14A Market Pl 1,022 sq ft Retail Property Alford LN13 9EB £160,000 (£156.56/sq ft) 9.38% Net Initial Yield

Investment Consideration:
Gross Initial Yield: 9.38%
Rental Income: £15,000 p.a.
VAT is applicable to this property
Retail unit let until 2032. No breaks. Rent review in 3rd year linked to RPI
Comprises ground floor shop and self-contained residential flat at first floor
The residential flat is accessed from the left side of the retail unit
Occupiers close by include Post Office and Co-op Food, amongst others
Property Description:
Comprises large ground floor retail premises with self-contained residential flat at first floor, providing the following accommodation and dimensions:
Ground Floor Shop: 95 sq m (1,022 sq ft)
Open plan retail, store, office, wc
First Floor Flat: 42 sq m (452 sq ft)
2 Bedrooms, kitchen, living room, bathroom
Total area size: 137 sq m (1,474 sq ft)
Tenancy:
The retail shop is at present let to Kamcot Cleaning Services Limited (with personal guarantee) for a term of 5 years from 1st September 2026 at a current rent of £8,400 p.a. and the lease contains full repairing and insuring covenants. Rent review on 3rd anniversary linked to RPI. No breaks. Lease renewal. Tenant in occupation since 2024.
The residential flat is at present let on APT to an Individual at a current rent of £6,600 p.a. Deposit held of £545.
Location:
Alford is a market town in the East Lindsey district of Lincolnshire, situated on the edge of the Lincolnshire Wolds between Mablethorpe, Louth, Spilsby and Skegness and acts as a local retail centre. The town lies on the A1104 some 7 miles south of Mablethorpe and 30 miles east of Lincoln, and benefits from easy access to the A16 and the A158. The property is situated in the heart of town on the west side of Market Place, close to its junction with West Street (A110), opposite public car parking. Occupiers close by include The Post Office, and Co-op Food Store, amongst many other local businesses.