4 bedroom commercial property for sale

Cambridge Street, Cleethorpes, Lincolnshire, DN35

Guide Price £225,000
476 sq. ft.

Property Description

Commercial information

  • 476 sq ft (44 sq m)

Key features

  • Excellent Town Centre Investment Opportunity
  • Elite Cleethorpes Location
  • Generating An Annual Income of 14,600 Per Annum, Approx 7% Yield
  • Ground Floor FRI Tenant With Passing Rent At 5,500 Per Annum
  • Two Self Contained Flats Held on Shorthold Agreements, Generating An Annual Rent Of 9,100 Per Annum
  • Adjacent To Elite Shopping Location Of Sea View Street
  • Current Business Unaffected - Trading As The Paint Box (Ceramic Cafe)
  • Popular Seaside Resort
  • Variation Of National And Local Traders Close By

Full description

The investment is located on the east side of Cambridge Street, close to the junctions of Wardell Street and the elite shopping and eatery location of Sea View Street Cleethorpes, popular with local residents and seasonal visitors.

The property is within close proximity to the principal retail location of St Peters Avenue, the newly refurbished Cleethorpes Pier as well a variation of leisure facilities, restaurants, family dining and wine bar establishments.

Cleethorpes is located within North East Lincolnshire and has a resident population of approximately 30,000 with an approximate borough population of 160,000.

The accommodation comprises a traditional brick built two storey property that provides two separate, two bedroomed flats, both held on Shorthold Tenancy Agreements along with a ground floor retail unit held on a FRI lease, expiring January 2020, trading as The Paint Box.

Accommodation
Ground Floor
Retail Unit 44.2 sq m (476 sq ft)

Flat 12A - First Floor
Lobby, Living Room, Two Bedrooms, Kitchen, Bathroom (Totalling 80.2 sq m/476 sq ft)

Flat 12 B - Ground Floor
Lobby, Lounge, Kitchen, Two Bedrooms, Bathroom (Totalling 44.4 sq m/478 sq ft)

EPC
A copy of the EPC is available for inspection at the Agent's offices

Tenure
The ground floor commercial unit is held on a FRI lease, expiring 31st January 2020 at a passing rent of 5,500 per annum. Both flats are held of Shorthold Tenancy Agreements at an annual combined rent of 9,100, providing an approximate yield of 7%.

Price
The investment opportunity is available For Sale with an asking price of 225,000.

Legal Costs
Each party is to be responsible for their own legal costs and stamp duty or land tax that may
apply.

Rateable Value
We are advised by North East Lincolnshire Council that the Rateable Value is 4,970 for the ground floor commercial unit. Both flats are listed under the Band A assessment. Interested parties are advised to confirm this with the Local Authority. Rateable Values can change and the rates payable can vary due to changes in transitional relief.

Viewing/Further Information
Strictly through sole agents - Lovelle Bacons LLP.
Tel: 01472 353436 Ext 302
E-mail: l.croft@lovelle-property.co.uk



Nearest stations

  • Cleethorpes (0.4 mi)
  • New Clee (1.8 mi)
  • Grimsby Docks (2.4 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Lovelle Estate Agency, Grimsby -Commercial Sales

Hampton House Church Lane Grimsby DN31 1JR

01472 565036 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Cleethorpes (0.4 mi)
  • New Clee (1.8 mi)
  • Grimsby Docks (2.4 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Lovelle Estate Agency, Grimsby -Commercial Sales

Hampton House Church Lane Grimsby DN31 1JR

01472 565036 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

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