Available
Redcar – Cafe, Takeaway & Retail
117 High Street and 9 King Street, Redcar TS10 3DGMultiple Freehold Shops Investment
Price
£300,000
Rent P.A.
£24,080
Yield
8.03%
Tenure
Freehold
Lease Term
Various
Years Left on Lease
Holding Over
Area
1,959 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Predominant position in a pedestrianised location
- Opposite Pontefract’s street market
- The property comprises a ground and first floor retail unit with first floor ancillary accommodation on the High Street and two ground floor retail shops on King Street
- Nearby occupiers include Heron Foods, Coral Betting, TSB Bank, Wilko, amongst other local traders
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
The property comprises a ground and first floor retail unit with first floor ancillary accommodation on the High Street and two ground floor retail shops on King Street.
The property provides the following accommodation and dimensions:
No. 117 High Street (Ground & First Floor Shop): 91.60 sq m (986 sq ft)
No. 7 King Street (Ground Floor Shop): 66.40 sq m (715 sq ft)
No. 9 King Street (Ground Floor Shop): 24.00 sq m (258 sq ft)
The property provides the following accommodation and dimensions:
No. 117 High Street (Ground & First Floor Shop): 91.60 sq m (986 sq ft)
No. 7 King Street (Ground Floor Shop): 66.40 sq m (715 sq ft)
No. 9 King Street (Ground Floor Shop): 24.00 sq m (258 sq ft)
Tenancy Description
The shop No. 117 High Street is at present let to R B Periotto t/a Café & Patisserie for a term of 5 years from 1st November 2018 at a current rent of £11,000 per annum and the lease contains full repairing and insuring covenants. The shop No. 7 King Street is at present let to C Osborne t/a Pizza Kebab for a term of 7 years from 1st July 2017 at a current rent of £7,080 per annum and the lease contains full repairing and insuring covenants. The lease provides for rent reviews on the 1st July 2022 and 30th June 2023. The shop is at present let to an Individual for a term of 5 years since 2019 at a current rent of £6,000 per annum and the lease contains full repairing and insuring covenants. Rent deposit is held of £1,000.
Tenancies & Accommodation
Location Description
Redcar is a seaside resort and town in North Yorkshire, it lies 7.5 miles east-north-east of Middlesbrough on the North Sea coast. The property is situated on the corner of High Street and King Street. Nearby occupiers include Heron Foods, Coral Betting, TSB Bank, Wilko, amongst other local traders.