Investment Consideration:
Gross Initial Yield: 7.29%
Rental Income: £30,600 p.a.
VAT is NOT applicable to this property
Comprises ground floor shop with basement and 2 x self-contained flats above
Occupiers close by include Tesco Express, Argos, McDonald`s and Clarks, amongst others.
Property Description:
The property comprises ground floor shop with further ancillary storage and a single WC to the rear. Accessed internally is a basement providing additional two rooms of ancillary storage. The first and second floor comprises two self-contained flats, providing the following accommodation and dimensions:
Ground Floor: Cafe 52 sq m (556 sq ft)
Basement: Ancillary 15 sq m (165 sq ft)
First Floor: Flat 1 94 sq m (1,011 sq ft)
2 bedrooms, kitchen/living room, bathroom
Second Floor: Flat 2 45 sq m (484 sq ft)
1 bedroom, kitchen/living room, bathroom
Total Retail GIA: 67 sq m (721 sq ft)
Total Residential GIA: 139 sq m (1,495 sq ft)
Tenancy:
The ground floor shop is at present let to Coffee Jazz Ltd for a term of 10 Years from 28th June 2023 at a current rent of £12,000 per annum and the lease contains full repairing and insuring covenants. Rent review on 28.06.28 linked to RPI. Tenant option to determine on 28.06.28 with minimum 6 month`s notice. Deposit held of £3,000. Lease within Landlord & Tenant Act 1954
Flat 1 is at present let on AST to an Individual for a term of 12 months from 10th July 2023 at a current rent of £10,200 p.a. Deposit held of £980.
Flat 2 is at present let on AST to an Individual for a term of 12 Months from 30th August 2023 at a current rent of £8,400 p.a. Deposit held of £805.
Location:
Weymouth is a seaside town in Dorset, England, situated on a sheltered bay at the mouth of the River Wey on the English Channel coast. The town is 11 kilometres (7 miles) south of Dorchester and 8 kilometres (5 miles) north of the Isle of Portland. The A354 road connects the town to the A35 trunk road in Dorchester, and terminates at Easton on the Isle of Portland. The A353 road runs east from Weymouth to the south of Warmwell, where it connects with the A352 to the Isle of Purbeck and Wareham. The B3157 road runs west from Weymouth to the south of Bridport where it terminates and connects to the A35. Weymouth is approximately 52 miles (83 km) south east of the M5 motorway at junction 25 for Taunton. Occupiers close by include Tesco Express, Argos, McDonald`s, Clarks, amongst number of local pubs, restaurants, café`s and shops.
