|TOTAL LOAN AMOUNT
|AMOUNT FOR ASSIGNMENT
The property is a ground floor shop, until recently used as a fast food take away business. The shop is divided into a main sales/serving area to the front with preparation areas to the rear and WC facilities. There is also a detached storage building to the rear.
To the first floor the accommodation is currently stripped out but would be best suited as a one bedroom flat. There is also a yard to the rear.
There is a plot of land with derelict timber outbuilding to the front of the site and garage/store to the rear of the site.
2nd and 3rd properties:
Held under two separate land registry titles, but currently arranged to form a double fronted newsagent to the ground floor.
The flats on the upper floors are currently not self-contained from the ground floor retail premises with shared WC and access from the rear of the property.
To the rear there is a yard for car parking along with a store adjoining the rear of the property and a further stand along store to the rear of the site.
The commercial units are let to one of the biggest commercial retailers in the UK, for a period of 20 years at the annual rent of £60,000 sterling.
Furthermore, planning permission for the development of three additional residential flats on top has been obtained. It has been agreed as one of the lease conditions that the refurbishments will be undertaken by the tenant’s building contractors. Upon completion, the residential flats will be delivered back to the borrower with vacant possession, increasing the security property value substantially.
The borrower intends to repay the loan by refinancing.