Overview
Freehold Retail & Residential Ground Rent Investment
The premises comprise a detached 3 storey building of brick block construction under a tiled pitched roof with side road access to rear. The ground floor comprises sales area with rear kitchen and rear door leading to steps to basement below with restricted height. The shop has a section of the dividing wall to that of Nos 4 Eastbourne Road removed which is owned by the tenant on a long leasehold and is used as Restaurant area. The 3 Flats above is sold off on a long leasehold paying a modest ground rent.
Income
Ground Floor Shop and Basement : £9,500 pax
Ground Rent (2 Flats above) £400 pax (Flat 1 Lease expires 2113, Flat 2 Lease expires 2105)
Ground Rent Shop at 24 Eastbourne Road £125 pax (Lease expires 2261)
Total income £10,025 per annum
Size
Amenities
Location
The premises are located on the north west side of Eastbourne Road (A259), between the junctions of Warminster Road and Collier Road in the centre of the Village. The Beach is approximately 100 yards to the south. with the town of Eastbourne approximately 2 miles to the west. The area has benefited from substantial residential development and is a strong tourist location attracting around 1 million visitors each year. Eastbourne is well connected with direct road and rail links to Brighton approximate 25 miles west, Tunbridge Wells, 31 miles north and Hastings 18 miles to the east.
Rent
Business Rates
According to the Valuation Office website the premises are described as follows:
Shop and Premises
Rateable Value: £13,000 (combined for Shops 22 & 24)
VAT Details
VAT is not applicable.
Legal
Each party is to be responsible for their own legal fees
Terms
We are instructed to seek offers in the region of £145,000 representing a yield of 6.9% after purchaser’s costs.
