Retail premises for sale in High Street, Leighton Buzzard LU7

Investment Consideration:
Gross Initial Yield: 8.11%
Rental Income: £38,500 p.a.
VAT is not applicable to this property
Comprises 2 ground floor shops t/a Phone Accessories (1A) and a Vaping Store (1B)
Shop 1A let until 2032. Rent review linked to rpi in November 2027
Shop 1B let until 2033. No breaks. Rent review linked to rpi in January 2028
Potential to increase rental income by separately renting out rear office of 1A High Street, subject to negotiation with the existing tenant
Both shops benefit from gated access at rear with 1 allocated parking space for shop 1B
Nearby occupiers include Post Office, Halifax, Argos, Subway, Waitrose and more.

Property Description:
Comprises two self-contained ground floor shops, providing the following accommodation and dimensions:
Shop No. 1A t/a Phone Accessories Retail Store: 52 sq m (560 sq ft)
2 Rooms, Storage, Shared WC
Shop No. 1B t/a e-Cigarette & Vaping Store: 75 sq m (807 sq ft)
2 Rooms, Storage, Lobby, Shared WC, 1 Parking space
Total area size: 127 sq m (1,367 sq ft)

Tenure:
Long leasehold. Held on a 999 year lease from 24th May 2023 at a ground rent of peppercorn.

Tenancy:
No. 1A is at present let to Gadget and Roses Ltd (with personal guarantee) for a term of 10 years from 22nd November 2022 at a current rent of £17,500 p.a. And the lease contains full repairing and insuring covenants. Rent review linked to rpi on 25.11.2027. Tenant option to determine on 25.11.2027 with 6 months notice. Deposit held of £4,375.
No. 1B is at present let to an Individual for a term of 10 years from 30th January 2023 at a current rent of £21,000 p.a. And the lease contains full repairing and insuring covenants. Rent review linked to rpi on 30.01.2028. No breaks. Deposit held of £5,250. Lease within 1954 Landlord & Tenant Act.

Location:
Leighton Buzzard is a market town in Bedfordshire, England, near the Chiltern Hills, between Aylesbury, Tring, Dunstable and Milton Keynes 36 miles northwest of Central London, and linked to the capital by the Grand Union Canal and the West Coast Main Line to London Euston. The town is close to the M1 motorway and A5 road, and is served by Southern and London North-western Railway services on the West Coast Main Line railway at Leighton Buzzard railway station (in Linslade). The railway operates non-stop commuting services to Euston railway station, with the fastest peak journey times less than 30 minutes. The property is located within 0.6 miles to Leighton Buzzard Train station, which provides direct services to London Euston in less than 30 minutes. Nearby occupiers include Post Office, Halifax, Argos, Subway, Waitrose and more.