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AGENT'S DETAILS


Ramsgate – Freehold Shops and Ground Rent Investment

For sale: £90,000.00|1028 Sq Ft|Retail, Residential, General Retail, Retail - High Street, Mixed Use, Other Property Types & Opportunities

PROPERTY DETAILS

FOR SALE£90,000.00
SIZE1028 Sq Ft
ADDRESS41 Effingham Street, Ramsgate, Kent CT11 9AT
TYPERetail, Residential, General Retail, Retail - High Street, Mixed Use, Other Property Types & Opportunities
TENUREFor Sale Freehold
POSTED ON1st June 2020

DESCRIPTION

Investment Consideration:
Prominent corner building within Ramsgate town centre.
Comprising a ground floor retail unit with basement ancillary accommodation. The two upper flats and a rear retail unit sold on long leases.
Two minutes walk from the High Street.
Located in busy Kent town.
VAT is NOT applicable to this property.
Occupiers nearby include Argos, Greggs, WH Smith, New Look and Boots.

Property Description:
The property is a Grade II listed building comprising ground floor retail unit with basement ancillary accommodation and a second ground floor retail unit accessible from George Street. There are two residential flats on the upper floors which have been let on 125 year leases.

Tenancy:
Shop No. 41 is at present let to an Individual t/a Bliss Salon for a term of 10 years from 1st December 2016 at a current rent of £6,000 per annum and the lease contains full repairing and insuring covenants. The lease provides for rent review every fifth year and rent deposit held of £ 1,240. Shop No. 2A George Street is at present let to an Individual for a term of 10 years from 1st December 2016 at a current rent of £1,440 per annum and the lease contains full repairing and insuring covenants. The first and second floor residential flats, No. 41A and No. 41B, is sold on long leases to Individuals for a term of 125 years from 1st January 2005 at a current ground rent of £200 per annum. The lease provides fixed rental increases to £200 in 2038, £300 in 2071 and £400 in 2104.

Location:
Ramsgate is a busy town on the east coast of Kent, with excellent links to the M2 via the A253. The property is located within the town centre on the eastern side of Effingham Street at it's junction with George Street. The pedestrianised High Street is within a two minute walk and houses retailers including Argos, Greggs, WH Smith, New Look and Boots.

LOCATION

Location: 41 Effingham Street, Ramsgate, Kent CT11 9AT

Ramsgate (0.6 miles)

Dumpton Park (0.9 miles)

Broadstairs (2.0 miles)

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