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AGENT'S DETAILS


St. Leonards-On-Sea – Freehold Shop and Residential Ground Rent Investment

For sale: £180,000.00|2139 Sq Ft|Retail, Residential, General Retail, Mixed Use, Other Property Types & Opportunities

PROPERTY DETAILS

FOR SALE£180,000.00
SIZE2139 Sq Ft
ADDRESS31/33 Bexhill Road, St. Leonards-On-Sea, East Sussex TN38 0AH
TYPERetail, Residential, General Retail, Mixed Use, Other Property Types & Opportunities
TENUREFor Sale Freehold
POSTED ON2nd June 2020

DESCRIPTION

Investment Consideration:
An affluent and popular town.
Advertising hoarding producing yearly income.
Comprises ground floor double-fronted retail unit, along with two maisonettes above both of which have been sold off on long leases.
VAT is NOT applicable to this property.
Occupiers nearby include Carpet Right, Premier Convenience Store, amongst other local traders.

Property Description:
The property is arranged as a ground floor double-fronted retail unit, along with two maisonettes above both of which have been sold off on long leases. In addition, there is also an advertising hoarding producing yearly income.

The property provides the following accommodation and dimensions:
No. 31/33 (Ground Floor & Basement): 198.7 sq m (2,139 sq ft)
Kitchenette, WC

Tenancy:
The shop is at present let to an Individual for a term of 6 years from 1st October 2017 at a current rent of £11,500 per annum and the lease contains full repairing and insuring covenants. The lease provides for a rent review every third year and rent deposit is held of £2,875.

The first/second floor residential flats (two maisonettes) have been sold off on long leases to individuals for a term of 99 years from
1st January 2004 at a current ground rent of £220 each per annum (£110 per annum for each flat).

The advertising hoarding is at present let to an Individual for a term of 12 years from 11th August 2015 at a current rent of £2,100 per annum and the lease contains full repairing and insuring covenants.

Location:
St Leonards-on-Sea is a town and seaside resort in the Borough of Hastings in East Sussex, England. St Leonards is an affluent and popular town located on the A31 about 10 miles north of Bournemouth town centre. The area enjoys good communications with the A31 linking to the M27 about 13 miles to the north-east and Bournemouth Airport about 5 miles south.

LOCATION

Location: 31/33 Bexhill Road, St. Leonards-On-Sea, East Sussex TN38 0AH

West St Leonards (0.2 miles)

St Leonards Warrior Square (1.1 miles)

Hastings (1.8 miles)

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