140 Netherstowe Lane, Lichfield, Staffordshire, WS13 6BA

Freehold Retail Investment Opportunity

Property details

Type Investment
Tenure Freehold, subject to the existing tenancy.
Price Offers based on £110,000
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  • Detached Freehold Retail Investment opportunity
  • First floor sold off long leasehold
  • Ground floor let on recently renewed 10 year lease
  • Passing rent of £7,810 per annum
  • Tenant in occupation since 2016
  • Rear Yard & Garages included
  • Freehold guide price - £110,000

The property comprises a brick built two storey detached building including a ground floor retail shop (currently trading as a hair & beauty salon), and a first floor self-contained flat which has been sold off on a long leasehold basis. There is a ramped customer entrance to the front, facilitating access for disabled customers and there is an enclosed courtyard area situated behind and to the side of the building. The property further benefits from a storage area accessed via double timber doors and via the rear courtyard there is a large brick built garage/store room. There are also two side garages included in the sale, but outside the existing lease, thus providing further income potential.

The property occupies a prominent to corner position at the junction of Netherstowe Lane and Bower Close off the main A5192 Eastern Avenue on the outskirts of Litchfield City Centre. The property is located within a densely populated residential area whilst benefiting from easy access to the city centre and all its local amenities including Litchfield City Railway Station which has regular services to Litchfield Trent Valley, Sutton Coldfield and Birmingham Grand Central. In addition, the various Trunk Roads are within an easy driving distance including the A5, A38, M6 and M6 Toll.
Ground floor – Retail shop fitted out as a modern hair & beauty salon, extending to 608 sq. ft. (56.49 sq m) and incorporating staff toilets.
First Floor – Self - contained apartment sold off long leasehold.
Freehold, subject to the existing tenancy.
The property is let to Innovation Hair & Beauty and will benefit from a renewed 10 year lease at a passing rent of £7,800 per annum. The tenant has been in occupation since 2016.

The first floor has been sold off on a 125 year lease from 16/12/2013 at a ground rent payable of £10 per annum.

The total rental income is £7,810 per annum.
Offers based £110,000 are sought for the freehold interest.
We are advised that the property is VAT exempt.
Rating C and valid until 21/10/2030.
Legal Costs
Each party are to be responsible for their own legal costs that may be incurred in this transaction.
Anti Money Laundering
In accordance with anti-money laundering regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.