• Purpose-built retail and

residential block

• Ground floor trading as busy local

supermarket

• 26 flats to upper floors

• Planning permission for 3

additional residential units to roof

• Current income £260,022.68 p.a.

• Rent deposit held for retail tenant

• Town centre location

• Constructed approx 2009

• No VAT

• Guide Price £4,300,000

www.argroup.co.uk King House, 55 Victoria Street, St Albans, Hertfordshire, AL1 3HZ

01727 843232

mark.bunting@argroup.co.uk

FREEHOLD RETAIL & RESIDENTIAL INVESTMENT

WITH PLANNING PERMISSION FOR FURTHER UNITS

FOR SALE - £4,300,000 (NO VAT)

Vista House

33-35 New Bedford Street

Luton LU1 1SE

Location The premises are located within Luton, which is the largest town in Bedfordshire, with a strong manufacturing base and population of approximately 200,000. Luton is located

approximately 30 miles north of central London, being located immediately to the east of the M1, and approximately 11 miles north of the M25. The town is located on the Thameslink

railway line providing fast and frequent services to London and has its own airport. The premises are located to the north east of the main town centre.

Description The premises comprise a purpose-bult four/five storey block with the ground floor comprising a retail unit, storage and access for the residential parts. The upper floors comprise 26

one and two bedroom flats. The property is understood to have been constructed in 2009. The residential areas are constructed to a good standard including a lift, CCTV and fire

alarms throughout the communal areas.

Planning Permission Planning permission has been granted for three additional 61 sq m residential units to the roof.

Accommodation The ground floor retail area extends to approximately 2,634 sq ft (244.7 sq m), and we are advised that the entire building extends to approximately 20,000 sq ft (1,858 sq m).

There are three car parking spaces to the rear of the block. Two are rented to the retail tenant and one is reserved for the property manager.

Retail Lease Terms The premises are let on a twenty year FRI lease to a Mr J M Rashid who we are advised invested approximately £250,000 in fitting out. The current rent is £40,862.68 per annum and

is subject to annual RPI increases. There are tenant break options in July 2024, January 2027 and January 2032. There are landlord break options in January 2027 and January

2032. The shop is currently trading strongly.

The retail tenant also rents a storage area by way of a ten year lease from 2020 at a rent of £2,500 per annum. There is a rent review and tenant only break option in 2025. The

tenant also rents two car parking spaces to the rear for £720 per annum.

The total income for the shop, retail and car parking is £44,082.68 per annum. We are advised that the tenant has never missed a rent payment and a rent deposit of £16,500 is held.

Residential Units There are 26 residential units being a mixture of one and two bedroom flats all let on ASTs to private tenants (no DHSS or Housing Association). The current income from the

residential units is £215,940 per annum with an ERV of £220,200 per annum.

Overall total income £260,022.68 per annum.

Vista House, 33-35 New Bedford Road, Luton LU1 1SE

IMPORTANCE NOTICE

Aitchison Raffety (AR) for themselves and for the vendors/lessors of this property, whose agents they are, give notice that: (1) These particulars are set out as a general guideline only for the guidance of prospective purchasers/lessees and do not constitute the whole, nor any part, of an offer

or contract. (2) No person employed by AR has any authority to enter into any contract, nor make or give any warranty or representation whatsoever in relation to this property. The terms quoted and all subsequent negotiations are subject to contract. (3) All descriptions, dimensions,

references to condition, necessary permissions for use and occupation, and any other details, are given in good faith and are believed to be correct at the time of compilation, but an intending purchasers/lessees should not rely on them as statements or representations of fact and must

satisfy themselves as to their accuracy. (4) Any comment on council tax/rateable value/rates payable, and permitted planning use, is given in good faith from information informally supplied to us. Intending purchasers must seek confirmation direct from the relevant Local Authority. (5) All

plant, machinery, equipment, services and fixtures & fittings referred to were present at the date of first inspection, but have not been tested and AR give no warranty or representation as to their condition, operation or fitness for the intended purpose. (6) AR do not hold themselves

responsible, in negligence or otherwise, for any loss arising from the use of those particulars, nor for any expense incurred in viewing the premises or for abortive journeys. (7) All prices/rents are exclusive of VAT (unless otherwise stated) and interested parties should take independent

advice as to the VAT and general taxation implications of proceeding. (8) For all sales it is a legal requirement that we make ID checks on the purchaser and verify the source of funds.

Ownership The property is owned within an SPV, the shares of which are offered for sale thus reducing SDLT.

EPC/Asbestos The property has an EPC rating of ‘B’. The property was built after 2000 and accordingly no asbestos should have been included within the construction.

Guide Price Offers invited in the region of £4,500,000 (four million and five hundred thousand pounds) for the SPV owning the above property. This gives an approximate net yield of 6%. The

vendor has offered to buy back the retail unit, storage and car park by way of a 999 year lease for £650,000 if this would be of interest.

VAT The property is not elected for VAT and accordingly there will be no VAT payable on the purchase price.P

Vista House, 33-35 New Bedford Road, Luton LU1 1SE

IMPORTANCE NOTICE

Aitchison Raffety (AR) for themselves and for the vendors/lessors of this property, whose agents they are, give notice that: (1) These particulars are set out as a general guideline only for the guidance of prospective purchasers/lessees and do not constitute the whole, nor any part, of an offer

or contract. (2) No person employed by AR has any authority to enter into any contract, nor make or give any warranty or representation whatsoever in relation to this property. The terms quoted and all subsequent negotiations are subject to contract. (3) All descriptions, dimensions,

references to condition, necessary permissions for use and occupation, and any other details, are given in good faith and are believed to be correct at the time of compilation, but an intending purchasers/lessees should not rely on them as statements or representations of fact and must

satisfy themselves as to their accuracy. (4) Any comment on council tax/rateable value/rates payable, and permitted planning use, is given in good faith from information informally supplied to us. Intending purchasers must seek confirmation direct from the relevant Local Authority. (5) All

plant, machinery, equipment, services and fixtures & fittings referred to were present at the date of first inspection, but have not been tested and AR give no warranty or representation as to their condition, operation or fitness for the intended purpose. (6) AR do not hold themselves

responsible, in negligence or otherwise, for any loss arising from the use of those particulars, nor for any expense incurred in viewing the premises or for abortive journeys. (7) All prices/rents are exclusive of VAT (unless otherwise stated) and interested parties should take independent

advice as to the VAT and general taxation implications of proceeding. (8) For all sales it is a legal requirement that we make ID checks on the purchaser and verify the source of funds.

IMPORTANCE NOTICE

Aitchison Raffety (AR) for themselves and for the vendors/lessors of this property, whose agents they are, give notice that: (1) These particulars are set out as a general guideline only for the guidance of prospective purchasers/lessees and do not constitute the whole, nor any part, of an offer or contract. (2) No person employed by AR has

any authority to enter into any contract, nor make or give any warranty or representation whatsoever in relation to this property. The terms quoted and all subsequent negotiations are subject to contract. (3) All descriptions, dimensions, references to condition, necessary permissions for use and occupation, and any other details, are

given in good faith and are believed to be correct at the time of compilation, but an intending purchasers/lessees should not rely on them as statements or representations of fact and must satisfy themselves as to their accuracy. (4) Any comment on council tax/rateable value/rates payable, and permitted planning use, is given in good

faith from information informally supplied to us. Intending purchasers must seek confirmation direct from the relevant Local Authority. (5) All plant, machinery, equipment, services and fixtures & fittings referred to were present at the date of first inspection, but have not been tested and AR give no warranty or representation as to their

condition, operation or fitness for the intended purpose. (6) AR do not hold themselves responsible, in negligence or otherwise, for any loss arising from the use of those particulars, nor for any expense incurred in viewing the premises or for abortive journeys. (7) All prices/rents are exclusive of VAT (unless otherwise stated) and inter-

ested parties should take independent advice as to the VAT and general taxation implications of proceeding. (8) For all sales it is a legal requirement that we make ID checks on the purchaser and verify the source of funds.

Vista House, 33-35 New Bedford Road, Luton LU1 1SE

Viewings

Strictly by appointment via the sole agents.

Aitchison Raffety—01727 843232

Mark Bunting

Mark.bunting@argroup.co.uk