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Commercial Property for sale

Cambridge Street, Cleethorpes, Lincolnshire, DN35

Sold STCM £150,000
464 sq. ft.

Property Description

Commercial information

  • 464 sq ft (43 sq m)

Key features

  • Central Cleethorpes Investment Opportunity
  • Generating An Annual Income Of 10,420
  • Ground Floor Let On FRI Tems, Expiring April 2018 With A Pasing Rent 6,000 Per Annum
  • The First Floor Flat Is Held On A Shorthold Agreement At An Annual Rent OF 4,420
  • The Elite Shopping Location Of Sea View Street & St Peters Avenue Close By

Full description

The investment is situated on the south side of the mixed location of Cambridge Street, close to the junctions of Mill Road & St Peters and the elite shopping and eatery location of Sea View Street Cleethorpes, popular with local residents and seasonal visitors.

St Peters Avenue is the principal shopping location within the sea side resort of Cleethorpes, close by occupiers includes Costa Coffee, Boots, Wilkinson, Heron Food, TSB Bank, as well as various other occupiers.

The resort has a variation of leisure, restaurant, wine bar establishments as well as family dining facilities, including the newly refurbished Cleethorpes Pier.

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 building under a slate roof, incorporating a two storey property that provides a self-contained first floor flat, held under Shorthold Tenancy Agreement along with a ground floor retail unit held on a FRI lease, expiring April 2018, trading in specialist ales etc.

Ground Floor
Retail Unit
Approx 43.1 sq m (464 sq ft)

First Floor Flat (Separately Accessed)
Sitting Room, Bedroom, Kitchen and Bathroom

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

The ground floor commercial unit is held on a FRI lease, expiring 21st April 2018 at a passing rent of 6,000 per annum with the first floor flat being held on Shorthold Tenancy Agreement at an annual rent of 4,420, providing an approximate yield of 7%.

The investment opportunity is available For Sale with an asking price of 150,000.

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 5,500 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.
Lovelle Bacons
Tel: 01472 353436 Ext 302

More information from this agent

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