3A Westgate 5,110 sq ft 100% Let Retail Property Grantham NG31 6LT £350,000 (£68.49/sq ft) 7.98% Net Initial Yield

Multiple Freehold Shops Investment (No.1/No.2/No.3A)
VAT is applicable to this property
Comprising three shops and upper parts
Town centre location
Occupiers close by include HSBC, Anytime Fitness, Age UK and British Red Cross, with Pizza Express and the Edinburgh Woollen Mill in the George Shopping Centre
Property Description:
These Grade II listed properties are arranged over basement, ground, first and second floors to provide three ground floor shops with ancillary accommodation to the upper floors and basement.
Tenancy:
Shop No.1 is at present let to The Hair Band Limited for a term of 7 years from 25th December 2017 at a current rent of £10,000 per annum and the lease contains full repairing and insuring covenants. The lease provides for a rent review every fourth year and tenant has option to determine on the 24th June 2021. Rent deposit held of £2,969.85.
The shop No.2 is at present let to D Punchihewa for a term of 6 years from 1st December 2018 at a current rent of £7,800 per annum and the lease contains full repairing and insuring covenants. The landlord has given personal concession to tenant by way of reducing rent to £525 pcm, but has agreed to top-up the shortfall in rent upon completion. The tenant has the option to determine on 1st December 2020, but did not exercise break clause in 2019. Rent deposit held of £1,000.
The shop No.3A is at present let to L M Doherty for a term of 4 years from 26th March 2020 at a current rent of £10,140 per annum and the lease contains full repairing and insuring covenants. Rent deposit held of £1,690.
Location:
The attractive market town of Grantham has a population of some 43,000 and is situated at the junction of the A1 with the A52, some 25 miles east of Nottingham and 26 miles south of Lincoln. Grantham Rail Station is served by the East Coast Mainline with fastest services to London King’s Cross taking 1 hour 5 minutes. This Grade II listed property is situated fronting the east side of Westgate, adjacent to the George Shopping Centre and a short distance from Market Place. Occupiers close by include HSBC, Anytime Fitness, Age UK and British Red Cross, with Pizza Express and the Edinburgh Woollen Mill in the George Shopping Centre.