Retail premises for sale in The Esplanade, Weymouth DT4

Investment Consideration:
Gross Initial Yield: 7.47%
Rental Income: £34,000 p.a.
VAT is not applicable to this property
Comprises 3 ground floor retail shops with 6 residential flats above (sold-off)
Occupying a prominent beach front location only 100 yards from the prime retailing in Weymouth Town Centre.

Property Description:
Prominent seafront building comprising 3 ground floor shops and 6 residential flats, which have been sold off on long leasehold. The property benefits from communal basement and provides the following accommodation and dimensions:
Ground Floor: 118 sq m (1,271 sq ft)
Shop No.87 - 45 sq m (480 sq ft)
Shop No.88 - 42 sq m (453 sq ft)
Shop No.88 - 31 sq m (338 sq ft)
First/Second/Third Floor: 6 Flats (sold-off)

Tenancy:
Shop No.87 is at present let to an Individual for a term of 3 years from 1st July 2022 at a current rent of £12,000 per annum and the lease contains full repairing and insuring covenants. Lease within Landlord & Tenant Act 1954.
Shop No.88 is at present let to an Individual for a term of 3 years from 19th January 2022 at a current rent of £12,000 per annum and the lease contains full repairing and insuring covenants. Lease within Landlord & Tenant Act 1954.
Shop No.89 is at present let to an Individual for a term of 5 years from 1st October 2022 at a current rent of £8,000* per annum and the lease contains full repairing and insuring covenants. Lease within Landlord & Tenant Act 1954.
*Fixed increase to £10,000 p.a. In October 2024 until the remainder of the lease. Vendor will top up rent, so the buyer receives the equivalent of £10,000 p.a. From completion.
Residential Flats have been sold-off on long leasehold for a term of 999 Years from 17th February 2020 at a ground rent of peppercorn.

Location:
Occupying a prominent beach front location only 100 yards from the prime retailing in Weymouth Town Centre and multiples such as McDonalds, kfc, Sports Direct and Matalan. Weymouth is a popular and attractive South Dorset coastal resort, which benefits from high levels of tourism in the summer months and enjoys good road access from the A35 via the A354