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Mixed High Street investment
Excellent trading location
Comprises 1 shop and two flats
All income producing
Ground floor let on 10 year lease
Total income £23,720 per annum
The subject property is situated in Scunthorpe which is the commercial centre of North Lincolnshire. Scunthorpe has a resident population of approximately 75,000 with industry, retail and amenities commensurate with it size.
The subject property is situated on High Street which is the main retail area of the town. High Street at this location is part of the inner traffic management scheme and is one way.
Slightly further to the east is the pedestrian area of the town encompassing The Foundry and Parishes shopping centre which has integrated the town with leisure, parking and traditional retail. The subject property has frontage to High Street with this area of the town mainly focused on retail although slightly further to the west retail is interspersed with leisure uses. Surrounding this area of High Street are several large Local Authority car parks.
The accommodation is of traditional construction with outer elevations of brick beneath tiled and flat roofs. Attractive curved windows to upper floor.
Ground floor, lock up unit let to a barbers with modern shop display windows. The rectangular shop area is now divided by stud wall and a sliding glass door allowing for rear storage, kitchen, two WCs and includes access to a rear ten foot passageway.
First floor flat accessed via a metal external staircase and comprises of living room, bedroom, kitchen and bathroom.
Second floor flat accessed via the above metal staircase and consists of living room, bedroom, kitchen and bathroom.
Ground floor Retail - 63.47 sqm 683 sq ft Secondary retail/store - 23.90 sqm 257 sq ft Kitchen - 7.56 sqm 81 sq ft 2 WCs
Total 94.93 sqm 1021 sq ft
First floor 1 Bedroom flat Second floor 1 Bedroom flat
The ground floor is entered in the rating list as Shop and Premises. Rateable value £10,000 per annum. Interested parties are advised to contact the Local Rating Authority as to whether any rate relief is available. The flats are assessed under Council Tax Band A.
Electricity, water and drainage are understood to be connected to the subject property. Services have not been tested and prospective occupiers are advised to check the adequacy of the supply for their intended use. Commercial EPC D96. First floor flat EPC D61, second floor flat EPC 68.
The subject property is being sold as an investment with the existing tenants in occupation. Ground floor let to a Barbers from April 2018 for 10 years with a break clause at the end of year 5 on internal repairing terms with the tenant responsible for external repairs and is responsible for all outgoings. Passing rent £10,200 per annum. First and second floor flats are tenanted on an assured shorthold tenancy with the passing rent for each flat being £6760 per annum. Total income for property £23,720 per annum.
* Sizes listed are approximate. Please contact the agent to confirm actual size.
For more information about this property, please contact Paul Fox Commercial, DN15 on +44 1724 377966 * (local rate)
Contact Paul Fox Commercial about this property
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