01476 514433 | email@example.com
54 and 54a, Cambridge Street, Grantham, NG31 6EZ
GUIDE £120,000 LONG LEASEHOLD
Well-presented edge of town mixed retail and residential investment property
• Self-contained Ground Floor Retail Shop with further self-contained two bedroomed Residential Flat at first floor level
• Both elements of the property are let producing a combined gross income of £8,400 per annum
• Premises held by way of the remainder of a long-leasehold title for a term of 999 years from 6th April 1875. No ground rent
• Retail Shop let for a 3 year term expiring on 19th February 2020 on an effective full repairing basis. Let to individuals
trading as a Barbers Shop.
• First floor Residential Flat is let to an individual by way of an expired Assured Shorthold Tenancy Agreement where the lady
has been in occupation for approximately 2 years.
• No Stamp Duty or VAT payable.
• Net initial yield approximately 7% after costs.
Grantham is an established market town in South Lincolnshire with a
resident population of approximately 38,000 people. Grantham benefits
from excellent road communication links via the A1 to the regional road and
national motorway networks as well as main line rail connection to London
Kings Cross with a journey time for approximately 75 minutes.
Grantham is located approximately 23 miles east of Nottingham and 25
miles south of Lincoln.
Cambridge Street is located off London Road on the edge of the town centre
with London Road being one of the main arterial routes in and out of town.
The property briefly comprises a two-storey mid-terrace property of brick
construction with mainly pitched and tiled roof coverings. We believe the
property was originally constructed as a residential dwelling but was
converted in later years to form a Retail Shop at ground floor level with a
further self-contained two-bedroomed Residential Flat at first floor level
accessed via a side entrance. The Retail Shop has traded as a Barber’s
Shop for a number of years and has its own W.C facility to the rear.
The property is reasonably well presented throughout with the ground floor
holding their element of the property by way of a full repairing lease. The
ground floor Retail Shop has a suspended ceiling, electric wall heaters and
kitchenette area to the rear.
The first floor Residential Flat has a large living room, kichen/diner, two
double bedrooms and a bathroom/W.C. with electric over bath shower, gas
fired central heating via a Worcester combi-boiler together with UPVC
framed double-glazed window openings throughout.
No external grounds or car parking is provided with the property making the
investment easy to maintain.
The ground floor Retail Shop is let to Messrs R & S Haas for a term of 3
years expiring on 19th February 2020 at a fixed rent of £4,200 per annum
with the rent being paid on 1st day of each month in 12 monthly instalments.
The lease obliges the tenant to keep the property in repair but the landlord
insures the building. The lease is outside Sections 24-28 of The Landlord &
Tenant Act 1954 Part II.
The first floor Residential Flat is let to Miss V Simeonova for a 6 month term
which expired on 23rd January 2016 at a rent of £350 per calendar month
on an unfurnished basis. The tenant is holding-over under the terms of the
expired 6 month Assured Shorthold Tenancy Agreement and has been in
occupation for approximately 2 years.
54 Cambridge Street – Shop – E107
54a Cambridge Street – Flat – D62
We understand that VAT will not be charged on the sale of this property
however, any prospective purchaser should clarify the position with regard
to VAT prior to making an offer to acquire the property.
Business Rates/Council Tax
The Retail Shop at 54 Cambridge Street is assessed under the 2017 Rating
List as a Hairdressing Salon and Premises with a Rateable Value of £3,350.
The Residential Flat at 54a Cambridge Street is contained within the Council
Tax Register as a Band A property.
Accommodation (all figures approx.)
The remainder of the long-leasehold interest in this property subject to the
terms of the 2 lease/tenancy agreement appropriate to the various parts is
available at an asking price of £120,000..
In terms of Net Internal Area the property has the following approximate
Viewing and Further Information
Ground Floor Retail Shop
Shop – Zone A
Shop – Zone B
Each party will be responsible for their own legal costs incurred in any
For further information or an appointment to view this property please
Brown & Co
Tel: 01476 514433
We understand that mains water, gas, electric and drainage are either
connected or available to the property. Please note that Brown & Co have
not tested any of the utilities or apparatus contained within the properties
and, as such, prospective purchasers are advised to check upon the
adequacy, condition and provision of any services with the relevant
Statutory Authorities prior to making an offer to acquire this property.
Lease and Rental Terms
The property is held by way of a long-leasehold title for a term of 999 years
from 6th April 1875 with nil ground rent being payable.
Brown & Co for themselves and for the Vendors or Lessors of this Property give notice that: 1. These particulars are intended to give a fair and accurate general outline only for the guidance of intending Purchasers or Lessees and they do not
constitute an offer or contract or any part of an offer or contract. 2. All descriptions, dimensions, references to condition and other items in these Particulars are given as a guide only and no responsibility is assumed by Brown & Co for the
accuracy of individual items. Intending Purchasers or Lessees should not rely on them as statements or representations of fact and should satisfy themselves as to the correctness of each item by inspection or by making independent enquiries.
In particular, dimensions of land, rooms or buildings should be checked. Metric/imperial conversions are approximate only. 3. Intending Purchasers or Lessees should make their own independent enquiries regarding use or past use of the
property, necessary permissions for use and occupation, potential uses and any others matters affecting the property prior to purchase. 4. Brown & Co, and any person in its employ, does not have the authority, whether in these Particulars,
during negotiations or otherwise, to make or give any representation or warranty in relation to this property. No responsibility is taken by Brown & Co for any error, omission of mis-statement in these particulars. 5. No responsibility can be
accepted for any costs or expenses incurred by intending Purchasers or Lessees in inspecting the property, making further enquiries or submitting offers for the Property. 6. All prices are quoted subject to contract and exclusive of VAT, except
where otherwise stated. 7. In the case of agricultural property, intending purchasers should make their own independent enquiries with the RPA as to Single Payment Scheme eligibility of any land being sold or leased. 8. Brown & Co is the
trading name of Brown & Co – Property and Business Consultants LLP. Registered Office: Granta Hall, Finkin Street, Grantham, Lincolnshire NG31 6QZ. Registered in England and Wales. Registration Number OC302092. These particulars were
prepared in May 2017.
Printed by Ravensworth 01670 713330
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