Investment Consideration:
Rental Income: £15,244 p.a.
ERV: £22,444 p.a. GIY: 10.69%
VAT is NOT applicable to this property
Comprises three shops and six flats (five sold off)
Town centre location some 35 metres from the Arndale Shopping Centre
Occupiers close by include Iceland, Betfred, Boots, Greggs, Poundland, The Works, and Home Bargains 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:
Shop No. 81 Euston Road & 4 Central Drive:
Ground Floor: 47 sq m (506 sq ft)
Shop No. 83 Euston Road:
Ground Floor: 101 sq m (1,087 sq ft)
Basement: 30 sq m (323 sq ft)
Shop No. 6 Central Drive:
Ground Floor: 27 sq m (290 sq ft)
Flat 4: 69 sq m (742 sq ft)
2 Rooms, Kitchen, Bathroom
Flats 1,2,3,5,6: Sold-Off
Total Retail Area: 205 sq m (2,206 sq ft)
Total Residential Area: 69 sq m (742 sq ft)
Tenancy:
Shop No. 81 is at present let to an Individual 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 an Individual for a term of 3 years from 18th June 2021 at a current rent of £4,944 p.a. and the lease contains full repairing and insuring covenants. Rent deposit held of £824.
Shop No. 6 is at present let to an Individual 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 under refurbishment. ERV: £7,200 p.a.
Flats 1, 2, 3, 5, 6 are sold off on long leasehold for a term of 999 years from 1st June 2006 at a combined ground rent of £300 p.a.
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.
