58 John St 855 sq ft Retail Property Porthcawl CF36 3BD £435,000 (£508.77/sq ft) 8.23% Net Initial Yield

We have been instructed to seek offers in excess of £435,000 (Four Hundred and Thirty Five Thousand Pounds), subject to contract and exclusive of VAT.
The property is elected for VAT. A purchase at this level would reflect a Net Initial Yield of 8.23%, assuming Purchaser’s Costs of 4.16%.
The property is a three storey, mid terraced building with a self-contained comfort cooled ground floor retail unit accessed directly from John Street. This unit is let to Peter Alan Limited on a 10 year lease expiring July 2029 at a rent of £20,500 pa. The first and second floors were converted in 2015 to provide a 1 bed apartment at first floor and a split level 2 bed apartment at second floor. These are both let on an Assured Shorthold Tenancy. The residential accommodation is externally accessed to the rear of the property, where there is also parking provision for 4 vehicles. The total rental income for the whole property is £37,300 pa.
Porthcawl is an affluent coastal resort and commuter town located 25 miles west of Cardiff and 19 miles south east of Swansea. The town benefits from being approximately 3.5 miles south of the M4 motorway, with Junction 37 providing access to the UK motorway network.
The prime located retail and residential investment is located in a prime pedestrianised position on John Street with other occupiers on the Street including Costa Coffee, Specsavers, Greggs, Boots, Holland & Barrett, Card Factory, Jenkins the Baker, Peacocks, and Poundland. Together with a great variety of independent café and retail operators.