Sold

Luton – St. Nicholas House, 15-17 George Street, LU1 2AF

St. Nicholas House, 15-17 George Street, Luton LU1 2AF

Offers in excess of £1,500,000

Property Types:
Commercial, Development Opportunity, Mixed, Residential
Sub Type:
Bank
Net Initial Yield:
7.33%

Income

£116,695 per annum

Description

  • Prominent investment opportunity in Luton town centre with residential potential
  • The property comprises a ground floor banking hall with mixed use office accommodation above
  • Potential to convert the upper floors to residential subject to the necessary consents
  • Luton has become one of the UKs most affordable London commuter towns and the property is situated a less than 10 minute walk from Luton train station
  • The property provides approximately 15,304 sq ft of net lettable area
  • The ground floor is let to the undoubted 5A1 covenant of RBS
  • Current total passing rent of £116,695 pa with 4,397 sq ft currently vacant
  • Luton has a population of 216,800 which is projected to see significantly above average growth in the next five years
  • The property is located opposite Debenhams and adjacent to Luton Crown Court, moments form one of the principle entrances to The Mall Luton

Offers are sought in excess of £1,500,000 (One Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 7.33% assuming purchaser’s costs of 6.10% and a low capital value of £98 psf.

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