Costs Each party to bear their own legal costs incurred in the transaction.