29-31 Market Street, Bolton - Investment For Sale- O.I.R.O. £350,000.00

Location

The Property is situated in the prime shopping area of Market Street, Westhoughton. There is a large free car park within walking distance to the premises.

Description

The property is currently tenanted with First Managerial Ltd who occupy the ground floor as a post office and also one office on the first floor. The tenant has taken out a 20 year lease from September 2015 and currently pay a yearly rent of £15,860, with a rent review every 3 years upward only to the Market Rent. In effect F.R.I.

The First Floor is occupied by a beauty salon who have a lease for 5 years from July 2018 with a yearly rent of £6,600, with a rent review on the 3rd anniversary.

The ground floor Retail Area comprises: Retail Zone A - 57.85m2 (622.70sq ft.) Retail Zone B - 38.33m2 (412.58sq ft.)

The First floor provides 5 offices with a minimum of area of 12.2m2 (131.32sq ft.) and a maximum of 20.1m2 (217.43sq ft.) totalling 78.8m2 (848.20sq ft.)

Proposition

Our client is seeking an offer in the region of £350,000.00, equating to a gross initial yield of 6.42% of this price.

Rateable value

Rateable value as of April 2017 is £15,250 for the ground floor, rates payable 2019/2020 £7381.00 using small business rates relief £7487.75 using small business rates multiplier 49.1p. Rateable value as of April 2017 is £6300 for the 1st floor, rates payable 2019/2020 £3093.33 (using small business rates multiplier 49.1p)

EPC

Available upon request

VAT

Unless otherwise stated all figures are exclusive of Value Added Tax, any prospective purchasers should satisfy themselves of any liability to pay VAT on any transaction.

Legal costs

Each party is to pay their own costs.

Viewing information

For further information please contact us on the number below. Viewings are strictly by appointment with P R Gibbs & Co by telephoning 01942 844100 or email info@prgibbs.co.uk. We are open from 9am to 5pm Monday to Friday.