1-5 Leys Avenue, 2-10 Eastcheap, Letchworth Garden City, Hertfordshire

Description

Comprising 6 retail units (all let) and offices on the upper floors. Total accommodation of 949.63 sq.m (10,222 sq ft). Popular commuter town centre location. Occupiers close by include Holland & Barrett, Boots, Starbucks and Ladbrokes. Within 100 metres of Letchworth Garden City Station and Garden Square Shopping Centre entrance. VAT is applicable. Six weeks completion available.

Accommodation

Six retail units and offices on the upper floors; total accommodation 949.63 sq.m (10,222 sq ft)

Location

Prominent corner position on the east side of Eastcheap and south side of Leys Avenue, close to its junction with Station Road. Letchworth Garden City Station is approximately 100 metres away, and an entrance to the Garden Square Shopping Centre is within approximately 100 metres.

Tenure / Property Information

Investment Analysis

Prominent leasehold town-centre parade comprising six let retail units and upper-floor offices, with strong stated proximity to the station and shopping centre. The guide is £700,000–£750,000, but no passing rent, lease schedule, office occupancy detail, service-charge information, VAT treatment amount, or comparable commercial sales evidence has been supplied. The residential comparables are not sufficiently relevant to establish market value or GDV.

Investment Snapshot

Strategy Recommendation

Do not bid on yield or refinance assumptions until the complete rent roll, occupational leases, office occupancy, outgoings, VAT position, headlease and ground-rent provisions have been reviewed. Any acquisition should be based on verified net income and an independent commercial valuation.

Works Required

No specific repair, refurbishment or improvement works are evidenced. Obtain a full building survey, occupational lease schedule and details of any landlord obligations before budgeting works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A refinance analysis cannot be completed because there is no supported market value, rent roll, net operating income, refurbishment budget, valuation evidence or finance-cost information. The approximately 84 years remaining on the headlease and the 17.5% rent-linked ground rent require lender and valuer review.

Buy-to-Let Analysis

This is a commercial investment rather than a residential BTL asset. All six retail units are stated to be let, but no passing rents, tenant covenants, lease terms, expiries, arrears or office income are provided. Yield and sustainable income cannot therefore be established. The ground rent is stated as 17.5% of rents receivable, materially requiring review in the net-income analysis.

Flip Analysis

A flip or resale surplus cannot be calculated. No commercial GDV, supported sale evidence, works budget, selling costs or purchaser-cost assumptions are supplied. The provided residential Land Registry comparables are not appropriate evidence for this mixed retail and office investment.

Investor Risks & Due Diligence

• No passing rent or verified net operating income supplied.

• Upper-floor office occupancy and income are not specified.

• Ground rent is stated as 17.5% of rents receivable, requiring detailed lease and lender review.

• Approximately 84 years remain on the headlease, which may affect valuation and refinancing.

• VAT is applicable, but the financial impact and recoverability are not supplied.

• Additional seller or third-party charges may apply.

• The supplied sold comparables are residential and not directly comparable to this commercial leasehold investment.

Recommendation

Do not bid on yield or refinance assumptions until the complete rent roll, occupational leases, office occupancy, outgoings, VAT position, headlease and ground-rent provisions have been reviewed. Any acquisition should be based on verified net income and an independent commercial valuation.

Strategy Rating

Analysis Confidence

Property description, tenure, accommodation, occupancy statement, guide range and location are supplied, but the key commercial valuation inputs—passing rents, net income, lease details, commercial comparables, costs and condition—are absent.