Property description
Melbourn Street, Royston
Location: Situated near the junction of Melbourn Street and Kneesworth Street, a main arterial route into the town, the properties are positioned on the edge of the primary shopping and business centre of Royston.
The locality is popular as a trading base for financial services companies and estate agents firms, alongside independent retail units and public houses. Nearby occupiers include Intercounty Estate Agents, HSBC, Ladbrokes, Lloyds Bank and Natwest.
The town of Royston is situated in North Hertfordshire to the east of the district in approximate equi-distance between Cambridge and Stevenage. Royston serves as a busy commuter town with a population of over 15,000. Royston benefits from numerous museums and art galleries. Royston's twice weekly Charter Market dates from 1189 and is supplemented by a regular farmer's market.
The town is situated on the A505/A10 providing easy access to the A1(M) and M11 motorways. Royston train station is approximately half a mile away from the subject property with a journey time of approximately 38 minutes to London Kings Cross and 15 minutes to Cambridge. Public pay and display car parking is provided at Civic Centre Car Park at King James Way (226 car parking spaces) and Princes Mews East Car Park on Baldock Street (81 car parking spaces), both of which are within 2-minutes walking distance.
No.6 Melbourn Street is a Grade-II listed building of gault-brick construction comprising of an A2 shop unit on the ground floor with office use together with kitchenette and WC facilities at the first floor level. The basement is currently utilised as a storage area. The property has three windows at first-floor level with a projecting gable above the shared entrance arch. The property projects slightly onto the public highway when viewed from the west with a side window facing towards the crossroads. Shared access under the archway leads to car parking areas which accompany No.6 Melbourn Street (3no. spaces).
No.6a Melbourn Street is a two-storey brick-built cottage which is attached to the rear of No.6 Melbourn Street. Upon inspection, the property is used for storage purposes and is in a generally good state of repair.
Katherine's Barn is a curtilage listed, single-storey Jacobean barn. Last used as offices, the barn is presently arranged with a reception area and two office spaces on the ground floor. A larder/kitchenette and storage room are also located on the ground floor. A wooden staircase leads up to the first floor where WC facilities and a meeting room are located. The property is currently vacant, in a good state of repair. 1no. car parking space accompanies Katherine's Barn.
To the rear of No. 6 Melbourn Street, lies the Templars Rest café/takeaway. Adjacent is the Royston Cave attraction and shop. A total of 4no. car parking spaces serve these adjacent uses.
Accommodation: In accordance with the RICS Code of Measuring Practice (6th Edition), we estimate that No.6 & 6A Melbourn Street has the following Net Internal Areas:
Basement Floor 324Sq. Ft 30.10 Sq. M
Ground Floor (Retail Zone A) 342Sq. Ft. 31.80 Sq. M
Ground Floor (Retail Zone B) 241 Sq. Ft 22.40 Sq. M
Ground (Office) 250 Sq. Ft 20.90 Sq. M
First Floor (Office) 144 Sq. Ft 13.40 Sq. M
First Floor (Office) 64 Sq. Ft 5.90 Sq. M
First Floor (Office) 103 Sq. Ft 9.60 Sq. M
First Floor (Office) 300 Sq. Ft 27.90 Sq M
First Floor (Kitchen) 25 Sq. Ft 2.30 Sq M First Floor (Staff Toilets) N/A N/A
First Floor (Office) 184 Sq. Ft 17.10 Sq. M
Katherines Barn 827 Sq. Ft 76.83 Sq. M
Thomas Morris (Property Management) Ltd No.6 and No.6a Melbourn Street are currently occupied/let to Thomas Morris (Property Management) Ltd an estate agency and property management practice.
Thomas Morris was established in 1991 at a small office in Eaton Ford, a suburb of St Neots in Cambridgeshire. The company covers all aspects of conveyancing, renting and property management and now has seven strategically located branches in Cambridgeshire, Hertfordshire and Bedfordshire, as well as a specialist division trading as Fine & Country focussed on the premium tier of the property market. Thomas Morris were founder members of the Ombudsman Scheme for Independent Estate Agents (now known as The Property Ombudsman).
In 2001 the company won the Cendant Cup and accolade for 'Best Independent Estate Agent in the UK'. Thomas Morris Sales and Lettings was acquired by LSL in 2015.
The lease is due to expire in 2018. The tenant has stated that they are willing to remain in occupation whilst redevelopment works are carried out on terms to be agreed with the Purchaser.
WKH Accountants possess a licence to park two cars at £350 per annum each to the rear of No.6 Melbourn Street. Additionally, there is a car park licence for three spaces linked to Retail Price Index (RPI).
Current Income: circa £25,000 per annum.
Business Rates: It is understood from the Valuation Office Agency that No. 6 Melbourn Street is assessed with effect from 1 April 2010 as follows:
Rateable Value: £20,500 Katherine's Barn is assessed with effect from 1 April 2010 as follows:
Rateable Value: £8,900 Interested parties are advised to confirm the accuracy of the above figure by contacting the Local Authority directly.
Planning: We understand that the current use of No.6 Melbourn Street is as an estate agency and property management company this use is classed as A2 (Financial and Professional Services) under the Town and Country Planning Act Use Classes Order 1987 (as amended).
Katherine's Barn is considered suitable for conversion to a self-contained residential dwelling. This would be subject to planning consent and we recommend that interested parties contact North Herts District Council's Planning Department for further information. The properties fall within a designated Conservation Area.
Services, Fixtures & Fittings: We understand that mains electricity, gas and water are available to the premises. Gas is not connected to Katherine's Barn.
Legal Costs: Each party to bear their own legal costs.
EPC: The property has an Energy Performance Certificate rating 112 E. A copy of the certificate is available on request.
Proposal: Katherine's Barn: Offers in excess of £175,000 with full vacant possession.
Freehold Interest of No. 6 & No.6a Melbourn Street: Offers in excess of £350,000
A purchase at this level reflects an attractive net initial yield of 6.66% after deduction of normal acquisition costs.
VAT is not payable on the purchase price
Viewing: Strictly by appointment through specified agents:
Carter Jonas (Cambridge)
Helen Harris
01223 346636
Helen.harris@carterjonas.co.uk Marshalls Estate and Letting Agents (Royston)
Andy Marshall
01763 247788
Andy@marshallsproperties.co.uk