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TWO PRIME TOWN CENTRE RETAIL INVESTMENTS

Barford + Co, the St Neots based Chartered Surveyors and Town Planners are marketing two prime retail investments located in St Neots and Huntingdon.

27 High Street, St Neots is a two storey, brick built premises comprising approximately 107.3 sq m (1,155 sq ft) of retail space and a further 32.98 sq m (355 sq ft) of non-sales and storage areas on the ground floor, including a WC. The first floor provides ancillary accommodation with five self-contained rooms, currently used as meeting rooms, staff rooms and stores. The property benefits from a prominent position adjacent to Boots Opticians and Superdrug. The property is let to Lloyds Pharmacy Ltd on a 10 year lease expiring in May 2025 and subject to an upward only rent review. With a guide price of £550,000 and current annual rent of £35,500, a sale at this price would provide a net yield of 6.1%

49 and 49A High Street, Huntingdon comprise a ground floor retail unit with self contained offices above. The shop has a net internal area of 136.25 sq m (1,460 sq ft) to include a rear store/office and kitchen. The first and second floors total 83.19 sq m (895 sq ft). The offices were recently refurbished throughout to include the replacement of suspended ceilings and carpets.

The ground floor is currently let to The Carphone Warehouse Ltd for a term of 10 years expiring June 2025 at a passing rent of £35,500 per annum. The offices above are let to Reliance Employment Ltd for a term of 5 years expiring September 2020 at the current rent of £8,500 per annum. Both leases benefit from upward only rent reviews. With a guide price of £595,000, this equates to a potential net yield of 7%.

Felicity Paddick at Barford + Co, commented: “These are excellent investment opportunities. With prominent locations and leases to reputable and reliable national companies in place, the properties should provide a solid and long-term yield. St Neots and Huntingdon are major growth centres with their populations set to rise over the next two to three years”.

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