Opportunity to acquire an exceptionally rare, character retail parade in the Victorian seaside resort of Saltburn-by-the-Sea.
Constructed in 1862, the property comprises ten retail units within the Grade II Listed former station buildings, totalling approximately 6,239 sq ft.
Comprehensively refurbished by the vendor within the last 18 months, including a new roof covering and refurbished stone plinths.
Fully let (100% occupancy) to ten tenants at a current passing rent of £102,791.50 per annum (following the imminent Whitby Yard rent uplift), reflecting an average of only £15.98 psf.
WAULT of approximately 4.98 years to lease expiries.
Estimated rental value of circa £117,092 per annum (£18.77 per sq ft).
Long leasehold, held on a 125 year lease from 1983 (expiring 2108) at a ground rent of £8,250 per annum, subject to five yearly upward only reviews linked to the occupational rents received.
We are instructed to seek offers in excess of £1,095,000, subject to contract, for the long leasehold interest.