14 Market Sq 670 sq ft Retail Property Buckingham MK18 1NW £275,000 (£410.45/sq ft) 8.69% Net Initial Yield

Investment Consideration:
VAT is NOT applicable to this property
Let until July 2036. No breaks. Rent review in 5th year linked to RPI
Comprises ground floor retail premises with ancillary accommodation at basement and two residential flats on first and second floor, which have been sold off on long leaseholds
Occupiers close by Boots Opticians, WH Smith, Barclays and Lloyds Bank, amongst others.
Property Description:
The property is arranged on basement, ground and two upper floors to provide ground ?oor shop t/a Nail Salon with storage at basement and two self-contained ?ats above (sold off), which are accessed from Market Hill at the rear of the property, providing the following accommodation and dimensions:
Ground Floor: 45 sq m (480 sq ft)
Open plan seating area, kitchen, wc
Basement: 17 sq m (190 sq ft)
Open plan storage
First/Second Floor: 2 Residential Flats (sold-off)
Total area size: 62 sq m (670 sq ft)
Tenancy:
The retail shop is at present let to an Individual for a term of 10 Years from 3rd July 2026 at a current rent of £23,400 p.a. and the lease contains full repairing and insuring covenants. Rent review in 5th year linked to RPI. No breaks. Deposit held of £17,550 (9 months), of which 6 months (£11,700) to be returned to the tenant at the end of Year 1.
Flat 1 has been sold-off on long leasehold for a term of 150 Years from 1st February 2018 at a ground rent of £250. Reversion 2268.
Flat 2 has been sold-off on long leasehold for a term of 150 Years from 1st February 2018 at a ground rent of £250. Reversion 2268.
Location:
Buckingham is an attractive market town situated 12 miles west of Milton Keynes, 20 miles south of Northampton and 25 miles north-east of Oxford. The M40 (Junction 10) is situated 12.5 miles to the west and the M1 is 15 miles to the east. Buckingham is well served by the A422 and A43 providing direct links to the M40 and M1. The town is home to the University of Buckingham, whilst both Stowe School and Akeley Wood School are a short distance to the north. The properties are situated on the north side of Market Square in the town centre, close to the junction with Bridge Street and West Street. Occupiers close by include Barclays Bank, WH Smith, Oxfam, Lloyds Bank, NatWest, Post Office, Betfred, M&Co among others.