70-78 Collingdon Street

Luton

Ref: 6404

PROPERTY

70-78 Collingdon Street
Luton
Bedfordshire, LU1 1RX

DETAILS

The property comprises a 3 storey office building with on site parking for 27 cars. Planning is currently being sought for some 20 flats, 6 of which are 2 bedroomed. The premises are currently let to:- Ground Floor Let to Pearsons Professional Assessments Ltd (driving test centre) from 01 October 2014 until 30 October 2019, with a Tenant’s Option to Terminate on 30 September 20 . . .

The property comprises a 3 storey office building with on site parking for 27 cars.

Planning is currently being sought for some 20 flats, 6 of which are 2 bedroomed.

The premises are currently let to:-

Ground Floor
Let to Pearsons Professional Assessments Ltd (driving test centre) from 01 October 2014 until 30 October 2019, with a Tenant’s Option to Terminate on 30 September 2017.
Rental £30,000 per annum exclusive.
Service charge £4,073 per annum.

First Floor
Let to S R Wood & Son (Property Management) Ltd from 26 December 2014 until 30 September 2019, with a mutual Option to Terminate on 30 September 2017.
There is a rising rental based on the following:-
Year 1 – £6,000 per annum exclusive.
Year 2 – £7,000 per annum exclusive.
Year 3 – £8,000 per annum exclusive.
Year 4 – £9,000 per annum exclusive.
Year 5 – £10,000 per annum exclusive.
Note: If the Option to Terminate is exercised a one off payment of £3,000 is to be made in lieu of the stepped rental.
Service charge £2,000 per annum.

Second Floor
Let to S R Wood & Son Ltd, commercial agent, from 26 December 2014 until 30 September 2019, with a mutual Option to Terminate on 30 September 2017.
Rental £8,000 per annum exclusive.
Service charge £2,000 per annum.

Car Park
There are 16 spaces available to let to third parties. With effect 18 April 2016 12 spaces have been let on a quarterly basis to Age Concern at a discounted rate of £500.00 per annum, per space (£6,000.00 per annum). These spaces are normally let at £950.00 per annum x 16 = £15,200.00 per annum potential income.

Income
Ground Floor - £30,000
First Floor - £8,000 average
Second Floor - £8,000
Car Park - £15,200 potential
£61,200

Location: -

Located on the outskirts of Luton town centre, a short distance from The Galaxy, Luton Town Hall etc.

Terms: -

A sale of the freehold interest subject to the various tenancies is sought at £820,000.

Rateable Value: -

Ground Floor - £16,500. First Floor - £11,250. Second Floor - £9,600.

Legal Costs: -

Each party to bear their own legal costs incurred.

VAT: -

We are advised V.A.T. will not apply.

Viewing: -

For further details, plans and arrangements to view, contact S R Wood & Son Ltd.

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STATS

Use Investment, Office
Availability Sold
Sale price £82000
Annual rental -
Size (sq ft) 3500
Features Off-street parking
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