The accommodation comprises two traditional brick built two storey property that provides two self-contained one bedroomed separate flats (one currently vacant), held on Shorthold Tenancy Agreements along with two ground floor retail units held on FRI lease terms at a combined rent of £5,850, expiring February & October 2022, with planning consent provided for a further two, one bedroomed dwellings located on Phelps Street elevation of the investment. Potential for £21,450 per annum once fully let.
The investment opportunity holds a highly visible position on the busy thoroughfare of Grimsby Road, located at the junction with Phelps Street 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.
Planning consent for two, one bedroomed dwellings, accessed from Phelps Street.
Tenure
The ground floor commercial units are held on FRI lease terms, expiring February 2025 & October 2022 at a combined passing rent of £5,850 per annum. The flats (except on vacant at first floor 51 Grimsby Road) is held of Shorthold Tenancy Agreements at an annual rent of £3,900 (rising to £7,800 per annum once fully let), the planning consent for a further two dwellings have a potential market value of £3,900 each per annum, with a potential for a fully let annual income of £21,450
Price
The investment opportunity is available For Sale with an asking price of £150,000.
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 £3,500 for the retail unit 49 Grimsby Road & £2,150 for the retail unit at 51 Grimsby Road, all flats are listed under the Band A assessment, the two dwellings will be assessed at the time of build completion. 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
Tenure: The ground floor commercial units are held on FRI lease terms, expiring February & October 2022 at a combined passing rent of £5,850 per annum. The flats (except on vacant at first floor 51 Grimsby Road) is held of Shorthold Tenancy Agreements at an annual rent of £3,900 (rising to £7,800 per annum once fully let), the planning consent for a further two dwellings have a potential market value of £3,900 each per annum, with a potential for a fully let annual income of £21,450
49 Grimsby Road - Retail Unit - Approx - 704 sq ft (65.4 sq m)
WC -
Flat -
Living Room, one Bedroom, Kitchen, Bathroom
Rent at £75 per week (£3,900 per annum each)
51 Grimsby Road - Retail Unit - 292 sq ft (27.1 sq m)
WC -
Flat (currently vacant) -
Lounge, Kitchen, Bedroom and Bathroom
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