The property comprises a detached, traditional brick built mixed use building, set under pitched tile roofing with shared parking to the rear of the premises, access is by way of an eight foot to the left elevation of the property. 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, 166 Yarborough Road, currently vacant at £8,500 Per Annum on new FRI lease terms, Grab and Go 168 Yarborough Road at a passing rent of £10,400 Per Annum, expiring 2023 and a separate garage let on a Licence Agreement, expiring April 2022. Customer forecourt to the front elevation of the property with a shared tenant parking facility to the rear.
The property is situated within a busy mixed use shopping facility location servicing a high density residential area on the north side of Yarborough Road Grimsby, approximately one mile west of the town centre.
The location has a variation of users, including retailers, sandwich shop as well as hot food takeaway’s, opposite is a further shopping parade, including Spar supermarket.
The investment is available For Sale with an asking price of £310,000 which reflects a potential yield of approximately 910% once fully let. A copy of the lease’s and agreements are available upon request.
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 166 Yarborough Road is £4,430, 168 Yarborough Road at £3,529. 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.