Mixed use retail/residential property within popular location
Accommodation extending to approximately 201.1 sq m (2,165 sq ft) overall
Ground floor comprising 2 retail units with ancillary accommodation
First floor comprises 2 flats
Businesses unaffected
Guide Price £165,000 (reflecting a gross yield of 9.37%)
The town of Cleethorpes forms part of the larger Grimsby and Cleethorpes conurbation with a population of approximately 40,000. The town is situated approximately 27 miles east of Scunthorpe and 32 miles south-east of Kingston upon Hull. Whilst Grimsby provides the main administrative hub for the North East Lincolnshire area and in more recent years has experienced a considerable capital investment for enlarged offshore windfarm projects, Cleethorpes provides a more cultural and tourist related offer centred around its long established visitor economy and leisure offer to both visitors and residents alike.
Within this context the property is situated to the northern side of Grimsby Road, the main route to Cleethorpes town centre from the A180 within a terrace of similar properties.
Description
The property comprises two-storey premises originally constructed for residential purposes which have been converted to a provide two retail units to the ground floor with two flats to the first floor.
Internally, No. 47 provides a retail area on the ground floor with a rear store and WC while No. 47A also provides a retail area on the ground floor with rear workroom/store and WC.
The first floor is accessed via a separate entrance on Grimsby Road and comprises a one bedroom flat and a studio flat.
A variety of occupiers nearby include Natwest, Tesco and St Andrews Hospice while a number of local convenience stores and takeaways are also situated within the locality.
Accommodation
Ground No. 47 | ||
Retail | 41.0 sq m | (441 sq ft) |
Ancillary | 8.0 sq m | (86 sq ft) |
Ground No. 47A | ||
Retail | 28.7sq m | (309sq ft) |
Ancillary | 20.4 sq m | (220 sq ft) |
| First Floor No.47B | ||
| Residential | 45.7 sq m | (492 sq ft) |
| First Floor No.47C | ||
| Residential | 57.3 sq m | (617 sq ft) |
Terms
The premises are offered For Sale at a guide price of £165,000, subject to lease, reflecting a yield of 9.37%.
Property | Tenant | Lease Term | Expiring | Rent | Business Rates/Council Tax | EPC |
47 | Elite Second Hand Stores | 3 years | June 2024 | £3,600 p.a. | £3,100 | C |
47A | All Wood Is Good | 3 years | Nov 2024 | £4,248 | £3,050 | D |
47B | Residential | AST | Rolling | £3,120 | £1,336.33 | D |
47C | Residential | AST | Rolling | £4,500 | £1,336.33 | E |
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