An opportunity to acquire a Grade II Listed freehold investment comprising a commercial premises at ground floor level and two self-contained flats arranged over the first, second and third floors. The commercial aspect is subject to a ten year lease from 2015 and comprises a day-time health food café serving customers on an eat-in and take-away basis. The first floor comprises a one bedroom flat and there is a larger two bedroom flat occupying the second and third floors. The flats are accessed via a separate communal entrance at street level and both are currently let on Assured Shorthold Tenancies.
Viewing is strongly recommended.
The premises are situated within the heart of the Town Centre, just yards from the pedestrianised shopping precinct of Montague Street and close to the seafront. The property benefits from all of the usual Town Centre amenities and nearby occupiers include a mix of national and independent retailers, office users and eateries.
The ground floor commercial premises are occupied by ‘Otium Limited’ trading as NRG Cavern. There are director’s guarantors in place as well as a nine month rent deposit. They have a 10 year lease of the premises from May 2015 with the current rent being £15,500 per annum. There is a rent review in 2020.
The residential flats on the upper floors are let on Assured Shorthold Tenancies at the following rents:
1st Floor One Bed: £645 pcm
2nd & 3rd Floor Two Bed: £840 pcm
The gross annual income for the property at full occupancy currently stands at £33,320.
Freehold, subject to the commercial lease and ASTs of the residential parts.
Offers in Excess of £450,000
Each side to be responsible for their own costs
Under the Finance Act 1989, VAT may be chargeable on the rent or sale price and it recommended that prospective tenants or purchasers should make their own enquiries to establish whether or not VAT is chargeable prior to entering into an agreement.
Strictly by prior appointment with Spratt & Son.
ENERGY PERFORMANCE CERTIFICATE:
As a Listed Building, the property is exempt from the requirement for an EPC.