Property for sale

1-2 Meeting Lane, Kettering, Northants NN16

The property is a mixed use building comprising a nail salon to the ground floor with two, two bedroom flats with separate access to the first and second floors. The property has an estimated rental value of £32,4000 per annum. The property is available at an asking price of £400,000 reflecting the attractive return of 8.1%.

Location

Kettering is an expanding commercial town in North Northamptonshire with a population of approximately 63,000 persons according to the 2021 census.

The town is located approximately 16 miles north of Northampton and has good transport links with the A14 situated immediately to the west and south of the town with junctions 7,8,9 and 10 all easily accessible. The A14 provides direct access to the M1 and M6 to the west and A1(M) to the east. There is a mainline rail service to Kettering train station with direct access to London St Pancras.

The property is located on Meeting Lane which is a secondary trading location off the pedestrianised High Street in the Town Centre. Nearby occupiers include H Samuels, Three Mobile, Toller United Reform Church and MyDentist.

Description

The property comprises of an end of terrace mixed use property, with a retail shop to the ground floor occupied by a nail salon with two flats situated to the first and second floors. We have estimated the property was constructed in the 19th century.

The property is constructed from solid brick walls with a rendered and painted finish to the ground floor elevation. The roof is pitched and laid with slate tiles. Windows are single glazed to the ground floor constructed from timber frames with double glazed windows to the first and second floors constructed from UPVc frames.

Accommodation

Internally, the unit provides a front counter and reception area, with a kitchen, prep room, store and W.C. To the rear. There is separate access to the flats off Meeting Lane. The flats are reasonably well presented throughout, and both comprise of two bedrooms with one bathroom.

The commercial part has been measured to provide a Net Internal Area and the residential part a Gross Internal Area:

Basement (Retail) - 34.93sq.m (376 sq.ft)
Ground Floor (Retail) - 49.20sq.m (530 sq.ft)
First Floor (Residential) - 60.88sq.m (655 sq.ft)
Second Floor (Residential) - 75.57 sq.m (813 sq.ft)
Total - 220.58sq.m (2,374 sq.ft)

Tenancies

The ground floor is occupied by Wendy’s Nail Bar with 5 years remaining on the lease, with a current passing rent of £12,000 per annum.

The first floor flat is let at £850 per month. The second floor flat will be provided with vacant possession.

The property has a current passing rent of £22,200 per annum exclusive and an Estimated Rental Value of £32,400 per annum.

Terms

The freehold is available to buy with a guide price of £400,000.

Business Rates

The property has a rateable value of £14,250. Interested parties should check with the local authority regarding the amount payable.

EPC

The property has the following EPC’s:

Retail Unit - D (81)
First Floor (Flat 1) – ‘C’ (74)
Second Floor (Flat 2) – ‘C’ (71)

Planning

The property has consent under Use Class ‘E’ and ‘C3’ of the Town and Country (Use Classes) Planning Order 1987 as amended.

Services

We understand that all main services are connected to the property, but these have not been tested by the agent.

Legal Costs

Each party are to bear their own legal costs incurred during the transaction.

VAT

VAT is applicable to the purchase.

Id Checks

In accordance with Anti-Money Laundering regulations, proof of identification for all purchasers will be required. The vendor’s agent uses Thirdfort to verify the identity and residence of purchasers.