Retail property (high street) for sale
Property description & features
- Tenure: Freehold
- Mixed Use Premises
- Commercial Unit + 2 x 1 Bedroom Flats
- Flats Let At £7,020 Per Annum
- Expected Commercial Rent £4,800 Per Annum
- Yield 10.3%
- Long Term Tenants Wishing To Remain
- U PVC Double Glazing
- Modern Electric Heaters
The property is within close proximity to Freshney Place shopping centre and benefits from good transport links to and from Cleethorpes.
The property comprises of a well proportioned ground floor retail area approximately 62.89sqm/676sqft in size, comprising of 2 w.c.'s and a generous sized basement of 48.51sqm/522.15 sqft. The property comes with 2 x 1 bedroom, flats which are currently let at £75 and £60 per week respectively, equating to £7,020 per annum. We anticipate the retail unit to generate an income of £4,800 per annum, which combined generates an income of £11,820 per annum. At the current asking price, this represents a yield of just shy of 10.3%, making this an extremely attractive investment opportunity.
VIEWING IS HIGHLY RECOMMENDED FOR THIS EXCEPTIONAL OPPORTUNITY.
Rooms
Ground Floor - Retail Unit 11m x 5.03m
These premises have a number of different uses, subject to relevant planning consent. The unit comprises of a uPVC double glazed window frontage as well as entrance door off Freeman Street and has carpeted flooring throughout and a suspended ceiling.
W.C.
With w.c. and hand basin.
W.C.
With w.c. and hand basin.
Basement 10.3m x 4.83m
This could be used for an abundance of different uses.
First Floor Flat - 4A
Entrance Hallway
With a front door leading onto the communal hallway.
Living Room 4m x 2.5m
With a uPVC double glazed front window and electric storage heater.
Bedroom 2.5m x 4.1m
With a uPVC double glazed window and an electric storage heater.
Kitchen 1.8m x 3.1m
With wall and base units incorporating a basin and space for a cooker, washing machine and stand alone 'fridge-freezer.
Bathroom
A three piece suite incorporating a bath, w.c. and a basin.
Tenancy
The property is currently let for £60 per week (£260 per calendar month) on and Assured Shorthold Tenancy with the tenants being in situ since 2013 and wishing to remain.
Second Floor Flat - 4B
Entrance Hallway
With a uPVC double glazed window, under stairs storage space and stairs leading to the first floor accommodation.
Landing
With a uPVC double glazed window and a storage cupboard.
Living Room 2.8m x 4.1m
With a uPVC double glazed front window and an electric storage heater.
Bedroom 3.7m x 2.4m
With a uPVC double glazed rear window and an electric storage heater.
Bathroom
A large bathroom consisting of a bath and w.c. as well as a uPVC double glazed front window.
Cloakroom
With a uPVC double glazed frosted window, pedestal basin and a w.c.
Kitchen 2.7m x 2.6m
With fitted wall and base units incorporating a basin as well as space for a cooker, washing machine and 'fridge-freezer. Partially tiled with the "Britony II" boiler.
Loft Room 3.8m x 5m
A boarded loft space with a timber "Velux" single glazed window.
Tenancy
The property is currently let at £75 per week (£325 per calendar month) and the tenant has been in situ since the current owner purchased the property is 2012. The tenant, much like the flat below wishes to remain.
Communal Areas
The two residential flats are located down a side alleyway to the left of 4 Freeman Street, which the leads access via a metal stairway to the two flats. To gain access to the two flats, one must walk across the flat roof of 6 Freeman Street, however we have checked there is right of way to gain access above this premises.
NOTE
Please note this property sale is related to a member of staff at Jackson, Green and Preston.
Business Rates
The rateable value as of 1st April 2017 is £1,200. All interest parties are advised to make there own enquiries.
Council Tax Band A (Each Flat)
This information was obtained on the 17th August 2022 and is for guidance purposes only. Purchasers should be aware that the banding of the property could change if information is brought to light that makes it clear to the Valuation Office Agency that an error was made with the original allocation. Additionally, there may be circumstances when the Council Tax can be altered on change of ownership. All interested parties are advised to make their own enquiries. See
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Broadband availability and predicted speed: obtained from Ofcom on December 20, 2021
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Mobile phone signal availability and predicted strength: obtained from Ofcom on February 11, 2022
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Energy Performance data and Internal floor area
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