Westgate Street, Blakeney

DESCRIPTION
A rare opportunity to acquire the freehold interest of a mixed commercial and residential investment property, currently producing £54,699.60 per annum, with index linked future income.

The two retail units and apartment over are located at the western end of The Quay, in the much favoured holiday haven of Blakeney, first documented under this name in 1340.

The ground floor retail units are let under a lease dated 20/02/2024, at a rent of £42,000 per annum (Unit 1 being The Flint Gallery and Unit 2 sublet to Creek Lifestyle).

A rare opportunity to acquire the freehold interest of a mixed commercial and residential investment property, currently producing £54,699.60 per annum, with index linked future income.

The two retail units and apartment over are located at the western end of The Quay, in the much favoured holiday haven of Blakeney, first documented under this name in 1340.

The ground floor retail units are let under a lease dated 20/02/2024, at a rent of £42,000 per annum (Unit 1 being The Flint Gallery and Unit 2 sublet to Creek Lifestyle).

The headlease of the shops expires on 31/01/2029, subject to the tenant having the option to renew the lease for a further five years, at a maximum rent of £44,000 per annum.

The first floor self-contained two bedroom apartment (Harbour Deck) is separately let to the lessee of the shops, for a term of ten years, with effect from 01/02/2019, at a current rent of £12,699.60 per annum, subject to an upward only rent increase on 01/02/2028, linked to the Retail Price Index.

The property, as let, provides the complimentary offerings of a contemporary fine art gallery and lifestyle clothing & homeware, capturing the essence of this much loved historic harbour.

Harbour Deck has been let as sought after holiday accommodation, with exceptional coastal views, adjacent to the Coastal Path, in an Area of Outstanding Natural Beauty.

There is potential to further develop the property, by conversion of the store at the western end of Maritime Yard, a sheltered external area, or extension over Creek Lifestyle (subject to necessary consents).

SERVICES
Mains electricity, water and drainage are connected. Heating of Harbour Deck is electric radiators.

OUTGOINGS
District Council: North Norfolk.

Ratable Values:
Each part is assessed for Uniform Business Rates as follows:

The Flint Gallery: £21,250
Creek Lifestyle: £13,000
Harbour Deck: £2,800

VIEWING
By Appointment through The Sole Agents, Spalding & Co.,
Office Opening Hours:
Monday - Friday: 9:00 a.m. - 5:00 p.m.
Saturday: 9:30 a.m. - 12:30 p.m.