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SOLD
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Union Street, Cheddar, BS27 3NA

OEIO £380,000

  • Mixed use investment opportunity
  • Currently yielding £34,448 per annum
  • Four ground floor shops and two long leasehold first floor flats
  • Fully let
  • Rear Courtyard and parking with development potential (subject to planning)
  • Net Initial yield of 8.71% (purchasers costs at 4%).
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Brief
A fully let mixed use investment comprising of 4 ground floor lock up shops and two first floor long leasehold flats each with private ground floor access. There is a car park to the rear for use of all tenants with development potential (subject to planning).

Main
Location
Cheddar is located on the southern edge of the Mendip Hills and is approximately 8 miles from Wells, 13 miles from Weston-Super-Mare, 11 miles to Bristol Airport and 20 miles from the centre of Bristol. The investment is situated just off the A37 at the heart of the village. Surrounding occupiers include independent womens clothing shop "Katie-Boo", Butcher "Cobbs of Cheddar" and Sainsburys Local. Parsons Bakery, Touts Pharmacy, Lloyds TSB and Tesco Express and are among other occupiers of premises within 200m of the property.

Accommodation
Axe Valley Vets have a 10 year lease expiring on 02/05/2022. The Salon have a 3 year lease expiring on 07/05/2021. The Pet Shop have a new 5 year lease expiring on 27/06/2023. Cooper and Tanner have a new 10 year lease expiring on 23/06/2028 with a tenant break option on 22/06/2023. The two first floor flats are held on a long leasehold basis expiring on 25/03/2986 (*not inspected nor measured - floor areas from EPC register). All leases are full repairing and the tenants contribute to the upkeep of the communal areas and the building insurance costs.

Area
315.8 m2 ( approx. 3,399 ft2 )

Planning
The property lies within the Cheddar Conservation Area but is not listed. Permission was granted (now lapsed) for a new shop unit and additional car parking, details can be found on the Sedgemoor District Council planning page, reference number 17/00/00075.

Service Charge
A service charge is payable for buildings insurance and communal maintenance. Further details on request.

Legal Costs
Each Party is to bear their own legal and professional costs.

VAT
Any reference to price, premium or rent is deemed to be exclusive of VAT unless expressly stated otherwise. Any offers receive will be assumed to be net of VAT unless stated otherwise. We are advised by the vendor that the property remains exempt from VAT.

Energy Performance Certificate (EPC)
Two ground floor units have an EPC rating of D. The two first floor flats have an EPC rating of F and E respectively. The remaining ground floor units do not have an EPC.

Viewing Arrangements
Strictly by appointment with the sole agents RMW Knight; Tel 01749 676023 or wells@rmwknight.com

Viewing
Please contact us on 01749 676023 if you wish to arrange a viewing appointment for this property, or require further information.

Disclaimer
RMW Knight endeavour to maintain accurate depictions of properties in Virtual Tours, Floor Plans and descriptions, however, these are intended only as a guide and purchasers must satisfy themselves by personal inspection.

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