Grimsby – Long Leasehold Shop and Residential Investment

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Investment Consideration:
Gross Initial Yield: 12.33%
Rental Income: £10,480 p.a.
VAT is NOT applicable to this property
Comprises mid terraced ground floor shop and 1-bed flat above
The premises are situated close to the Asda superstore on the west side of Freeman Street close to its junction with Hainton Square forming part of an established secondary retail area to the east of Grimsby town centre

Property Description:
The property comprises ground floor shop and a 1-bed flat at first floor, providing the following accommodation and dimensions:
Ground Floor Shop: 34.08 sq m (324 sq ft)
Open plan retail, Storage, WC
First Floor Flat: 46.00 sq m (495 sq ft)
1 Bedroom, Living Room, Kitchen, Bathroom

Tenancy:
The shop is at present let to an Individual for a term of 2 years from 6th February 2023 at a current rent of £5,980 per annum and the lease contains full repairing and insuring covenants. Deposit held of £1,000.
The first floor flat is at present let on an AST to an individual for a term of 12 months from 1st November 2022 at a current rent of £4,500 per annum. Deposit held of £330.

Tenure:
Long leasehold. Held on a 125 year lease from 1st August 1996 at a ground rent of £255.

Location:
Grimsby is the main commercial centre for North East Lincolnshire having a resident population approaching 100,000 although benefiting from a much larger surrounding catchment area. Grimsby is ideally situated with road connections to the A180 which in turn provides access to the M180, The Humber Bridge and in addition to the Humberside International Airport which is located approximately 14 miles to the south west. Grimsby is one of the largest ports in the country and is situated on the south bank of the Humber Estuary. The premises are situated close to the Asda superstore on the west side of Freeman Street close to its junction with Hainton Square forming part of an established secondary retail area to the east of Grimsby town centre.