Retail premises for sale in Hitchin Road, Luton LU2
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Property features
- Two retail investments with residential upper parts let on AST's
- 70% of the income secured against Ladbrokes
- Development opportunity to rear with lapsed planning consent
Property description
The Hitchin Road forms a major arterial route into Luton town centre from Stopsley, Hitchin and the A1(M) Motorway. The property forms part of a neighbourhood retail parade serving the local residential area.
The property comprises two retail units each with residential upper parts constructed above a shared vehicular entrance to the site to the rear of the property which has a lapsed planning consent for two 1 bedroom houses. 325 Hitchin Road comprises a ground floor retail unit with a two bedroom flat above having access from the rear.
327/329 Hitchin Road comprises a double retail unit unit with a four bedroom flat above also having access from the rear.
325 Hitchin Road
The entire property is let on a full repairing and insuring lease to Shaden Fishing Tackle Ltd for a term of 5 years from 16th February 2021 at a current rent of £12,000 per annum. The lease excludes the security of tenure provisions of the Landlord & Tenant Act 1954 (as amended).The residential upper parts are sub-let on an Assured Shorthold Tenancy. The landlord hold a rent deposit of three months rent.
327/329 Hitchin Road
The entire property is let to Ladbrokes Betting & Gaming Ltd for a term of 10 years from 24th May 2023 at a current rent of £28,150 per annum. The lease provides for upwards only rent reviews on 24th May 2026 and 24th May 2028 and tenant only break clauses on 23rd June 2028 and 24th December 2030. There is a three months rent penalty should the tenant exercise the second break clause. The lease benefits from the security of tenure provisions of the Landlord & Tenant Act 1954 (as amended). The residential upper parts are sub-let on an Assured Shorthold Tenancy. In the year to 31st December 2021, Ladbrokes Betting & Gaming Ltd reported a turnover of £670m and pretax profit of £32.22m.
The total income receivable is £40,150 per annum
To the rear of the two retail properties is a site extending to 0.083 acres (0.03 ha) which previously had the benefit of a planning consent for the construction of a detached two storey building comprising two 1 bedroom houses.(Application No: 17/01960/out). Further details are available on request.
In addition, there is the possibility of taking back possession of the residential upper parts.
Property info
* Sizes listed are approximate. Please contact the agent to confirm actual size.
For more information about this property, please contact
Jessop & Co, LU1 on +44 1582 936643 * (local rate)
Disclaimer
Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Jessop & Co, and do not constitute property particulars. Please contact Jessop & Co for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.
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