Mixed use, block of flats and commercial spaces  - Port Street, Evesham

£365,000 SSTC

Port Street, Evesham, WR11 1AP

£365,000

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Full description

Tenure: Freehold

****OFFERS CONSIDERED****

A truly superb example of investment opportunity with potential development.

We are delighted to offer 62 and 64 Port Street, an attractive period property of brick and stone construction. This property is a substantial period Stone Regency constructed building with mix of pitched and recently fully refurbished flatbed roofs.

Two ground floor commercial properties have independent access and all residential properties are accessed via a communal entrance off Port Street. There is a good size communal garden area to the rear and a large basement. The upper floors are presented in very good decorative order.

The building consists 2 commercial spaces and 9 residential flats. 

The Property has been owned and managed by the same family for over 40 years. Full details of all recent repairs and refurbishment with complete relevant documentation are available upon request.


The Residential currently has a 4 freehold on AST’s fully let and, 5 long leasehold residential properties, the shortest term left being 71 years, pay a ground rent between them and contribute to maintenance works.

This Privately owned freehold has excellent income for future business or development opportunities. Great investment, please contact us to arrange viewings.

LOCATION

The property is located in very attractive location on Port Street in Evesham, providing excellent access to the local amenities including shops, banks, bus and railway station. Evesham is a small market town located on the bank of the River Avon. There are good road connections in place using the Evesham bypass A46, giving quick access to some of the major motorways including M5 and M40. Some larger towns such as Stratford-upon Avon, Worcester and Cheltenham are some 15 miles away from the town. There are trains every 45–55 minutes to London Paddington that take approximately 1 hour 45 minutes and trains to Birmingham take around 90 minutes (changing at Worcester).

The nearest major airport is Birmingham International about 40 minutes away by trunk roads and the M42 motorway

ACCOMMODATION
62 Port Street
Shop - 3 year lease from Dec 2013 rent £3,500 
Flat A Long Lease 99yr from 1988 GR £30
Flat B Long Lease 99yr from 1988 GR £30
Flat C Long Lease 99yr from 1988 GR £30
Flat D Long Lease 90yr from 2012 GR £30

64 Port Street
Shop - 3 year lease from Dec.2013 rent £6500
Flat 1 - Long Lease 99yrs from 1988 GR Rent £30
Flat 2 - AST Rent £5400
Flat 3 - AST Rent £5400
Flat 4 - AST Rent £5940
Flat 5 - AST Rent £4920

AMENITIES
The Leasehold Reform, Housing Urban and Development Act 1993.
Flats A, B, C or 62 Port Street and Flat 1 of 64 Port Street are held under 99 year leases commencing in 1988, accordingly as recently negotiated by the present owner, have the potential to provide an income negotiating a premium to extend the leases under the above Act, Flat D 62 Port Street was recently extended to a 90 year lease commencing 2012 at a premium of £4000. It is estimated by the Agents that should negotiations take place on the remaining flats an additional amount of approximately £16,000 in premiums potentially available to the new owner of the property.

OUTGOINGS
Business Rates
62 Port Street - 2010 Listing - £2,700
64 Port Street - 2010 Listing - £4,650

VAT
This property is not registered for VAT therefore VAT will not be payable on the purchase price.


Typical monthly repayment: 

Interest only: £408.34 pcm 

Repayment: £1139.85 pcm

Interest Rate: 1.79 % 

Mortgage quotation click here