Commercial property for sale in Forest Parade, Forest Road, Lydney GL15

** fully let, total current income circa £44,600 per annum ** Toombs & Toombs Properties are pleased to offer for sale this mixed Commercial/Residential investment opportunity comprising two spacious Two bedroom Apartments, One spacious Three bedroom Apartment and Three commercial units (currently run as a barber, Indian restaurant and Turkish kebab shop. Situated in a prominent location in the heart of this growing town.

Location

The site benefits from excellent road links both to Chepstow and Gloucester via the A48 to the west and east respectively.

Lydney sits on the Southern Edge of the Forest of Dean in Gloucestershire and along with Cinderford and Coleford is one of the main centres within the area. Lydney is and has in recent years experiencing considerable expansion with hundreds of new homes built/being built. The population is growing.

Description

A terraced purpose built commercial and residential block which comprises of 3 retail/hot food units on the ground floor with 3 residential apartments on the first floor (two spacious two bedroom apartments and one spacious three bedroom apartment).

The property is constructed of a mixture of facing brickwork and reconstituted stone under a pitched tiled roof.

Tenure

The property is Leasehold and subject to several tenancy agreements.

Flat 1 – 2,000 years from September 1988
Flat 2 – 99 years from September 1998
Flat 3 – 99 years from September 1998
Unit 5 – 2,000 years from September 1998
Unit 5a – 2,000 years from September 1998
Unit 6 – 2,000 years from September 1998

The property portfolio generates a current gross income in the region of £45,700 per annum with potential for further uplift in the rent roll.

Services

Mains water, electricity and drainage are connected to the property. The services and central heating systems, where applicable, have not been tested.

Rating

The April 2023 Business Ratings assessments lists all 3 retail units as 'shop and premises'. Individual assessments listed below and are the responsibility of the tenant.

Rent roll for commercial shop/restaurant units - £2,235 pcm (inclusive of VAT)
Rent roll for residential apartments - £1,486 pcm

Please note: This portfolio is owned by a Limited Company therefore is VAT registered, however there is no VAT appertaining to the residential units.

Quoting Terms

£575,000 for the portfolio/Leasehold interest, subject to the existing tenancy agreements.

Legal Costs

Each party will be responsible for their own legal fees involved in the transaction. The purchasers will indemnify the vendor in respect of their reasonable legal costs in the event of withdrawing from the transaction following the receipt of the contract.

Energy Performance Certificates

1 Forest Parade (top floor flat) - 60 sq/m - Energy rating F
2 Forest Parade (top floor flat) - 60 sq/m - Energy rating E
3 Forest Parade (top floor flat) - 98 sq/m - Energy rating E

Unit 5 - Energy rating has been applied for
Unit 5a - Energy rating has been applied for
Unit 6 - Energy rating has been applied for

Viewing

By appointment with the owners agents. Initial consultation via David Toombs on / .