Mixed use retail/residential premises on the periphery of the town centre
Commercial accommodation extending to approxmately 217.5 sq m (2,341 sq ft) overall
Currently generating an income of £27,250 per annum
Residential accommodation let on a single long-leasehold basis
Businesses unaffected
Guide Price £295,000 Reflecting a gross yield of 9.25%
The town of Grimsby is located within North East Lincolnshire and has a population of approximately 88,250 (Source: 2011 Census). The property is located on the eastern side of Victoria Street South, which adjoins the prime retailing pitch within the town centre approximately 0.1 miles to the west. Transport links to the property are good, with the central bus stops being located on Victoria Street/Town Hall Street, as well as a taxi rank directly outside. A large pay-and-display car park is also located on the opposite side of the road.
Description
The property comprises five storey mixed use premises, comprising flexible retail accommodation on the ground floor with a separately accessed 18 flat residential complex above. The ground floor is currently split to provide three, separately accessed, retail units but is designed to provide easy reconfiguration to six smaller units.
Nearby occupiers include Allenby Stevenson, B&M Home Store and Home Bargains in addition to a variety of other local retailers.
Accommodation
| 156 Victoria Street | Retail | 23.0 sq m | (248 sq ft) |
| 158 - 160 Victoria Street | Retail | 85.7 sq m | (922 sq ft) |
| 162 - 166 Victoria Street | Retail | 108.8 sq m | (1,171 sq ft) |
Terms
The entire property is offered For Sale at a guide price of £275,000, subject to the leases, reflecting a gross yield of 7.6%.
| Property | Tenant | Lease Term | Expiring | Rent | Business Rates/Council Tax | EPC |
| 156 Victoria Street | Star Rider | 5 years* | December 2026 | £4,750 p.a. | TBC | TBC |
| 158 - 160 Victoria Street | Business name TBC | 5 years* | December 2026 | £9,500 p.a. | TBC | TBC |
| 162-166 Victoria Street | Manpower (UK) Ltd | 5 years* | July 2023 | £13,000 p.a. | £14,250 | TBC |
| Flats at 156-166 Victoria Street | Havelok Homes Ltd | 125 years | March 2134 | Peppercorn | 12 x B, 6 x C | Assorted |
Copies of the leases will be made available to bona fide parties on request.
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