1 bed Flat For Sale £875,000
Milton House, 105 High Street, Newmarket, Suffolk

A rare opportunity to purchase a town centre freehold mixed use investment property consisting of a lower ground floor commercial premises and 6 apartments, 4 with 1 bedroom and 2 studios, all arranged over three further floors.

LOCATION
Newmarket renowned as the British Headquarters of horse racing offers an interesting and varied range of local shops and amenities. These include the National Horse Racing Museum, a twice weekly open air market, hotels, restaurants and modern leisure facilities. There is a regular railway service to London's Kings Cross and Liverpool Street stations via Cambridge. An excellent road network links the region's principal centres, including the University City of Cambridge and the historic market town of Bury St Edmunds, both approximately 13 miles from Newmarket.

DESCRIPTION
Milton House is a Grade II listed 4 story period building comprising of a lower ground floor commercial premises currently occupied by dental practitioners with 6 residential apartments above. There is a courtyard to the rear with pedestrian right of way for access to “The Avenue”.
The residential apartments are let on assured shorthold tenancy agreements.

SERVICES
Mains electricity, water and drainage are believed to be available to the premises. Interested parties are however advised to make their own enquiries of the relevant service providers.

TENANCIES
The commercial property is let on a 15 year lease from the 1st May 2013 at an annual rent of £18,255 to Newmarket Dental Surgery. The surgery also pays a service charge of £1500 (variable) per annum as a contribution towards the maintenance of the building and buildings insurance.

Flat 1 is let on an assured tenancy granted on the 3rd July 2019 and is currently paying a rent of £485pcm with a potential to be £525pcm.

Flat 2 is let on an assured tenancy granted on the 14th November 2016 and is currently paying a rent of £530pcm with a potential to be £600pcm.

Flat 3 is let on an assured tenancy granted on the 8th December 2014 and is currently paying a rent of £540pcm with a potential to be £640pcm.

Flat 4 is let on an assured tenancy granted on 20th November 2021 and is currently paying a rent of £625pcm with a potential to be £675pcm.

Flat 5 is let on an assured tenancy granted on the 6th March 2019 and is currently paying a rent of £575pcm with a potential to be £675pcm.

Flat 6 is let on an assured tenancy granted on the 19th December 2020 and is currently paying a rent of £595pcm with a potential to be £675pcm.

EPC RATINGS
The property has multiple EPCs, however the property is also Grade II listed so is eligible for an exemption. The current ratings are:

Dental Surgery: C
Flat 1: F
Flat 2: F
Flat 3: E
Flat 4: D
Flat 5: E
Flat 6: E

PRICE
The freehold of the property is available subject to the existing tenancies at a price of £875,000

VAT
We understand that VAT will not be charged.

LEGAL COSTS
Each party will be responsible for their own legal costs. The prospective purchasers may be asked to provide an undertaking in respect of the vendors abortive costs should they withdraw from negotiations once solicitors have been instructed.

SERVICE CHARGE
The lessees of the commercial premises are responsible for 25% of the cost of maintaining the building and buildings insurance.

Note
The hatched areas on the adjacent plan denote a pedestrian right of way to the rear of Milton House.

VIEWING
Strictly by appointment only
Please contact Piers Saunders for all enquiries.

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