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Retail Property (high street) for sale

Alexandra Road, Cleethorpes, Lincolnshire

Guide Price £525,000

Property Description

Commercial information

  • Use class orders: A3 Restaurants and Cafes

Full description

Freehold Victorian mid terrace - Retail & residential investment opportunity - Currently producing £51,680 per annum - Opposite Cleethorpes pier

Location - Cleethorpes, with a population of circa 40,000 (2011 Census), is a seaside resort and vibrant cultural hub, physically linked to the neighbouring town of Grimsby and located approximately 25 miles east of Scunthorpe, 31 miles north east of Lincoln and 32 miles north west of Skegness. The town lies on the Greenwich meridian and its average annual rainfall is amongst the lowest in the British Isles.

The subject property is situated on the western side of Alexandra Road (A1098) approximately 300 metres to the north of its junction with Sea View Street (which was recently named one of Britain's best coastal high streets in the Great British High Street competition).

Description - The property comprises a Victorian four storey mid terrace building currently arranged as a lock-up retail unit at ground floor level (38a Alexandra Road) with five modern self-contained one bedroom flats on the upper floors accessible from both Alexandra Road and Dolphin Street.

Accommodation - At the time of preparation of these preliminary particulars (August 2017) we have not yet carried out a measured survey of 38a Alexandra Road.

38A Ground Floor Restaurant - Let upon an effective full repairing and insuring lease for a term of 15 years from 1 October 2012 (approximately 10 years unexpired) at a current rent of £26,000 per annum. The lease provides for the rent to be reviewed on every third anniversary of the lease commencement date to the greater of the then passing rent or indexed to RPI. We understand that the 1 October 2015 rent review has not yet been operated.

Flat 1 - First floor rear (Bedroom, lounge, kitchen and bathroom).
6 month Assured Shorthold Tenancy (AST) from 23 June 2017 at a rent of £90 per week (pw).

Flat 2 - First floor front (Bedroom, lounge with kitchenette and bathroom).
6 month AST from 21 July 2016 (holding over) at a rent of £110 pw.

Flat 3 - Second floor rear (Bedroom, lounge, kitchen and bathroom).
6 month AST from 6 June 2014 (holding over) at a rent of £390 per calendar month (pcm).

Flat 4 - Second floor front (Bedroom, lounge with kitchenette and bathroom).
6 month AST from 10 July 2015 (holding over) at a rent of £450 pcm.

Flat 5 - Third floor (Bedroom, lounge with kitchenette and bathroom).
6 month AST from 29 July 2016 (holding over) at a rent of £100 pw.

Planning - The current use of the property falls within Classes A3 (Restaurants & Cafés) and C3 (Dwellings) of the Town and Country Planning (Use Classes) Order 1987 (as amended). The property falls within the Central Cleethorpes Seafront Conservation Area. Interested parties are advised to contact North East Lincolnshire Council on 01472 326289 with any planning related queries.

Tenure - Freehold subject to existing tenancies

Guide Price - £525,000. A purchase at this level will reflect a net initial yield of 9.4% having deducted standard purchasers costs of 4.8%. Offers are invited for consideration.

Vat - The guide price quoted in these particulars is exclusive of VAT. At the time of preparation of these particulars we understand that the vendor has not elected to charge VAT.

Energy Performance Certificates - Front pages of Energy Performance Certificates (EPCs) can be found at the end of the downloadable marketing particulars. Full EPCs and recommendation reports are available to interested parties upon request.

Legal Costs - Each party is to be responsible for their own legal costs.

Agent - For further information or to arrange a viewing please contact sole agents JHWalter:
Andrew France BSc (Hons) MRICS
01522 504319 07795 657792

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More information from this agent

Energy Performance Certificates (EPCs)

Map & Street View

Disclaimer - Property reference 27239985. The information displayed about this property comprises a property advertisement. 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 JHWalter, 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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