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AGENT'S DETAILS


Morecambe – Freehold Shops, Residential and Ground Rent Investment

For sale: £200,000.00|2333 Sq Ft|Flat, General Retail, Retail - High Street, Mixed Use, Residential, Retail, Other Property Types & Opportunities

PROPERTY DETAILS

FOR SALE£200,000.00
SIZE2333 Sq Ft
ADDRESS81/83 Euston Road and 4-6 Central Drive, Morecambe LA4 5JY
TYPEFlat, General Retail, Retail - High Street, Mixed Use, Residential, Retail, Other Property Types & Opportunities
TENUREFor Sale Freehold
POSTED ON1st June 2020

DESCRIPTION

Investment Consideration:
Comprising three shops and six flats (five sold off).
Town centre location some 35 metres from the Arndale Shopping Centre.
VAT is NOT applicable to this property.
Occupiers close by include Iceland, Betfred, Boots, Bodycare, Greggs, Poundland, The Works, Home Bargains and Bonmarché, amongst others.

Property Description:
The property is arranged on ground and three upper floors to provide three shops on ground floor and six flats across first, second and third floors, five of which have been sold off on long leases and are accessed off Central Drive.

The property provides the following accommodation and dimensions:
No. 81 Euston Road & 4 Central Drive
Gross Frontage: 4.35 m (14'3")
Net Frontage: 3.24 m (10'7")
Shop & Built Depth: 9.28 m (30'5")

No. 6 Central Drive
Gross Frontage: 6.01 m (19'9")
Net Frontage: 3.45 m (11'4")
Shop & Built Depth: 5.98 m (19'7")

No. 83 Euston Road
Gross Frontage: 8.27 m (27'2")

Flat 4
Comprises 2 Rooms, Kitchen, Bathroom
69 sq m (742 sq ft)

Flats 1, 2, 3 & 5
Four Flats - Sold off on long lease

Flat 6
One Flat - Sold off on long lease

Tenancy:
Shop No. 81 is at present let to D Bentinck t/a The Tattoo Studio for a term of 5 years from 26th November 2018 at a current rent of £5,000 per annum and the lease contains internal repairing and insuring covenants.

Shop No. 83 is at present let to C Hebblethwaite t/a Antique Shop for a term of 3 years from 1st June 2019 at a current rent of £3,636 per annum and the lease contains full repairing and insuring covenants. Rent deposit held of £303.

Shop No. 6 is at present let to M Dorek t/a Barbershop for a term of 5 years from 16th January 2019 at a current rent of £5,000 per annum and the lease contains full repairing and insuring covenants. Rent deposit held of £1,200.

Flat 4 is at present let on an AST to an individual for a term of 12 months from 1st July 2019 at a current rent of £5,100 per annum. Rent deposit held of £425.

Flats 1, 2, 3 and 5 are sold off on long lease to individuals for a term of 999 years from 1st June 2006 at a current combined ground rent of £200 per annum.

Flat 6 is sold off on long lease to Hazel Developments Limited for a term of 999 years from 1st June 2006 at a current ground rent of £50 per annum.

Location:
Morecambe is a popular coastal town overlooking Morecambe Bay some 4 miles north-west of Lancaster, 31 miles north-west of Preston and 42 miles north of Blackpool. Morecambe Rail Station is some 400 metres west of the property. The town benefits from good road communications, with the M6 Motorway (Junction 34) being 6 miles to the east. This corner property is situated on the south side of Euston Road, at its junction with Central Drive (B5321) and opposite the Arndale Shopping Centre. Occupiers close by include the Arndale Centre some 35 metres from the property, which is home to Iceland, Betfred, Boots, Bodycare, Greggs, Poundland, The Works, Home Bargains and Bonmarché, amongst others.

LOCATION

Location: 81/83 Euston Road and 4-6 Central Drive, Morecambe LA4 5JY

Morecambe (0.5 miles)

Bare Lane (1.1 miles)

Lancaster (2.8 miles)

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