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£1,045,000
The property has been let to Wendys on a 15 year lease from 01/04/2024 at a rent of 80,000 per annum with reviews at 31 March 2029 and 2034 (Tenant Break 2034). The ground floor consist of 4,110 sq ft and basement level of 1,975 sq ft. Let on a 999 year peppercorn rent. Extensive fit out undertaken by Tenant.
The premises are situated in a prominent location at the southern end of the High Street where footfall is high. Nearby occupiers include, Marks and Spencers, Yours Clothing, Shoezone, Lloyds Bank, Hays Travel, Boots, Waterstones, KFC, Taco Bell, McDonalds, Patisserie Valerie, Clarks, Primark, Superdrug, H&M and Greggs.
1,045,000 for the long leasehold interest with a 999 year lease.
Each party to be responsible for their own legal costs.
Rental Income 80,000 per annum exclusive
Prime Location
Total Area of 6,085 Sq Ft
Close to Southend Central Railway Station
Extensive Fit Out By Tenant
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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