Retail premises for sale in The Parade, Minehead TA24

Investment Consideration:
Gross Initial Yield: 7.57%
Rental Income: £56,740 p.a.*
VAT is not applicable to this property
Comprises Ground Floor Shop with 2 x 2-Bed and 2 x Studio Flats
Commercial unit Let to The Works Stores Limited for 10 years from 20th October 2022 at a current rent of £30,000 per annum. Fixed rental increase to £32,500 in Year 3 & 4, and £37,500 in Year 5
Open market, upward only rent review in October 2027
Asset management opportunity to increase the flats rental income
Town centre location with occupiers nearby including Boots and Superdrug (both adjacent), Greggs, Costa Coffee and Post Office.

Property Description:
The property comprises ground floor retail shop, 2 x 2-bed and 1 x studio flats at first and second floor and detached studio flat at rear, providing the following accommodation and dimensions:
Ground Floor: Retail Shop 187 sq m (2,015 sq ft)
Open plan retail, Storage, WC
Rear Ground Floor: Detached Studio Flat 25 sq m (269 sq ft)
Double Bed, Kitchen/Living Room, Bathroom
First Floor: Flat 1 47 sq m (506 sq ft)
2 Bedrooms, Kitchen, Living Room, Bathroom
First Floor: Flat 2 47 sq m (506 sq ft)
2 Bedrooms, Kitchen, Living Room, Bathroom
Second Floor: Flat 3 28 sq m (302 sq ft)
Double Bed, Kitchen/Living Room, Bathroom
Total area size: 334 sq m (3,598 sq ft)

Tenancy:
The ground floor shop is at present let to The Works Stores Limited for a term of 10 Years from 20th October 2022 at a current rent of £30,000 per annum and the lease contains full repairing and insuring covenants. The Vendor will top-up rent upon completion to the equivalent of £32,500 per annum.
Fixed rental increase to £32,500 in Year 3 and 4.
Fixed rental increase to £37,500 in Year 5.
Rent review open market, upward only in October 2027.
Tenant option to determine in October 2027 with min 6 months notice.

The First Floor Flat 1 is at present let on AST to an Individual for a term of 12 Months from 31st March 2017 at a current rent of £6,600 p.a. Deposit held of £550.
The First Floor Flat 2 is at present let on AST to an Individual for a term of 12 Months from 23rd January 2021 at a current rent of £7,140 p.a. Deposit held of £686.
The Second Floor Studio Flat 3 is at present let on AST to an Individual for a term of 12 Months from 31st January 2022 at a current rent of £5,700 p.a. Deposit held of £548.
The Rear Ground Floor Studio Flat 4 is at present let on AST to an Individual for a term of 12 Months from 25th July 2022 at a current rent of £4,800 p.a. Deposit held of £400.

Location:
Minehead is a coastal town and civil parish in Somerset, England. It lies on the south bank of the Bristol Channel, 21 miles north-west of the county town of Taunton, 12 miles from the border with the county of Devon and in proximity of the Exmoor National Park. The town is located on the A39 road, and is 28 miles (45 km) north-west of the M5 motorway at junction 24. The property is located in the town centre with occupiers nearby including Boots and Superdrug (both adjacent), Greggs, Costa Coffee, Post Office and many more.