About this property
Key Features
No VAT payable on purchase price
Long Leasehold subject to tenancy
Current rent of £31,400 pa
Central City location
Commercial investment opportunity
Description
A unique chance to purchase a commercial investment property let to an established tenant, offering the purchaser an opportunity to collect a generous rental income for the remainder of the Headlease term of 28 years.
The property is a light industrial/Trade counter unit currently occupied by CEF Ltd. We understand the unit was constructed in 1972.
The unit comprises:
Ground Floor: 4,065 sq ft
Mezzanine: 720 sq ft
Tenure
Long leasehold subject to tenancy
Location
The property is situated on Mercres Row, just off one of the city’s main arterial routes in/out of Cambridge, about 1 mile east of the historic city centre. Cambridge Retail Park, a large Tesco store and a good range of pubs, restaurants & cafes are all within short walking distance.
Lot Type
Commercial
Tenancies
Headlease
Landlord: Cambridge City Council
Term: 75 years from 24.07.1972
Unexpired term: 28 years remaining
Ground rent: £5,800
Rent Review: 25 year upward only to cleared site value – next being 24.07.2035
Occupational Lease
Tenant: City Electrical Factors Ltd which is a Nationwide electrical wholesaler and supplier with almost 400 branches and pre tax profits for the y/e 30.4.2018 of £17.3m and net assets of £161m
Term: 10 years from 26.01.2005 – the tenant is now holding over but it is understood that they are interested in renewing the lease for a further term.
Passing rent payable to the purchaser: £31,400 per annum exclusive of VAT on FRI basis.
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or Melissa-Loucas, Birketts LLP, Kingfisher House, 1 Gilders Way, Norwich, NR3 1UB 01603 756482 Melissa-Loucas@birketts.co.uk
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.�