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Clacton-on-Sea - Freehold Unbroken Residential Block & Mixed Use Block Investment

For sale: £1,625,500.00|8,290 Sq Ft|Residential, Retail, Mixed use, Other Property Types & Opportunities

Property details

FOR SALE£1,625,500.00
SIZE8,290 Sq Ft
ADDRESSSeafields and Castle Building, Clacton-on-Sea CO15
TYPEResidential, Retail, Mixed use, Other Property Types & Opportunities
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON27th July 2021

Description

Investment Consideration:
Gross Initial Yield: 7.00%
Rental Income: £113,800 p.a.
VAT is NOT applicable to this property
The portfolio comprises 1 x Residential Block and 1 x Mixed-Use Block and consist of 15 x Flats and 1 x Retail Shop in total.
Total area size of 770 sq m (8,290 sq ft)
100% Occupancy Rate
In same ownership for 45 years
Seafields is located on the seafront, overlooking the beach and Clacton Pier
Castle Building is located within short walk to Clacton Pier, with occupiers nearby including Nat West, McDonalds, Santander and Lloyds Bank, amongst many more.

Property Description:
The portfolio comprises 1 x Residential Block (Seafields) and 1 x Mixed-Use Block (Castle Building) and consist of 15 x Flats and 1 x Retail Shop in total.

Seafields comprises 7 x 1-Bed and 1 x 2-Bed Flats, arranged over Ground, First and Second floors with the following accommodation and dimensions:
Ground Floor: 3 x 1-Bed and 1 x 2-Bed Flats
First Floor: 2 x 1-Bed Flats
Second Floor: 2 x 1-Bed Flats
Total area size: 374 sq m (4,025 sq ft)

Castle Building comprises Retail Shop, 4 x 1-Bed and 3 x Studio Flats arranged over Basement, Ground, First, Second, Third, Fourth and Fifth floors with the following accommodation and dimensions:
Ground Floor/Basement: Retail Shop
First Floor: 1 x 1-Bed Flat
Second Floor: 1 x 1-Bed and 1 x Studio Flats
Third Floor: 1 x Studio Flat
Fourth Floor: 1 x 1-Bed and 1 x Studio Flats
Fifth Floor: 1 x 1-Bed Flat
Total area size: 396 sq m (4,265 sq ft)

Tenancies - Seafields:
Flat 69 is at present let on AST to an Individual for a term of 12 Months from 31st October 2020 at a current rent of £7,920 per annum. Deposit held of £888.
Flat 69B is at present let on AST to an Individual for a term of 12 Months from 1st May 2020 at a current rent of £6,900 per annum. Deposit held of £575.
Flat 1 is at present let on AST to an Individual for a term of 12 Months from 1st August 2020 at a current rent of £6,600 per annum. Deposit held of £550.
Flat 2 is at present let on AST to an Individual for a term of 12 Months from 5th August 2020 at a current rent of £6,600 per annum. Deposit held of £550.
Flat 3 is at present let on AST to an Individual for a term of 12 Months from 1st February 2020 at a current rent of £6,300 per annum. No deposit held.
Flat 4 is at present let on AST to an Individual for a term of 12 Months from 21st March 2019 at a current rent of £6,240 per annum. Deposit held of £450.
Flat 5 is at present let on AST to an Individual for a term of 12 Months from 26th June 2021 at a current rent of £6,600 per annum. Deposit held of £550.
Flat 6 is at present let on AST to an Individual for a term of 12 Months from 15th March 2019 at a current rent of £5,040 per annum. Deposit held of £450.

Tenancies - Castle Building:
The Retail Shop has been let to an Individual for a term of 10 Years from September 2021 at agreed rent of £16,000 per annum and the lease contains full repairing and insuring covenants. Deposit held of £8,000 Tenant option to determine in 2024.
Flat 1 is at present let on AST to an Individual for a term of 12 Months from 17th December 2020 at a current rent of £6,600 per annum. Deposit held of £605.
Flat 2 is at present let on AST to an Individual for a term of 12 Months from 2nd August 2020 at a current rent of £6,300 per annum. Deposit held of £605.
Flat 3 is at present let on AST to an Individual for a term of 12 Months from 16th September 2020 at a current rent of £6,600 per annum. Deposit held of £696.
Flat 4 is at present let on AST to an Individual for a term of 12 Months from 6th August 2020 at a current rent of £6,300 per annum. Deposit held of £525.
Flat 5 is at present let on AST to an Individual for a term of 12 Months from 7th July 2020 at a current rent of £6,600 per annum. Deposit held of £550.
Flat 6 is at present let on AST to an Individual for a term of 12 Months from 23rd January 2021 at a current rent of £6,300 per annum. Deposit held of £525.
Flat 7 is at present let on AST to an Individual for a term of 12 Months from 15th July 2021 at a current rent of £6,900 per annum. Deposit held of £575.

Location:
Clacton-on-Sea is the largest town in the Tendring peninsula and district in Essex, eastern England. The town is served by Clacton-on-Sea railway station (90 minutes to London Liverpool Street station). The town also benefits from its own airport. Clacton has a pleasure pier, arcades, a golf course, caravan parks and an airfield. The town and its beaches are still popular with tourists in the summer and there is an annual entertainment programme including the Clacton Carnival and Clacton Air show. Clacton has a shopping area with many of the usual national chains represented, and a Factory Shopping Village in the north of the town. Seafields is located on the seafront, overlooking the beach and Clacton Pier. Castle Building is located within walking short walk to Clacton Pier, amongst retailers such as Nat West, McDonalds, Santander, Lloyds Bank and many more.

Location

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Location: Seafields and Castle Building, Clacton-on-Sea CO15

Clacton on Sea (0.3 miles)

Thorpe-le-Soken (4.1 miles)

Kirby Cross (4.4 miles)

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