87-89 The Esplanade 1,271 sq ft 100% Let Retail Property Weymouth DT4 7AT £445,000 (£350.12/sq ft) 7.75% Net Initial Yield

Investment Consideration:
VAT is NOT applicable to this property
Comprises 3 ground floor retail shops with 6 residential flats above (sold-off)
Occupying a prominent beach front location only 100 yards from the prime retailing in Weymouth Town Centre.
Property Description:
Prominent seafront building comprising 3 ground floor shops and 6 residential flats, which have been sold off on long leasehold. The property benefits from communal basement and provides the following accommodation and dimensions:
Ground Floor: 118 sq m (1,271 sq ft)
Shop No.87 - 45 sq m (480 sq ft)
Shop No.88 - 42 sq m (453 sq ft)
Shop No.88 - 31 sq m (338 sq ft)
First Second/Third Floor: 6 Flats (sold-off)
Tenancy:
Shop No.87 is at present let to Cane Traders Ltd (with personal guarantee) for a term of 7 years from 24th June 2024 at a current rent of £12,500 per annum and the lease contains full repairing and insuring covenants. No breaks. Rent review in June 2028 open market upward only.
Shop No.88 is at present let to an Individual for a term of 3 years from 19th January 2022 at a current rent of £12,000 per annum and the lease contains full repairing and insuring covenants. Lease within Landlord & Tenant Act 1954.
Shop No.89 is at present let to an Individual for a term of 5 years from 1st October 2022 at a current rent of £8,000* per annum and the lease contains full repairing and insuring covenants. Lease within Landlord & Tenant Act 1954.
*Fixed increase to £10,000 p.a. in October 2024 until the remainder of the lease. Vendor will top up rent, so the buyer receives the equivalent of £10,000 p.a. from completion.
Residential Flats have been sold-off on long leasehold for a term of 999 Years from 17th February 2020 at a ground rent of peppercorn.
Location:
Occupying a prominent beach front location only 100 yards from the prime retailing in Weymouth Town Centre and multiples such as McDonalds, KFC, Sports Direct and Matalan. Weymouth is a popular and attractive South Dorset coastal resort, which benefits from high levels of tourism in the summer months and enjoys good road access from the A35 via the A354