68a Bridge Street, Worksop, Nottinghamshire, S80 1JA

Key Features

General Description

FOR SALE - MIXED USE INVESTMENT OPPORTUNITY COMPRISING 5 FLATS AND A SHOP - FULLY LET

INVESTMENT SUMMARY
Mixed use premises comprising a ground floor retail unit let on a long lease with 5 individual one bed flats on the upper floors, fully let generating £37,404 per annum.

- Lots of potential for rental growth
- Average monthly rent per flat of £415 with considerable scope for rental growth to £600 pcm per flat
- Potential total rent of £47,000 per annum exclusive
- Ground floor let to a local barber on FRI basis at £11,004 pax for a term of 7-years & a rent review at year 3.
- Spacious, good quality and well-maintained investment opportunity
- Access to off street parking to the rear
- Asking price is £365,000 reflecting an initial yield of 10.25% and a reversionary yield of 12.89%

DESCRIPTION
A traditional three storey property comprising a well-presented ground floor retail unit and five separately accessed refurbished flats on the 1st, 2nd and 3rd floors. To the rear of the property there is off street parking.

Each flat provides an open plan fitted kitchen area, double bedroom with a shower and WC. Plans available upon request.

The upper floors were converted in 2018.

This provides an excellent opportunity for an investor to benefit from a high yielding return with potential for further rental growth.

LOCATION
The property fronts Bridge Street which forms the principal retailing area in Worksop, running from the Priory Shopping Centre in the north to the Market Square in the south. The property occupies a prime pitch on the street with nearby occupiers including Superdrug, Halifax, Greggs and Iceland.

Worksop itself is a historic market town with a rich heritage and a thriving community. It is centrally positioned within North Nottinghamshire, making it easily accessible from surrounding cities and towns. The town is strategically located within close proximity to several major urban centres, including Doncaster, Sheffield, Rotherham, Lincoln, and Nottingham. This central location makes Worksop a convenient shopping destination for residents from a wide catchment area, further enhancing the appeal of commercial properties within the town. Worksop is benefitting of a £17.9m investment as part of the Levelling Up fund.

This highly desirable location offers an ideal and affordable living option, thanks to its excellent access to bus and train stations. With a new university and hospital nearby, these flats are perfect for students, sharers, families, nurses, and doctors alike.

SAT NAV: S80 1JA
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ACCOMODATION (GIA)
GF Retail Unit: 118.36 Sq M (1,274 Sq Ft)
FF Flat : 38 Sq M (409 Sq Ft)
FF Flat 2: 43 Sq M (463 Sq Ft)
FF Flat 3: 29 Sq M (312 Sq Ft)
SF Flat 4: 43 Sq M (463 Sq Ft)
SF Flat 5: 33 Sq M (355 Sq Ft)
TOTAL: 304.36 Sq M (3,276 Sq Ft)

TENANCIES & RENT
Total Passing Rent: £37,404 per annum on a fully occupied basis and inclusive of water charges.

- Ground Floor Retail Unit:
Let to a local barber on FRI basis at £11,004 pax from November 2024.
7-year lease with a rent review at year 3.

-Residential Flats:
Average Rent per Flat: £4,980 per annum (£415 pcm)
Let on 12-month Assured Shorthold Tenancy (AST) Agreements (copies available upon request)

Rents include water charges (circa £25 per month per)

We consider the flats to be rented significantly below the market rate of £600 pcm. Assuming the rents were increased the site could generate circa £47,000 per annum.

GUIDE PRICE
Asking price is £365,000 (Three Hundred And Sixty-Five Thousand Pounds) reflecting a gross yield of 10.25% with a potential reversionary yield of 12.88% assuming a rent increase to £47,000 pax

EPC
Please request copies from the agents.
- All flats have a rating of a C
- Retail Unit: C

TENURE
Freehold subject to five AST agreements and one commercial Lease

SERVICES
Mains electric and water are connected. Please note the flats are separately metered and the water is on a single meter.

AML
Purchasers will have to supply information to comply with Anti Money Laundering Regulations.

VIEWINGS
By appointment with the Sole Agents below:

Ben Flint
07494735001 / 01302 639838
ben@flintrealestate.co.uk

Alexandra De Freitas
07538844869 / 01302 639838
alexandra@flintrealestate.co.uk