Overview
-
Building -
£350,000 Reflecting an 8.25% net initial yield having allowed 3.8% purchaser’s costs -
Allenton -
IP00039951723
Property Details
The property is an end-terraced building constructed of rendered brick elevations beneath pitched tile covered roofs. The ground floor provides retail banking facilities, with ancillary first floor office accommodation and benefits from a small secure yard to the rear. Internal finishes include plastered walls and ceilings, fluorescent strip lighting and gas-fired central heating.
- Established Retail Parade
- Long-standing Tenant
- Single Let to Lloyds Bank Plc
- Excellent Covenant Strength
- Rent £30,000 Per Annum
- Offers Over £350,000 Reflecting an Attractive Niy of 8.25%
Floor Area
g Floor - Available
131 sqm (1,405 sq ft)
1st Floor NIA - Available
71 sqm (761 sq ft)
Services
All mains services are evident within the property, but we can provide no warranty with regard to the capacity or connectivity.
EPC
The property has an EPC rating of ‘E’, valid until July 2031.
Town & Country Planning
We understand the property has an established use falling within Use Class A2 (Financial & Professional Services) of the Town & Country Planning (Use Classes) Order 1987, now Class E with effect from 1st September 2020.
Tenure
The property is available freehold, subject to and with the benefit of the occupational lease.
Lease
The property is let to Lloyds Bank Plc, with the lease being renewed on 29th May 2022. The new lease is granted for 5 years at £30,000 per annum exclusive, on fully repairing and insuring terms and granted within the protective provisions of the Landlord & Tenant Act 1954. The lease is without rent review, but incorporates a tenant only break option at the 3rd anniversary of the term (subject to 6 months prior written notice).
Location
The property is located in an established retail parade on Osmaston Road, close to its junction with Derby Southern Ring Road, 2.25 km (1.4 miles) south of Derby City Centre.