Property for sale

Promptmove are delighted to present this incredible opportunity to buy a large property comprising of a spacious ground floor retail unit, a ground floor studio flat, 2x ground floor storage units and 2x first floor one bedroom flats in the popular BURY PARK area of Luton.

The ground floor retail unit measures 7.4m x 12.2m and comprises 90 sq. meter (approx.) and double-glazed windows to the property's front elevation. The property also benefits from a utility room and storage space to the rear of the property.

The ground floor studio flat comprises a living space, a fitted kitchen and shower room. The first floor one bedroom flats comprises a Kitchen/Diner, lounge, shower room and a double bedroom. The property also benefits from communal space and two storage units to the rear of the property.

The retail unit is currently tenanted with periodic lease and sees a rental income of £30,000 per annum. The studio flat is achieves a rental income of £750 per calendar month (£9,000 per annum). The first floor flats achieve a rental income of £850 per calendar month each, (totals £20,400). This gives a total income circa £59,400 per annum. The commercial lease and rents also has a rent review every years with the next review due later in 2025, giving an opportunity to increase the total rental income of the property. There's two storage units currently empty which can achieve an approximate £500 per calendar month (£6,000 per annum).

If fully tenanted, the property is likely to give a investment yield approximately of 7% however it has potential to be increased if further developed upon.

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