Location

The mid-terraced property is prominently positioned on Leagrave Road, overlooking the junction to Selbourne Road. Leagrave Road forms one of the main thoroughfares through the Bury Park suburb of Luton - a thriving commercial district. The surrounding area consists mostly of commercial premises with residential upper parts and side roads.

Description

The property is arranged over ground and first floor, with forecourt, courtyard to the rear and lock-up storage units to the rear.

Ground Floor: At ground floor level there is a well maintained retail unit totalling 972 sq ft (90.28 sqm). The retail unit is let to a convenience store. A copy lease is available upon request. To the rear of the retail unit is an additional premises that STPP could be let as a studio apartment. At the time of writing, this part of the property is vacant.

First Floor: At first floor level there are two 1-bedroom apartments, both of which are let on assured shorthold tenancy agreements (ASTs).

Terms

The property is available to purchase upon a freehold basis, subject to the existing tenancies, for £850,000. The commercial lease was dated 30.07.24 for a term of seven years. The passing rental is £30,000 per annum plus the two first floor apartments produce a total of £22,200 per annum. Total income currently £52,200 per annum.

Rateable Value

The Rateable Value for the subject property is to be confirmed.

Legal Costs

Each party to bear  their own legal and professional costs.

VAT

We are advised that VAT is not applicable.