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£170,000
We are pleased to offer this investment property currently used as a Dance Studio but with potential for other uses. The property is situated in the heart of Northamptonshire town of Irthlingborough.
The property is currently producing an income of 9,000 pa and is let on the basis of a 10-year lease from 9th June 2014.
Irthlingborough is situated at the edge of the Nene Valley in East Northamptonshire, close to the junction of the A6 and A45 roads. The town together with its larger neighbour Rushden and Higham Ferrers is experiencing rapid growth and has a busy town centre which includes Tesco, Co-op and many local traders. The Rushden Lakes shopping and leisure complex is about 3 miles away (by road) or 2.5 miles (on foot/bicycle).
The property is |in the centre of the town overlooking a formal public garden and the towns historic market cross.
170,000
Accommodation
The property comprises a single storey building of brick construction under a flat roof. It has timber framed windows with secondary glazing and electric storage heating. The property has a gated access to College Street.
The property has a gross internal area of approximately 137 sq m.
The accommodation includes an Entrance Hall, Office, Dance Studio and WC--s
Externally, there is an enclosed yard with room to park 3 or 4 cars.
Services
The property is believed to have mains electricity, water and drainage connected.
Tenure
The property is let for a period of 10 years from 9th June 2014. The lease has been contracted out of the 1954 Act. The current rent passing is 9,000 pa. There was provision for a rent review in June 2019. This has not been implemented.
Energy Performance Certificate (EPC)
The property has an EPC--s valid until 9th December 2023.
Planning
Planning consent was granted by East Northamptonshire Council (now North Northamptonshire Council) in April 2014 to change the use of the building from a workshop to a dance school.
Viewings
Viewings can be arranged by prior appointment with Peachey Loak Chartered Surveyors. Tel: 01933 403233.
Asking Price
Offers are invited for the freehold interest in the region of 170,000
We for ourselves and the lessors of this property give notice that:
10052022
Map location is not available for this property.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
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