- Investment Opportunity
- Ground Floor Retail 10 year lease
- 5 One Bedroom Flats
- Total Rental Income £23,000 Per Annum
The property is situated on West Road in the coastal town of Loftus, Saltburn-by-the-Sea. Situated half way between Middlesbrough and Whitby(approx.18miles either way), Loftus is a mainly residential area. West Road is a largely commercial street in Loftus, with several local businesses and other services including a post office and health centre..
Ground floor A5 hot food take away currently trading as Goodfellows Pizzeria, consisting of main sales area, kitchen, storage and staff W.C. NI Aapprox .62.80sqm.
Flat1: First Floor Hallway Lounge/kitchen: 12.80sqm Bedroom: 6.66sqm Bathroom: 4.70sqm NIA 28.28sqm
Flat2: First Floor Lounge/ kitchen: 19.60sqm Bedroom: 8.97sqm Bathroom: 2.66sqm NIA 31.23sqm
Flat3: Second Floor Hallway Lounge/kitchen: 11.91sqm Bedroom: 6.75sqm Bathroom: 4.03sqm NIA 27.01sqm
Flat4: Second Floor Lounge/kitchen: 11.44sqm Bedroom: 6.69sqm Bathroom:3.77sqm NIA 21.90sqm
Flat5: Third Floor Lounge/ bedroom: 19.70sqm Kitchen: 6.00sqm Bathroom:3.00sqm NIA 28.70sqm
The flats all have individual water and electric meters. They also have individual electric wall heaters, plus hot water tank for running water. Every flat has a bathroom.
A new fire alarm system was fitted within last 12 months which links into the shop on the ground floor.
Tenure Freehold. Title number CE80636.
Lease Details: The current shop is on an eleven year lease at £5,200 per annum with start date of 21st October 2015. The occupier has been in the unit since 1996. The lease allows the buyer to charge their management fees and insurance costs back to the tenant. The five flats are let to one company on a 3 year lease at £18,000 per annum with a start date of 7 March 2017. The company sublets the flats. Landlord only breaks every six month.