Victoria House, 2 Park Lane, Newmarket

A fully let mixed use investment opportunity comprising of a self contained ground floor retail unit with lower ground floor accommodation and two 2 bedroom apartments on the 1st and 2nd floors.Newmarket is a historic Suffolk market town internationally renowned as the headquarters of British horse racing. Home to two iconic racecourses, the Rowley Mile and July Course, alongside extensive training grounds, stud farms and equine institutions, the town sits at the very heart of the global thoroughbred industry, supporting thousands of jobs and contributing significantly to the local economy.With a population of around 17,000 (town and surrounding area), Newmarket offers a vibrant yet close-knit community, combining a rich sporting heritage with a range of everyday amenities. Its location on the Suffolk/Cambridgeshire border provides excellent connectivity, lying just 13 miles from Cambridge, approximately 65 miles north of London, and within easy reach of Stansted Airport, making it an accessible and well-connected destination for both business and residential occupiers.Blending centuries of tradition with modern infrastructure, Newmarket continues to attract investment, visitors and professionals from across the UK and internationally, reinforcing its status as a unique and dynamic town centre location.

Description

The property comprises of a handsome period building located at the head of Sun Lane and forms the start of a parade of retail and leisure buildings that lead to Newmarket High Street. The ground and lower ground floor is presently occupied by Studio Scribbles Ltd. The additional two bedroom apartments are on the 1st and 2nd floors, accessed by their own communal door and are let privately on AST agreements.Positioned opposite a thriving café the retail unit enjoys a large dual aspect display window and two entrances. In addition to the main showroom, their is a kitchen and cloakroom to the rear. On the lower ground floor level again a showroom space together with two storage rooms. there are two staircases.

The Apartments

The apartments are accessed via their own communal front door off Park Lane with a communal staircase leading to the individual front doors. Each apartment consists of a hallway, sitting/dining room, kitchen, two bedrooms and a shower room. Each property has a gas fired radiator heating system.

Measurements

The property has been measured to produce the following Approximate dimensions.Ground floor and Basement: 126.5 sq m 1361 sq ft 1st floor apartment: 65 sq m 699 sq ft 2nd floor apartment: 63 sq m 678 sq ft Total: 254.5 sq m 2738 sq ft

Rates

The property falls within West Suffolk Council. The rateable value for the retail shop is £10,500. Both apartments are in council tax band B. Rates and council tax are payable by the tenant.

Energy Performance Certificate

The following ratings apply.Shop: EPC C Flat 1: EPC D Flat 2: EPC D

Leases & Rents

The shop and lower ground floor are let to Studio Scribbles Ltd. The lease started in September 2015 with an initial term of 5 years. The current rent is £14,000 per annum. Both apartments are let on assured shorthold tenancies. Flat 1 has a current rent of £790 pcm and flat 2 has a current rent of £920 pcm. The total current annual rental income is £34,520.

Tenure

The property is being sold with its freehold title subject to the tenancies. Each property is however structured with their own leases and separate freehold title.

Price

Offers will be considered in the region of £550,000. There is no VAT to be paid on the purchase.

Legal Costs

Each party is to be responsible for their own legal costs incurred in documenting the transaction.

Planning

Interested parties are to satisfy themselves in respect of planning.

Anti-Money Laundering

In accordance with Anti-Money Laundering Regulations, two forms of certified ID and confirmation of the source of funding will be required from the prospective purchasers prior to instruction of solicitors. We use an online identity checker that will cost £12 per person.

Services

Mains water, gas (to the two apartments), electricity and drainage supplies are believed to be connected to the property. These have not been tested and are not warranted to be in working order. Interested parties are advised to make their own investigations to the relevant utility service providers.

Important Information

The property is freehold with a land registered title. Local Authority, West SuffolkThe property is in a conservation Area.The property is in a very low flood risk area.Mobile coverage EE, Vodafone, Three, O2 with service.Broadband Basic, 17 Mbps - Superfast, 80 Mbps - Ultrafast, 1800 MbpsSatellite / Fibre TV Availability BT, Sky and Virgin available. On street parking only