83 Magdalen Way Way 1,626 sq ft 100% Let Retail Property Great Yarmouth NR31 7AA £355,000 (£218.33/sq ft) 4.34% Net Initial Yield

Investment Consideration:
VAT is NOT applicable to this property
Comprises ground floor retail shop and a 3-bed flat at first/second floor
Property benefits from rear service yard and parking for 2 cars
Nearby occupiers include Morrisons, Coral, Post Office and Lloyds Pharmacy.
Property Description:
Mid-terrace building comprising retail shop at ground floor and 3-bedroom flat at first/second floor. The property benefits from rear service yard with 2 parking spaces and provides the following accommodation and dimensions:
Ground Floor Shop: 74 sq m (796 sq ft)
Open plan retail, Storage, Kitchenette, WC
First/Second Floor Flat: 77 sq m (830 sq ft)
3 Bedrooms, Living Room, Kitchen, Bathroom/WC
Total GIA: 151 sq m (1,626 sq ft)
Tenancy:
The retail shop is at present let to an Individual* for a term of 10 years from 29th September 2015 at a current rent of £7,900 per annum and the lease contains full repairing and insuring covenants. Deposit held of £3,600.
*Note – Lease assignment from 31 August 2016.
The residential flat is at present let on AST to an Individual for a term of 12 months from 29th July 2022 at a current rent of £7,500 per annum.
Location:
Gorleston-on-Sea, known colloquially as Gorleston, is a town in the Borough of Great Yarmouth, in Norfolk, England. The town lies approx. 3 miles south of Great Yarmouth and benefits from good road links via the A12. The property is located close to the junction with Stuart Close within an established retail parade, with occupiers nearby including Morrisons`s Daily, Coral, Post Office, Lloyds Pharmacy and Barnardo’s, amongst others.