The property comprises a mixed use mid-terraced premises of traditional brick build, set under pitched tile roofing, Incorporating two separate self-contained, one bedroomed flats to first floor, both held on Shorthold Tenancy Agreements at a combined annual rent of £8,840 as well as two separate retail units to the ground floor, Wakefield Men’s Barber’s occupy 104 Grimsby Road at a passing rent of £2,860 per annum, held on FRI lease terms, currently holding over, 106 Grimsby Road has recently been let for the purpose of a bakers, at an initial rent of £2,520 p.a, rising to £3,600 p.a , held on FRI lease terms, expiring April 2025.
The property is situated on the busy thoroughfare of Grimsby Road, the main arterial route to the port town of Grimsby and the popular seaside resort of Cleethorpes, linking to the A180.
The mixed use location is popular with high street covenants and local traders alike, close by occupiers include Tesco Express, McDonalds Restaurant, Grimsby Town Football Ground, Papa John’s Pizza as well as numerous local traders.
Disposal Terms
The investment is available For Sale at £195,000.
Legal Costs
Each party is to be responsible for their own legal costs and stamp duty or land tax that may apply.
Rateable Value
We are advised by North East Lincolnshire Council that the Rateable Value for ground floor retail unit of 104 Grimsby Road is £2,615 106 Grimsby Road at £3,801. Both flats are listed under the Band A assessment. Interested parties are advised to confirm this with the Local Authority. Rateable Values can change and the rates payable can vary due to changes in transitional relief.