Commercial Property for sale

South St Mary's Gate, Grimsby, DN31

£480,000

Property Description

Key features

  • Central Commercial Investment
  • Net Initial Yield of circa 8%
  • Passing Rent 40,650
  • Longstanding Covenants
  • Ground Floor Retail
  • First Floor Offices
  • New 10 Year Lease on Retail
  • EPC on Retail: Awaited
  • EPC on Offices: Awaited

Full description

Tenure: Freehold

A fully let investment property within town centre location providing initial yield in excess of 8%. Established professional tenants on ground and first floors. Passing rent £40,650 per annum.


SITUATION 
The property is situated within a professional/secondary retail location, immediately to the south of Grimsby’s main retail centre. Nearby occupiers include solicitors, accountants and banks, together with an Iceland supermarket, estate agents and other professional services. Grimsby has a resident population of approximately 100,000 and benefits from a further catchment area. It has one of the largest ports in the country, handling over 1 million tonnes of cargo each year.

DESCRIPTION 
The property comprises self-contained ground floor retail unit (currently in A2 use) and separate first floor office accommodation let on separate leases to longstanding and established covenants; retail frontage of approximately 12.5 m (41 feet).

ACCOMMODATION 
Ground Floor Retail: 262.6 m2 (2,826 ft2); First Floor Storage 33.3 m2 (358 ft2) First Floor Office: 161.4 m2 (1,737 ft2)

TENANCIES 
Retail: Let to Pygott and Crone Estate Agents Ltd on a new 10 year lease at a commencing rent of £30,000 per annum under FRI terms. Rent review in the 5th year. Offices: Let to Forrester Boyd (Chartered Accountants) under effective FRI terms at a passing rent of £10,650. Lease expiry 31st January 2019.

SERVICES 
Mains gas, water, electricity and drainage are connected. The ground and first floor units have independent supplies.

RATEABLE VALUES 
Rateable Values (2017 Rating list): Ground Floor: £34,000 First Floor: Included in larger assessment.

VAT 
The sale price will be subject to VAT at the standard rate.

ESTATE AGENTS ACT 1979 
In accordance with the requirements of the Estate Agents Act 1979, we confirm that the vendor is a related company to the selling agents.

VIEWING 
Confidential Sale: viewing is strictly by appointment only with: Andrew Bland: 07740 155885

More information from this agent

Nearest stations

  • Grimsby Town (0.1 mi)
  • Grimsby Docks (0.8 mi)
  • New Clee (1.3 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

PYGOTT & CRONE COMMERCIAL, Lincoln

36a Silver Street, Lincoln, LN2 1EW

01522 418076 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

  • Grimsby Town (0.1 mi)
  • Grimsby Docks (0.8 mi)
  • New Clee (1.3 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

PYGOTT & CRONE COMMERCIAL, Lincoln

36a Silver Street, Lincoln, LN2 1EW

01522 418076 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.

Disclaimer - Property reference LNC170119. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by PYGOTT & CRONE COMMERCIAL, Lincoln. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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