Deceptively spacious property comprising four flats, retail, studio and storage space with scope to increase accommodation and income.
The historic, three storey plus basement property is currently divided into retail, commercial and residential apartments.
The property is currently fully occupied.
The property extends to c6,000 sq. ft. GIA.
Some double glazing.
Communal heating via two boilers.
Potential to remodel the existing apartments to increase revenue.
Rear access with parking for one vehicle.
The property is located in the heart of Bedford town centre at the southern end of Bedford High Street, opposite the historic market square and St Pauls church, very close to the Embankment and Town Bridge. Bedford main line railway station has fast, frequent trains to London St Pancras International. Bedford is 14 miles to the east of Milton Keynes and 25 miles to the west of Cambridge and is conveniently situated for access to the A421 dual carriageway linking the A1 and M1 motorways.
Basement 2 Bed Flat c.780 sq. ft. let at £400.00 pcm
Basement Storage c.860 sq. ft.
Ground Floor Retail c.880 sq. ft. let at £30,000 p.a. until 31st March 2021.
Ground Floor 2 Bed Flat c.600 sq. ft. let at £600.00* pcm
First Floor Studio c.880 sq.ft. (included within shop lease).
First Floor 2 Bed Flat c.510 sq.ft. (plus roof terrace) let at £600.00* pcm
Second Floor 4 Bed Flat, c.1,385 sq.ft. owner occupied (potential to convert to two flats). Two bedrooms currently let under the 'Rooms to Let' scheme at £600.00 pcm.
The current total income is £56,400 per annum (not including owners accommodation)
All flats are let on twelve-month shorthold tenancies, none have more than six months left to run. (Some tenants have expressed an interest in renewing).
*These rents are considered on independent valuation to be below current market rates, estimated at £800 / £850 pcm.
All floors have full access, front and rear to all drainage and utility services. Communal heating is provided by two gas boilers serving the whole building.
EPCs for the let flats and commercial areas can be provided upon request. The vendor has stated that actual heating costs are considerably lower than that indicated on the EPC.
Viewings will be strictly by appointment only. Viewing dates will be arranged, please contact Compass for details.
The property is to be sold freehold.
Guide Price - Unconditional offers in the region of £895,000 are invited
Offers are to be subject to contract only.
1) The purchasers are to exchange contracts within 30 'working' days from receipt of contract documentation by their solicitor.
2) Legal completion is to take place following exchange of contracts on a date agreed between vendors & purchaser.
Compass Land and Development on 01234 351577
Compass Land & Development for themselves, and for the vendors of the land, whose agents they are, give notice that; (A) These particulars are produced in good faith, but are set out as a general guide only and do not constitute any part of a contract; (B) No person in the employment of Compass Land and Development has any authority to make or give any representation or warranty what so ever to the property / land. These details are presented subject to Contract and without prejudice. October 2018.
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The staff at Compass have in excess of 100 years combined experience in Residential Property sales in Bedford and surrounding areas. They also have extensive experience in land & development, lettings and can offer financial advice via an independent financial and mortgage services company.Visit our branch >