11 North St 270 sq ft 100% Let Retail Property Eastbourne BN21 3HG £60,000 (£222.22/sq ft) 11.12% Net Initial Yield

Investment Consideration:
Gross Initial Yield: 11.12%
Rental Income: £6,670 p.a.
VAT is NOT applicable to this property
Comprises ground floor shop t/a grocery store and residential flat above (sold-off)
Situated in the heart of the town centre with occupiers nearby including Café, Hair Salon, Takeaway`s, Gallery and many more.
Property Description:
The property comprises mid-terrace ground floor shop and self-contained flat at first/second floor which has been sold-off on long leasehold, providing the following accommodation and dimensions:
Ground Floor Shop: 30 sq m (323 sq ft)
Open plan retail, storage, wc
First/Second Floor Flat: Sold-off
Tenancy:
The retail shop is at present let to an Individual for a term of 3 years from 5th August 2024 at a current rent of £6,500 p.a. and the lease contains full repairing and insuring covenants. Tenant option to determine in August 2026 with minimum 6 months notice. Deposit held of £1,625.
The residential flat has been sold-off to Individuals for a term of 99 Years from 1st January 2002 at a ground rent of £170 p.a. Rent review in 2035 and 2068. Reversion in 2101 (~75 years remaining).
Location:
Eastbourne is a large and popular resort town on the East Sussex coast, between Brighton and Hastings. The A27 provides east/west connections whilst the A22 links with the M25 (J6) to the north. Eastbourne Rail Station is 10 min walk from the property and provides regular services to London Victoria (1hr 31mins) & London Gatwick Airport. The property is situated in the heart of the town centre with occupiers nearby including Café, Hair Salon, Takeaway`s, Gallery and many more.