The investment opportunity is situated on the central location of Church Lane, deemed the main business hub area within the town centre of Grimsby, various occupiers including several firms of solicitors, accountants as well as numerous other professional bodies, various eateries, wine bar establishments and retail occupiers within close proximity as well as the newly built national hotel chain (Holiday Inn), train station and transport hubs close by.
Description
The fully let investment is set out over four floors to the main building with two separate units accessed from Wellowgate & Church Lane, recently undergoing extensive refurbishment throughout, with an area totalling 6,765 sq ft (628.7 sq m).
Occupiers & lease terms include:
Ground Floor – Newton Fallowell Ltd t/a Lovelle estate agency. Newton Fallowell are wholly owned by Belvoir Plc. 5-year FRI lease, expiring 2025 at an annual rent of £16,000. Lovelle estate agency have been in occupation since 2002.
First Floor – Newton Fallowell Ltd t/a Lovelle lettings. 5-year FRI lease, expiring 2025 an annual rent of £10,000. Lovelle lettings have been in occupation since 2007.
Second floor – Lovelle Bacons LLP t/a Lovelle Bacons Chartered Surveyors have been in occupation since 2010 and have a 10-year FRI lease, expiring 2022 at an annual rent of £11,800.
Third floor – Rear – Marketing company, expiring 2023 at an annual rent of £6,000
Front – A new 5-year FRI lease term is currently under negotiation at an annual rent of £6,000 to Lovelle Bacons LLP
Unit 2
Smart People recruitment Agency have been in occupation for over 10 years and have a 3-year FRI lease, expiring 2024 at an annual rent of £4,700
Unit 3
Mogul Empire Indian takeaway have been occupation for over 25 years and have 15-year FRI lease, expiring 2022 at an annual rent of £7,500.
Tenure
Freehold
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 Values vary between £3,050/19,500 within the building. 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.