10/10A Station Road, Colwyn Bay, Conwy (County of), LL29

Investment Consideration:
Gross Initial Yield: 7.51%
Rental Income: £16,900 p.a.
VAT is NOT applicable to this property
Comprises large retail shop t/a William Hill and large self-contained flat at first and second floor
Residential flat in need of modernisation. Development potential to convert into 2 flats or HMO, STTP.
Situated close to Colwyn Bay Station, providing regular services to Chester, Manchester and Holyhead
Occupiers close by include Domino's Pizza (adjacent), Betfred (opposite), Santander, KFC and more.

Property Description:
Comprises large retail shop t/a William Hill and self-contained flat (in need of modernisation) at first and second floor accessed from the rear, providing the following accommodation and dimensions:
Retail Shop: 165 sq m (1,777 sq ft)
Ground Floor: 130 sq m (1,400 sq ft)
Open plan retail, office, storage, wc
Basement: 35 sq m (377 sq ft)
Residential Flat: 145 sq m (1,573 sq ft)
First Floor: 93 sq m (1,010 sq ft)
Kitchen, living room, 3 rooms, bathroom
Second Floor: 52 sq m (563 sq ft)
3 rooms
Total GIA: 310 sq m (3,350 sq ft)

Tenancy:
The retail shop is let to William Hill Organization Limited for a term of 15 Years from 10th January 2023 at a current rent of £15,000* per annum and the lease contains full repairing and insuring covenants. Rent review on 10.01.28 linked to CPI (cap & collar 2.5% - 5% p.a. annualised) and 10.01.33 open market upward only. Tenant option to determine on 10.01.33 with min 6 months notice.

* The rent would increase to a minimum of £16,900 p.a. in January 2028 (2.5% collar). The vendor would top up rent until 10.01.28, so the buyer receives the equivalent to £16,900 p.a. from completion.

Location:
Colwyn Bay is a popular resort town on the North Wales Coast and close to Llandudno. Colwyn Bay Station is close to the property and provides regular services to Chester, Manchester and Holyhead. In close proximity to the A55 (Holyhead and Chester Expressway) with links to the M56 motorway. The property is situated on the east side of Station Road between its junctions with Conway Road and Victoria Avenue. Occupiers close by include Domino's Pizza (adjacent), Betfred (opposite), Santander, KFC, Subway, Costcutter, Amplifon and many others.