The semi-detached, brick built property with paved forecourt and rear yard with outbuilding is let to takeaway business J Ahmed T/A Southern Fried Chicken and consists of ground floor commercial with first floor residential.
The property is prominently located overlooking the roundabout connecting Stockingstone Road and Hitchin Road which are major arterial routes within Luton. The location forms a mixed commercial and residential area.
The property is available to purchase upon a freehold basis for £310,000, subject to the existing tenancy. The building is let at £13,500 per annum exclusive which we believe is under rented. Upon the next rent review we would expect to achieve in the region of £23,000 per annum exclusive. The next rent review is in June 2025.
Each party to bear their own legal costs incurred.
Plus V.A.T. at the appropriate rate if applicable.
The Rateable Value of this property is £4,950 (please note that this is not rates payable). Further information is available at www.tax.service.gov.uk
Subject to certain conditions, you will not pay Business Rates on a property with a Rateable Value of £12,000.00 or less. For properties with a Rateable Value of £12,001.00 to £15,000.00 the rate relief will go down gradually from 100% to 0%, i.e. if your Rateable Value is £13,500.00 you will get a 50% reduction off your bill.
The property falls within Council Tax Band A.