Available
Scarborough – Retail Shop & Ground Rent
22 Castle Road, Scarborough YO11 1XAFreehold Retail & Residential Ground Rent Investment
Price
£70,000
Rent P.A.
£4,705
Yield
6.72%
Tenure
Freehold
Lease Term
3 Years
Years Left on Lease
8m
Area
750 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Shop under rented. ERV: £7,000 p.a.
- Comprises ground floor retail shop and one self-contained flat above (sold-off)
- Located opposite Tesco Express and Domino's Pizza, amongst other retailers
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
The property comprises ground floor retail shop and one self-contained flat above (sold-off), providing the following accommodation and dimensions:
Ground Floor: 70 sq m (750 sq ft)
Open plan retail, Storage, WC
Ground Floor: 70 sq m (750 sq ft)
Open plan retail, Storage, WC
Tenancy Description
The retail shop is at present let to an Individual for a term of years from 21st July 2022 until 31st August 2025 at a current rent of £4,680 p.a. and the lease contains full repairing and insuring covenants. Rent review on 21.06.25 (open market). Tenant option to determine on 21.01.24 with minimum 3 months notice. Deposit held of £780.
The residential flat has been sold off on a 125 Year lease from 25th December 2003 at a ground rent of £25 pear annum.
The residential flat has been sold off on a 125 Year lease from 25th December 2003 at a ground rent of £25 pear annum.
Tenancies & Accommodation
Location Description
Scarborough is a resort town on England’s North Sea coast. Its 2 bays with sandy beaches are split by a headland bearing the 12th-century Scarborough Castle. The property is located in the town centre with occupiers nearby including Tesco Express and Dominos Pizza, amongst others.