Mixed Use Investment For Sale - 151-151a College Road, Crosby, Liverpool, L23 3AS

DESCRIPTION:

Retail:
Ground floor retail unit with glazed frontage and roller shutter security
Commercial kitchen with stainless steel fittings and preparation area
Counter/display area
WC, wash area and office space to rear
Rear access to shared service yard
Potential for additional signage (STP)

Residential:
Self-contained residential entrance from College Road
Spacious 3-bedroom duplex maisonette above
Large living room, fitted kitchen and family bathroom
Two front bedrooms with dormer windows
Third bedroom with Velux rooflight
Predominantly UPVC double glazing throughout
Gas-fired central heating system
Separate residential and commercial access
Attractive mixed-use investment opportunity
Shared rear space with opportunity for bike store etc

Ground Floor Tenant:
The ground floor trades as a bakery and is tenanted to Waterfield's (Leigh) Ltd.   They are long established in this location and renewed their previous 10 year lease in 2024.

They currently occupy via a 10 year lease from 10th January 2024 with a tenant option to break at the end of the 5th year subject to 6 months prior notice providing c7.5 years unexpired and 2.5 years until break/review date.  There is an upward only rent review effective from 10th January 2029.

The passing rent is £10,500 pa.

Residential - Duplex Maisonette
Offered with vacant possession, the residential accommodation has its own dedicated entrance off College Road and provides completely self-contained accommodation.

A rare 3 bedroom opportunity with potential to rent individual rooms (STP) to young professionals or to a single tenant requiring extra accommodation. With 1,200 sq.ft of accommodation over 2 storeys plus ground floor entrance, it provides extensive space which will be attractive in the local market place.

Historically rented for £900 per calendar month or £10,800 pa  there is significant rental growth opportunity.

Estimated Rental Value:
Rent currently received totals £21,300pa.

The reversionary estimated rental value for the ground floor is £14,000pa at rent review.

The maisonette being a large 3-bedroom flat will rent from £1,000 per calendar month or £12,000pa.  Alternatively, a multi let managed approach could increase income significantly.

The total ERV is therefore from c£26,000pa.

Please rely on your own enquiries.

ACCOMMODATION:

Shop  (NIA)
Retail Zone A: 23.59 sq. m (254 sq. ft)
Rear kitchen/ancillary: 32.53 sq. m (350 sq. ft)
Total: 56.12 sq. m (604 sq. ft)

Residential (GIA)
Ground Floor: Hall - 4.9  sq.m (53  sq.ft)
First Floor: Landing, living room, kitchen and bathroom - 59.6  sq.m ( 641 sq.ft)
Second Floor: Landing, 3 bedrooms 49 sq.m (527 sq. ft)
Total: 113.5 sq.m (1,222 sq.ft)

TERMS:
The premises are available at an asking price of £350,000.
Assuming previous passing rents of £21,300pa this reflects a gross initial yield of 6.1%.
At an ERV of £26,000 it would produce a gross reversionary yield of 7.4%.

RATEABLE VALUE:
All interested parties should rely on their own enquiries with the local authority.

VAT:
All prices, outgoings and rentals quoted are exclusive of VAT, but may be liable at prevailing rate. Further information on request.

LEGAL COSTS:
Unless otherwise stated all parties to bear their own legal costs.

EPC:
The EPC rating for the commercial is B-43.
The EPC rating for the residential is E-51

LOCATION:
The subject property is located on College Road which is situated approximately 7 miles north of Liverpool City Centre in the suburb of Crosby.

College Road is a popular neighbourhood shopping destination within a larger residential population. The area consists of a mixture of retail to include convenience, leisure, takeaways, hair and beauty, post office, chemist and bars.

Directly adjacent to the property there is Marine Football Club with a pay and display car park. The subject property is located within a retail parade and benefits from strong footfall due to the adjacent car park and being directly opposite the Post Office.