Location
The investment opportunity holds a highly visible position on the busy thoroughfare of Grimsby Road, located at the junction with Suggitt’s Lane Cleethorpes, in a good commercial area with easy access to all facilities. Grimsby Road is the main arterial route through to both the towns of Grimsby and Cleethorpes and has a high level of traffic throughout the day.
Cleethorpes is located within North East Lincolnshire and has a resident population of approximately 30,000 with an approximate borough population of 160,000.
Description
The accommodation comprises a traditional brick built two storey property that provides two separate, flats, both held on Shorthold Tenancy Agreements along with a ground floor retail unit currently vacant, with a further store located to the rear of the premises, let on a Licence Agreement.
Accommodation
Ground Floor
Retail Unit 33.6 sq m (362 sq ft)
Store 33.5 sq m (360 sq ft)
Flat 1 – Ground Floor
Living Room, one Bedroom, Kitchen, Bathroom
Flat 2 – First Floor
Lounge, Kitchen, Two Bedrooms, Bathroom
EPC
A copy of the EPC’s are available for inspection at the Agent’s offices
Tenure
The ground floor commercial unit is currently vacant with an asking rent of £4,680 per annum. Both flats are held of Shorthold Tenancy Agreements at an annual combined rent of £9,360 and the store at an annual passing rent of £1,140 providing an approximate yield of 9% once fully let.
Price
The investment opportunity is available For Sale at £165,000.
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 is £3,900 for the ground floor commercial unit and £1,025 for the store at the rear, 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.