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32 High Street, Madeley, Telford, Shropshire, TF7 5AR
Guide Price* : £170,000
- Fully Let Mixed Use Investment
- Producing £18,600 per annum
- Freehold
- Guide Price of £170,000 reflects an attractive Net Initial Yield of 10.72%
Description
The property comprises a two storey building. The ground floor is let to a local barber shop and the first floor comprises a self contained, two bedroom, flat let on an AST.
The retail unit is accessed from and has a frontage to the High Street whilst the flat has a separate entrance via stairs to the rear of the property, accessed from a passage to the side of the building.
The property is producing a total income of £18,600 per annum.
Location
The property is located in Madeley to the south of Telford, the commercial capital of Shropshire. Situated in a prominent position with a frontage to the High Street, the property provides easy access to a number of local retail and leisure amenities.
The High Street connects to the A442 which has links with the M54 providing excellent access throughout the midlands and to Birmingham.
Tenure
Freehold
Tenancy
The property is let to an individual trading as Corner Barberz on a 10 year lease expiring 5th April 2029 and producing a rent of £7,800 per annum.
The lease is on effective FRI terms with 5 yearly upward only open market rent reviews and is drafted within the Landlord and Tenant (1954) Act. The next review date is 5th April 2024.
The first floor flat is let on an Assured Shorthold Tenancy (AST) for a period of six months from 17th May 2019 and paying a rent of £10,800 per annum (£900 pcm). The current tenants are holding over on a periodic basis. The current rent reserved was fixed for the first six months of the tenancy but after this period there is a clause in the lease allowing for an increase of up to 1.5% per annum.
VAT
Refer to the legal documentation
Contact
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
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Subject to Contract and Exclusive of VAT © Lambert Smith Hampton April 2025
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