Investment Consideration:
Gross Initial Yield: 8.47%
Rental Income: £12,700 p.a.
VAT is applicable to this property
Comprises ground floor shop and self-contained residential flat at first floor
The residential accommodation is accessed from the left side of the retail unit
Occupiers close by include Post Office and Co-op Food, amongst others.
Property Description:
Comprises large ground floor retail premises with self-contained residential flat at first floor, providing the following accommodation and dimensions:
Ground Floor Shop: 95 sq m (1,022 sq ft)
Open plan retail, store, office, wc
First Floor Flat: 42 sq m (452 sq ft)
2 Bedrooms, kitchen, living room, bathroom
Total area size: 137 sq m (1,474 sq ft)
Tenancy:
The retail shop is at present let to CCS-Clifford Contract Services Limited for a term of 5 years from 30th April 2024 at a current rent of £7,000 p.a. and the lease contains internal repairing and insuring covenants.
The residential flat is at present let on AST to an Individual for a term of 6 months from 8th September 2022 (holding over) at a current rent of £5,700 p.a. Deposit held of £545.
Location:
Alford is a market town in the East Lindsey district of Lincolnshire, situated on the edge of the Lincolnshire Wolds between Mablethorpe, Louth, Spilsby and Skegness and acts as a local retail centre. The town lies on the A1104 some 7 miles south of Mablethorpe and 30 miles east of Lincoln, and benefits from easy access to the A16 and the A158. The property is situated in the heart of town on the west side of Market Place, close to its junction with West Street (A110), opposite public car parking. Occupiers close by include The Post Office, and Co-op Food Store, amongst many other local businesses.
