An opportunity to purchase the long leasehold interest in 6 commercial 'vaults' located right next to Ladywell Train Station.
The vaults are similar to railway arches, but instead of sitting underneath a railway, actually sit underneath Ladywell Road. All of the vaults are accessed via a vehicular side path just off Ladywell Road itself. The vaults also back on to Platform 2 of Ladywell Train Station, and have a glazed shop front portion and entrance opening directly onto Ladywell Park providing a unique opportunity for the retail and leisure industry.
The total size of the property is circa 5,425 sqft. This is broken down into 5 units of approximately 1,000 sqft, and another (half) unit of circa 420 sqft. All of the units inter-connect with each other which gives the option of amalgamating providing flexible space arrangements to suit a number of occupiers.
At present however all of the vaults (bar one) have been split into smaller self-contained commercial units, and are let to a variety of different businesses / individuals. The total passing rent is £66,372 per annum. Please see schedule of accommodation (left). Clearly if the vacant unit was let, and the other rents were brought up to open market value, we believe the total Estimated Rental Value (ERV) of the property to be approximately £82,000 per annum.
Please note that all of the units are let on licence agreements which can be terminated by 4 weeks' notice from either party. This therefore gives the option of the units being provided with vacant possession, and subsequently the property may be of interest to owner-occupiers too.
The long leasehold interest is available to purchase which has approximately 179 years unexpired.