Available
Gorlseton-on-Sea – Shop & 3-Bed Flat
83/83A Magdalen Way, Gorleston-on-Sea, Great Yarmouth, Norfolk NR31 7AAFreehold Retail & Residential Investment
Price
£355,000
Rent P.A.
£15,400
Yield
4.34%
Tenure
Freehold
Lease Term
10 Years
Years Left on Lease
9m
Area
1,626 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Comprises ground floor retail shop and a 3-bed flat at first/second floor
- Property benefits from rear service yard and parking for 2 cars
- Nearby occupiers include Morrisons, Coral, Post Office and Lloyds Pharmacy.
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
Mid-terrace building comprising retail shop at ground floor and 3-bedroom flat at first/second floor. The property benefits from rear service yard with 2 parking spaces and provides the following accommodation and dimensions:
Ground Floor Shop: 74 sq m (796 sq ft)
Open plan retail, Storage, Kitchenette, WC
First/Second Floor Flat: 77 sq m (830 sq ft)
3 Bedrooms, Living Room, Kitchen, Bathroom/WC
Total GIA: 151 sq m (1,626 sq ft)
Ground Floor Shop: 74 sq m (796 sq ft)
Open plan retail, Storage, Kitchenette, WC
First/Second Floor Flat: 77 sq m (830 sq ft)
3 Bedrooms, Living Room, Kitchen, Bathroom/WC
Total GIA: 151 sq m (1,626 sq ft)
Tenancy Description
The retail shop is at present let to an Individual* for a term of 10 years from 29th September 2015 at a current rent of £7,900 per annum and the lease contains full repairing and insuring covenants. Deposit held of £3,600.
*Note – Lease assignment from 31 August 2016.
The residential flat is at present let on AST to an Individual for a term of 12 months from 29th July 2022 at a current rent of £7,500 per annum.
*Note – Lease assignment from 31 August 2016.
The residential flat is at present let on AST to an Individual for a term of 12 months from 29th July 2022 at a current rent of £7,500 per annum.
Tenancies & Accommodation
Location Description
Gorleston-on-Sea, known colloquially as Gorleston, is a town in the Borough of Great Yarmouth, in Norfolk, England. The town lies approx. 3 miles south of Great Yarmouth and benefits from good road links via the A12. The property is located close to the junction with Stuart Close within an established retail parade, with occupiers nearby including Morrisons`s Daily, Coral, Post Office, Lloyds Pharmacy and Barnardo’s, amongst others.
