67 High Street, Maldon, ESS

The property comprises a mid terrace building of brick construction with retail on ground floor and three two bedroom residential maisonettes above.
The property is located on the north side of High Street in the centre of Maldon accessed via the A414. Maldon is approximately 22 miles east of Chelmsford.

Sale Notes:
The investment opportunity comprises a ground floor retail unit with residential accommodation above. The property is let to Poundstretcher until 2023 with reversionary yield potential in 2013.
Offers in excess of £2,100,000 for the freehold of the entire property with the benefit of the commercial headlease and the residential AST’s, subject to contract and exclusive of VAT. This reflects an initial yield off the current rents of approximately 7.25% on the retail and 5.25% on the residential, net of purchaser’s costs.
The ground floor retail property together with part of the first floor is let to Poundstretcher Ltd (with a guarantee from Instore PLC), on a 15 year effectively full repairing and insuring lease from 4th August 2008. The passing rent is £130,000 per annum exclusive. There are five yearly upward only rent reviews to the higher of open market value or fixed increases of 2.5% pa compound (the rent will increase to a minimum of £147,083 pax in 2013).