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Clacton-on-Sea - Freehold Mixed Use Block of Shop and 7 Apartments Let on Assured Shorthold Tenancies

For sale: £880,000.00|4,265 Sq Ft|Residential, Retail, General Retail, Retail - High Street, Mixed Use, Other Property Types & Opportunities

Property details

FOR SALE£880,000.00
SIZE4,265 Sq Ft
ADDRESSCastle Building, 2/2A Station Road, Clacton-On-Sea, Essex, CO15 1TB
TYPEResidential, Retail, General Retail, Retail - High Street, Mixed Use, Other Property Types & Opportunities
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON30th August 2021

Description

Investment Consideration:
Gross Initial Yield: 7.00%
Rental Income: £61,600 p.a.
VAT is NOT applicable to this property
Comprises retail shop and 7 self-contained residential units (4 x 1-bed flats and 3 x studio flats)
Total area size of 396 sq m (4,265 sq ft)
In same ownership for 45 years
The property 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 property 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 Flat
Third Floor: 1 x Studio Flat
Fourth Floor: 1 x 1-Bed
Fifth Floor: 1 x 1-Bed Flat and 1 x Studio Flat
Total area size: 396 sq m (4,265 sq ft)

Tenancies:
The Retail Shop is at present let to Decodestoresuk Ltd for a term of 10 Years from 23rd March 2022 at a current rent of £16,000 per annum. Rent free period of 4 months from 23.03.22 to 23.07.22 and additional 2 months from 24.03.23 to 23.05.23. Rent review linked to RPI and mutual option to determine on 23.03.27 with minimum 6 months notice. Tenant operates multiple locations across UK, including Piccadilly Circus and Gloucester Road in Central London.
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 29th 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. 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

marker
Location: Castle Building, 2/2A Station Road, Clacton-On-Sea, Essex, CO15 1TB

Clacton on Sea (0.3 miles)

Thorpe-le-Soken (4.1 miles)

Kirby Cross (4.4 miles)

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