10-12 CHAPEL STREET, LUTON, BEDFORDSHIRE, LU1 2SE

Description:

The end of terrace, pavement lined property was a former Bank of Ireland branch, then Jennings Bookmakers, following which it has been converted to create a mix of residential apartments and ground floor commercial space and is fully let.

Ground Floor

Let to East Kent Leasing Co Ltd T/A Goddens.

2,085 sq ft/193.91 sq m.

10 year internal repairing and insuring lease from 15 January 2021, expiring 14 January 2031. 1954 Act protected, with an upward only rent review at 15 January 2026. £35,000 per annum exclusive plus V.A.T. A quarter held as deposit. Rateable Value £30,750.

Upper Floors

Flat 1 - 2 bed - Let at £800 per month/£9,600 per annum

Flat 2 - 2 bed - Let at £800 per month/£9,600 per annum

Flat 3 - 2 bed (+1) - Let at £1,250 per month/£15,000 per annum

Flat 4 - 1 bed - Let at £650 per month/£7,800 per annum

Flat 5 - 2 bed - Let at £950 per month/£11,400 per annum

Flat 6 - 1 bed - Let at £600 per month/£7,200 per annum

We understand the first and second floors combined total approximately 3,920.24 sq ft/364.20 sq m.

Total residential income £60,600 per annum. It is felt some of these rents are below market value.

Total rental income circa £95,600 per annum.

Location:

Chapel Street lies within Luton town centre and joins George Street (high street).

Terms:

The freehold is available for £1,450,000 showing a return of 6.59%.

Legal Costs:

Each party to bear their own legal costs incurred.

VAT:

Plus V.A.T. at the appropriate rate if applicable.