Menu Lines

Property Details

Cleethorphe Road, Grimsby, DN31 3DH

Investment

5292 Sq Ft (491.63 Sq M)

Freehold £925,000

Description

The single storey property is of a modern, steel portal
framed construction under a pitched roof with steel profiled
panels. The external walls are predominately brick to
approximately 2.5m height; and thereafter metal cladding.
The property is split into two; the first element (occupied
by National Tyres) includes a modern reception area, rear
workshop with vehicular access and a yard. The second
element (occupied by Flooring Express) includes a modern
retail showroom/trade counter, incorporating a reception
and auxiliary staff/office areas plus parking

  • Prominent former car showroom mixed-use commercial investment located on a main arterial route
  • Long Leasehold - new 125 year ground lease at £10,000 per annum from date of completion for uses within A1 A2 B2 & B8
  • Projected NTS rent in 2019 £67,712 (based on RPI All Items Index to July 2017 and assumed inflation at the current rate of 2.6% per annum)
  • Remainder of property let to established local business Flooring Express Limited who were incorporated in 2005 at a rent of £30,500 due for review in July 2020 and expiring 1 July 2025
  • Initial combined rental income (net of ground lease rent) £81,804 per annum reflecting a net initial yield of circa 8.39% (after deducting 5.36% purchaser's costs)
  • Anticipated combined rental income (net of ground lease rent) £88,712 per annum in January 2019
  • Anticipated reversionary yield in 2019 of 9.1%
  • Offers invited in excess of £925,000 Subject to Contract

Agent Details

Nigel Blyth
Fairhurst Estates
nigel.blyth@fairhurst-estates.co.uk
0161 476 9478