Details for Property Reference 1MPO

Market Place
Oundle, Peterborough. PE8 4BA

Residential & Commercial Investment

• Grade II listed Building
• 3 Ground Floor Retail Units
• 4 One Bedroom Flats
• £55,280 total income per annum
• Guide Price of £675,000 Freehold

Location
Oundle is an attractive market town in East Northamptonshire with a population of approximately 6,000. The A605 passes to the East and provides easy access to the A1(M) and A14 dual carriageways and to Peterborough (12 miles), Kettering (16 miles), Huntingdon (24 miles) and Northampton (27 miles). Mainline rail services are available from all of the places listed above.

Description
The building is Grade 2 listed and forms part of the conservation area. It is three storey and constructed in dressed rubble stone to the front and brick elevations to the rear under a pitched and hipped roof. There are 3 ground floor retail units fronting Market Place and New Street and four one bedroom flats over 1st and 2nd floor which are accessed at the rear of the building via a communal courtyard.


Accommodation
The commercial units comprise the following net internal measurements:

Unit Zone Sq.m£² Sq.ft£²
1 Retail 34.89 376
Ancillary Office & Storage 21.86 235
2 Retail 39.96 430
Ancillary Kitchenette & Storage 7.53 81
3 Retail 28.23 304
Basement Office & storage 12.62 136

The four flats are all one bed and comprise a double bedroom, lounge, kitchen & bathroom/en-suite facilities over 1st and 2nd floors. Flat 2 is split level.

Tenancy & Income
The tenancies and incomes of all parts are as follows:

Unit Tenant Rent PAX Comments

1 Oundle Travel £11,000 Lease expires Sept 2021

2 Mr & Mrs Gibbons £12,500 Lease expires Sept 2025,
t/a White Vanilla break clause in 2022

3 First Class Barbers £11,500 Lease expires 23rd July 2029
(Mr Kutlubay) – no breaks

Flat 1 Individual £5,760 Holding over

Flat 2 Individual £5,220 Holding over

Flat 3 Mr Kutlubay £4,500 Lease expires 31st July 2029

Flat 4 Individual £4,800 Holding over

Services
We understand all mains services are connected but these have not been tested by the agents.

Terms
The building is available Freehold at a guide price of £675,000 based on an approximate gross yield of 8%. Proof of funds / deposit will be required with any offer received.

Rates
The 4 flats fall within Council Tax Band A.

The rateable value of the 3 commercial premises are:-
Unit 1 - £7,700 - This unit falls under the address of 2a New Street, Oundle Unit 2 - £9,300 - 1 Market Place, Oundle
Unit 3 - £5,200 - 1a Market Place, Oundle

Legal Costs
Each party to bear it's own legal costs.

Planning
This property has had consents granted under the following planning applications: 86/01125/FUL & 86/01126/LBC granted planning and listed building consent for alterations to shop front and internal alterations to form 3 smaller retail units and a rear single storey extension' 86/00726/FUL & 86/00726 granted planning and listed building consent for forming 4 one bedroom flats from 3 larger existing flats.

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