Mixed use for sale
Features and description
- Tenure: Freehold
- Attention investors
- 2 Storey Terrace With Basement Storage
- Ground Floor Commercial Let On 2 Separate FRI Leases
- First Floor Residential Let On Long Ground Lease
- Comined Annual Rent Of £8,470
- Located Within Easy Rear Of Grimsby & Cleethorpes
- Excellent Mixed Use Investment Opportunity
A fantastic opportunity has arisen to purchase a two-storey terraced building with basement storage. The ground floor comprises a retail premises and storage/workshop area, while the first floor offers a self-contained flat.
The front retail shop features a main retail area (approx. 47sqm / 505sqft), store/office (approx. 29sqm / 312sqft), kitchenette, and W.C. It is complemented by a rear storage/production area, including basement storage and convenient rear loading access.
The self-contained flat on the first floor is accessible from the front elevation and is currently let on a long ground lease, ensuring stable rental income.
We understand that the commercial property is let on a 10-year Full Repairing and Insuring Lease (FRI) starting from March 3, 2017, at an annual rent of £6,240, subject to review every three years to the higher of the Retail Price Index (RPI) or market rent. The rear area and basement are leased separately to the same tenant on a 10-year FRI starting from June 10, 2018, at an annual rent of £2,080, with similar rent review terms. The flat is leased on a long ground lease for 150 years starting from April 1, 2018, at a ground rent of £150 per annum.
The property is strategically situated on Cleethorpe Road (A180), linking Grimsby and Cleethorpes, and provides easy access out of town via the M180.
This property presents a secure, long-term investment opportunity, offering both commercial and residential income streams in a highly sought-after location. Contact us today to learn more or schedule a viewing.
Rooms
Commercial
Ground Floor
Main Retail Area
5.18m maximum x 9.18m maximum (into window display) - With a single glazed timber frame entrance door and frontage and suspended ceiling.
Staff Area / Store 8.04m x 3.64m
W.C. 1.7m x 1.53m
With wash hand basin and w.c.
Rear Store 1.99m x 3.54m
With electric roller shutter providing rear loading from Strand Street.
Garage/Store 2.81m x 10.16m
With roller shutter and tiled floor. Providing access to the basement.
Basement Room 1 4.49m x 5.09m
Basement Room 2 4.21m x 4.34m
Flat
Ground Floor
Entrance Hall
With a timber door, electric heater leading through to inner hall with stairs to first floor accommodation.
First Floor
Kitchen/Living Room
5.69m maximum x 3.64m maximum - With a range of wall and base units incorporating a sink/drainer, four-ring hob and oven. Tiled splash back. Electric radiator. Two uPVC double glazed windows and a uPVC double glazed door. Laminate flooring.
Bedroom 1 3.47m x 2.36m
With a uPVC double glazed window, electric radiator and laminate flooring.
Bedroom 2
4.14m maximum x 4.59m - With a uPVC double glazed window, electric radiator and laminate flooring.
Bedroom 3 4.25m x 4.61m
With a uPVC double glazed window, electric heater and laminate flooring.
Landing
A split level landing with storage cupboard and electric heater.
Shower Room
Incorporating a corner shower, sink in vanity unit and low-flush w.c. Partly tiled walls. Two uPVC double glazed windows.
Business Rates
We have been unable to locate the property on the Valuation Offices database and suggest all interested parties make their own enquiries.
Tenancies
We understand that the ground floor retail premises is let on a 10 year FRI Lease from 2017 at a current rent of £6,240 per annum subject to a review in each third year of the term for the greater of RPI or market rent. The rear of the property and basement is also let to the same tenant on a 10 year FRI Lease from 2018 at a current rent of £2,080 per annum subject to a rent review in each third year of the term to the greater of RPI or market rent.
The flat is let on a long ground lease for 150 years from 1st April 2018 at a ground rent of £150 per annum.
Broadband & Mobile Phone Coverage
Please use the following link to check the mobile phone and broadband coverage for this property.
Council Tax Band A
This information was obtained on the 6th June 2024 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
Sources Of Useful Information
Purchasers may find the following websites useful in providing additional information in respect of the property and the immediate surrounding area.
Mortgage Advice
We are pleased to be able to introduce Toni Cressey Mortgage Advisers who we recommend for Independent Mortgage Advice for any of our clients looking to purchase their first home, new home or investment property.
They have a team of advisers that are able to help and advise you on the most suitable mortgages available for you taking into account your own particular needs and circumstances. They will help and guide you through the whole mortgage and home buying process, ensuring best advice is given at all times. Buying a new home is one of the most important financial decisions you will make so it is vital that you get the help and advice you need at the earliest opportunity.
No fee is charged for this independent mortgage advice, which is provided under no obligation. There may however be a fee payable should you proceed with a mortgage application. The actual amount you pay will depend upon your own circumstances and requirements and typically our application fee will (truncated)
Property information from this agent
About this agent
Similar properties
Discover similar properties nearby in a single step.