well structured for easy acquisition by a SIPP/SSAS
Situated in the heart of this cosmopolitan town, the property is a short distance from the Ladysmith Shopping Centre, the mainline railway station and local amenities. Market Avenue is pedestrianised and provides a convenient link from Stamford Street Central to Wood Street. Other occupiers in the vicinity include Ashton Furnishing/Ashton Bathrooms, Jo Ferns Hair & Beauty and Ming’s Palace Restaurant.
The premises comprise a character building, with a restaurant/coffee shop on the ground floor and basement, above which there are 5 flats. The flats are each let on 125 year leases from 10 September 2004 and so have approximately 112 years unexpired at a fixed ground rent of £25 per flat.
The restaurant is held on a lease expiring on 15 June 2019. The present rent is £22,687.50 which applies until the expiry of the lease with no further reviews.
VOA records indicate an area of 219 sq m (2,357 sq ft) for the commercial section of the building (not verified by us).
The current total rent received is £22,812.50 pa, reflecting a gross yield of 9.125% before costs.