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8 Cleethorpe Rd 1,478 sq ft Office Property Grimsby DN31 3LB £90,000 (£60.89/sq ft) 12% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Located close to Grimsby town centre, A180 and the docks
- Net Initial Yield of 12%
- Current income of £11,000 pa with 4 year rent review pattern
- Occupational Lease certain until 7th October 2035
EXECUTIVE SUMMARY
It is understood that the property is held by way of a 99 year ground lease from 20 May 1957, which is subject to a fixed ground rent of £26.50 per annum which is paid half yearly in advance to the freeholder, being North East Lincolnshire Council. The is an under lease dated 8 October 2020 to Dentology (Harley Street) Ltd for a term expiring on 7th October 2035. The lease is drawn on a full repairing and insuring basis, being subject to a current annual rental of £11,000 per annum, exclusive of rates, VAT (if applicable) and all other outgoings. The rent is payable monthly in advance. The rent is subject a rent review every 4 years with the review being to Market Rent (MR).
The property is available For Sale, subject to the existing Occupational Lease upon the following terms and conditions.
The property is available For Sale, subject to the existing Occupational Lease upon the following terms and conditions.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Tenure
Long Leasehold
Property Subtype
Medical
Property Size
1,478 sq ft
Costar Property Class
B
Year Built
1970
Price
£90,000
Price per sq ft
£60.89
Yield
12%
NOI
£10,800
Tenancy
Single
Number of Floors
2
Typical Floor Size
739 sq ft
Plot ratio
0.14
Total Plot Size
0.25 ac
AMENITIES
- Storage Space
1 1
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8 Cleethorpe Rd
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