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Cleveland Inn 37 Cleveland St W 4,046 sq ft 100% Let Retail Property Middlesbrough TS6 0LX £200,000 (£49.43/sq ft) 10.90% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Freehold public house investment.
- Property arranged over three levels.
- Current rent of £44,113 per annum with concession to £22,056 per annum.
- The rent is subject to five yearly open market rent reviews and annual uncapped RPI increases (except in the open market review year).
- Business unaffected by sale.
- Entire property let to The Cobblers and Cleveland Inn Ltd.
- Site extending to 0.06 acres.
- Lease expires May 2038.
- We are instructed to invite offers in excess of £200,000 (10.9% NIY based upon concession rent).
EXECUTIVE SUMMARY
The property is available for sale with offers in excess of £200,000 with 10.9% NIY based upon concession rent, assuming the usual purchase costs.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Bar
Property Size
4,046 sq ft
Costar Property Class
C
Year Built
1960
Price
£200,000
Price per sq ft
£49.43
Yield
10.90%
NOI
£21,800
Occupancy Rate
100%
Number of Floors
3
Plot ratio
0.15
Total Plot Size
0.60 ac
Frontage
37 ft on Cleveland Street
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Cleveland Inn | 37 Cleveland St W
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