PE1 33a & 33b Westgate, Peterborough

City centre investment sale

The property comprises a former bank premises which have been converted into two ground floor shops with 13 apartments above.

The building is of traditional construction with a stone façade.

The building has total site coverage. The property has been extensively refurbished and is in excellent condition.

The ground floor consists of two shops, one retailing hairdressing products and the second being a chicken takeaway.

To the east there is a separate entrance to the upper parts known as Walker House located on the first and second floors providing 13 apartments, 8 on the first floor and 5 on the second floor.

Strictly by appointment with the joint agents Savills (07807 999211) and FHP (Noel Roper - 07711 211 511).

Offers are invited in excess of £2,650,000 to show a gross initial yield of 8%. The property is elected for VAT and therefore will be sold as a TOGC.

The two shops are let on rising rents as itemised in the Schedule of Income and Tenancies. The vendor will top up the difference between the rent passing and the headline rent, so that a purchaser has the benefit upon completion of a gross income of £213,200.

The current income derived from this property is £213,200 per annum, the majority being the residential income totalling £133,200 and two retail shops producing £80,000.

Details of the retail tenancies are set out below.

A schedule of residential income and tenancies is available upon request.

33A & 33B EPC ratings of B.

The apartments range from C to D - all expiring in March 2033.

Copies can be supplied upon request.

The cathedral city of Peterborough is a major commercial centre with a population in excess of 200,000. It has excellent transport links being approximately 80 miles north of London, adjacent to the A1(M) and having a complete dual carriageway ring-road system. There are fast and frequent rail connections to many parts of the country, with the fastest train journey to Kings Cross being 44 minutes.

33 Westgate is prominently located at the junction of Park Road on one of the main city centre routes leading to the train station and bus station. It is close to the entrance of Queensgate Shopping Centre and nearby occupiers includes Lloyds Bank, Subway and Savers.

Fully let and income producing

Town centre location opposite a proposed new residential development

Commercial income - £80,000 pa - 37.52%

Residential income - £133,200 pa - 62.47%

Excellent condition, recently refurbished

Offers invited at £2,650,000 to show 8% before costs

13 apartments fully let to private individuals

Peterborough Bus Station and Train Station located a short walk from the property