01476 930891
The property occupies a prime position along Southgate in the centre of the market town of Sleaford. Nearby occupiers include Costa, Boots and Greggs. Sleaford is situated approximately 14 miles north east of Grantham, 18 miles south of Lincoln and 17 miles west of Boston.
This property comprises a ground floor retail unit with three flats above. One flat comprises a kitchen, living room, bedroom and bathroom and the other two flats comprise a kitchen living area, bedroom and shower room. The retail unit benefits from a prominent shop frontage onto busy Southgate in the town centre.
25 Southgate is let to Hass Barbers Ltd (with personal guarantee) for a term of 10 years from 1 December 2023 at a rent of £18,000 plus VAT per annum with provision for a rent review at the end of five years. The three flats are let on AST’s and produce an income of £20,400 per annum. The total rent roll for the property is £38,400 per annum.
We have been informed that the net internal floor areas are as followed;
25 Southgate: 91.5 Sq m (985 Sq ft)
Flat 1, 25a Southgate: 49 Sq m (527 Sq ft)
Flat 2, 25a Southgate: 41 Sq m (441 Sq ft)
Flat 3, 25a Southgate: 42 Sq m (452 Sq ft)
Total Floor Area: 223.5 Sq m (2,405 Sq ft)
We understand that the following services are connected. None of the heating systems or any other plant and equipment have been tested by Commercial List and prospective purchasers must rely on their own investigations as to their existence and condition.
25 Southgate- Mains water, gas, electricity and drainage
All the flats have mains water, electricity and drainage connected.
From enquiries made though the Valuation Office website, we understand that the following Rateable value applies;
25 Southgate- £15,250
Flat 1, 25a Southgate- Council Tax Band A
Flat 2, 25a Southgate- Council Tax Band A
Flat 3, 25a Southgate- Council Tax Band A
The property is FOR SALE freehold subject to the current tenancies, we are inviting offers in excess of £385,000.
The following energy ratings apply;
25 Southgate- C
Flat 1, 25a Southgate- E
Flat 2, 25a Southgate- D
Flat 3, 25a Southgate- D
Although the property is elected for VAT the sale will be treated as a TOGC and therefore VAT will not be payable on the purchase price.
Each party to pay their own legal costs incurred.
For an appointment to view or further information please contact;
Charlie Burrows
e: charlieb@commerciallist.co.uk t: 07923 448308
Under the Estate Agents Act of 1979, we hereby give notice that an employee of Commercial List is a relative of the owner of this property.
