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203 Grimsby Rd 483 sq ft Retail Property Cleethorpes DN35 7HB £150,000 (£310.56/sq ft) 9.09% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Two storey mixed use premises totalling 44.84 sq m (483 sq ft) approx.
- Freehold premises subject to existing Lease and Assured Shorthold Tenancy.
- Ground floor 1 bed flat Let by way of an Assured Shorthold Tenancy (AST) at a rent of £4,680 per annum.
- Total income of £14,047 per annum (9.09% Net Initial Yield).
- Ground floor currently Let at £4,171 pax subject to a 10 year Lease which expires 20.08.30.
- First floor 2 bed flat Let by way of an Assured Shorthold Tenancy (AST) at a rent of £5,196 per annum.
EXECUTIVE SUMMARY
Terms The property is available For Sale subject to the following terms and conditions. Price £150,000, plus VAT (if applicable), subject to contract. Tenure We are advised that the premises are freehold. The ground floor retail unit is subject to the current Occupational Lease which expires 20th August 2030. The Lease is drawn on an internal repairing and insuring basis at a passing rent of £4,171per annum, exclusive of rates and all other outgoings, with the Tenant also being responsible for the repair, maintenance and upkeep of the shop front. The Tenant is also required to contribute to the service charge levied by the Landlord in respect of the future repair, maintenance and upkeep to the common parts of the property including the external fabric of the building. The ground floor and first floor flats are Let by way of Assured Shorthold Tenancy agreements (ASTs) at a rent of £4,680 per annum (ground floor), and £5,196 per annum (first floor). These figures are exclusive of all other outgoings.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Shopfront Retail / Residential
Property Size
483 sq ft
Costar Property Class
B
Year Built
1967
Price
£150,000
Price per sq ft
£310.56
Yield
9.09%
NOI
£13,635
Tenancy
Single
Number of Floors
2
Plot ratio
0.28
Total Plot Size
0.04 ac
AMENITIES
- Signage
- Storage Space
- Smoke Detector
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203 Grimsby Rd
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