Freehold
GUIDE PRICE £320,000 Freehold Investment
A three-bedroom maisonette and a commercial shop less than a mile from Folkestone Central station is being offered to the market as an investment at 7% yield.
The property consists of a ground floor retail shop and a three bedroom maisonette which has a seperate access. The front door leads into a good sized entrance where there is a bathroom to the left which has a seperate corner bath and shower cubicle. The bathroom has laminate flooring and is part tiled on the wall. There is a utility room adjacent which has a stainless steel sink. The ground floor also consists of the kitchen which has a generous amount of cupboards, there is an integrated electric hob and cooker. There is also an open plan living room and open plan dining room.
The first floor consists of two double bedrooms and a single bedroom, all with built in storage. There is also a useful cupboard on the landing. There is Gas Central Heating and Double Glazing.
Externally, there is a small decking area suitable for a table and chairs
The ground floor is a commercial shop which is approx 136 sq m of ground floor space which is currently leased on a FRI lease.
Tenancies
Commercial - A lease renewal of 5 years from 25th March 2023 at £10,500 per annum. The owner has confirmed that all rent has been paid on-time for 18 years.
Residential - An AST was formed on 16th February 2023 at a rent of £995 per month - The owner has confirmed that all rent has been paid on-time.
Use: E Use Class
Energy Performance Certificate: 105 (E) - Full EPC available upon request.
Services: Water, Drainage, Gas and Electricity
Rateable Value: £7,000 (Folkestone and Hythe District Council (2023/2024). Small Business Rates Relief eligible.
Council Tax: Band B
Viewing Strictly by appointment through Motis Estates Chartered Surveyors in Folkestone. 01303 212020 or commercial@motis-estates.com
SUBJECT TO CONTRACT (This firm operates a Complaints Handling Procedure, details of which are available upon request).
IMPORTANT NOTICE FROM MOTIS ESTATES
Descriptions of the property are subjective and are used in good faith as an opinion and NOT as a statement of fact. Please make further specific enquires to ensure that our descriptions are likely to match any expectations you may have of the property. We have not tested any services, systems or appliances at this property. We strongly recommend that all the information we provide be verified by you on inspection, and by your Surveyor and Conveyancer.
