Retail premises for sale in Grimsby Road, Cleethorpes DN35

The investment opportunity holds a highly visible position on the busy thoroughfare of Grimsby Road, located at the junction with Phelps Street Cleethorpes, in a good commercial area with easy access to all facilities. Grimsby Road is the main arterial route through to both the towns of Grimsby and Cleethorpes and has a high level of traffic throughout the day.

The accommodation comprises two traditional brick built two storey property that provides two self-contained one bedroomed separate flats (one currently vacant) some works are required, held on Shorthold Tenancy Agreements along with two ground floor retail units held on Fri lease terms at a combined rent of £5,850, There is previous approved planning consent provided for a further two, one bedroomed dwellings located on Phelps Street elevation of the investment. Planning application number DM/0556/17/ful. This was approved in June 2017.

The ground floor commercial units are held on Fri lease terms, expiring February 2025 & one currently vacant at a combined passing rent of £5,850 per annum when fully let. The flats are held on Shorthold Tenancy Agreement at an annual rent of £3,900 (rising to £7,800 per annum once fully let), the planning consent for a further two dwellings have a potential market value of £3,900 each per annum, with a potential for a fully let annual income of £21,450.

The approximate accommodation comprises:
49 Retail Unit (gf)
Shop Approx. - 704 sq. Ft (65.4 sq. M)

WC

51 Retail unit (gf)
Shop Approx.- 292 sq. Ft (27.1 sq. M)

WC

Flat 1 (currently vacant)
Lounge, Kitchen, one Bedrooms, Bathroom

Flat 2
Living Room, one Bedroom, Kitchen, Bathroom
Rent at £75 per week (£3,900 per annum each)

The investment opportunity is available For Sale with an asking price of £145,000.

Each party is to be responsible for their own legal costs and stamp duty or land tax that may apply.
Rateable Value
We are advised by North East Lincolnshire Council that the Rateable Value is £3,500 for the retail unit 49 Grimsby Road & £2,150 for the retail unit at 51 Grimsby Road, all flats are listed under the Band A assessment. Interested parties are advised to confirm this with the Local Authority.