About this property
Key Features
Freehold subject to existing tenancy
2 retail units (1 let, 1 vacant)
High Street investment opportunity
Description
The property comprises two self-contained ground floor retail premises. The elevations are of brick construction with two fully glazed retail frontages and recessed shop entrances under a flat roof façade. Internally, both retail premises comprise lower and upper ground floor sales. To the rear of both sales areas are a kitchen and WC. No. 16a also provides a small storeroom and basement space. There is a rear access out of each retail premises leading to a shared yard with an entrance gate opening into a shared passage.
The occupier of No. 16, Ooma, has ceased trading. This unit is currently vacant.
No. 16a is currently let to Tylers Estate Agents on a term commencing 27/06/18 and ending 23/04/28. The passing rent is £13,600 p.a. There was a rent review set for 24/04/23, but this was not implemented. There are no break options.
The upper parts have been sold off long leasehold and have 961 years remaining. We understand the ground rent is £50 per annum.
EPCs
16a High Street - G (161)
16 High Street - F (149)
As per MEES regulation, the EPC grades will need to be improved before either premises can be let in the future.
Tenure
Freehold
Location
Newmarket is a historic market town located 12 miles east of Cambridge. The town has a resident population of approximately 21,000 (2011 census). It is internationally famous for its horse racing industry and has a range of local services and amenities. The town holds a strategic position within East Anglia, lying at the intersection of the A14 and A11, providing direct access to London, the Midlands and the Port of Felixstowe. There are direct rail services to Cambridge and Bury St Edmunds.
The property itself is well located on the High Street and adjacent to the Clock Tower junction. Nearby occupiers include Ladbrokes, Natwest, Majestic Wine, and Iceland.
VAT
No VAT is payable on the purchase price.
Lot Type
Commercial
Planning
Both units gained planning permission for retail purposes in 1982. 16a gained change of use to estate agency purposes in 1984. Alternative uses falling under Use Class E may be appropriate (STP). Interested parties are advised to make their own enquiries with West Suffolk Planning department: https://www.westsuffolk.gov.uk/planning/vieworcommentonplanningapplications.cfm
Uniform Business Rates
The property is entered into the 2023 VOA Ratings List with the following rateable values:
No. 16a £13,250 Rates payable £6,612 per annum
No. 16 £9,500 Rates payable £4,741 per annum
The rates payable does not consider the effect of any rates relief that an occupier may be eligible for.
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or Kerr Clement at Edmundson Hall, 25, Exeter Road, Newmarket, Suffolk, CB8 8AR
Viewing
Cheffins Commercial Department 01223 213666
Important notes
*Guide prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set up to or within the Guide Range or no more than 10% above a single figure Guide. The reserve price will remain confidential between the seller and the auctioneer.
Fees: The guide price excludes any additional fees that the purchaser may incur, to include, but not limited to, Buyers Contract fee, Stamp Duty Land Tax, VAT, legal and search fees etc. Please refer to relevant Auction Legal Packs for details.�
Accommodation
| Studio Number |
Storey |
Size (sq ft) |
Size (sq m) |
Rent (pa) |
Status |
|
|
|
|
|
|
| 16 High Street - Vacant |
| Retail Area |
353 sq ft |
32.79 sq m |
| Ancillary |
127 sg ft |
11.76 sq m |
| Basement |
146 sq ft |
13.56 sq m |
| Total |
626 sq ft |
58.14 sq m |
| 16a High Street - Tylers |
| Retail Area |
590 sq ft |
54.81 sq m |
| Basement |
174 sq ft |
16.16 sq m |
| Rear Storage |
156 sq ft |
14.49 sq m |
| Total |
920 sq ft |
85.46 sq m |