Acquired
Scarborough – Restaurant & Flat
63 Victoria Road, Scarborough YO11 1SHFreehold Restaurant and Residential Investment
VAT Applicable
No
Sector
Investment Consideration
- Comprises shop with maisonette above
- Prominent location close to rail station
- The property is arranged on ground and two upper floors to provide a ground floor shop (tenant also trades from the adjoining ground floor unit) and a self-contained maisonette on the first and second floors
- Occupiers close by include an Aldi supermarket, Subway, Nationwide and Sports Direct
VAT
VAT is not applicable.
Property Description
The property is arranged on ground and two upper floors to provide a ground floor shop (tenant also trades from the adjoining ground floor unit) and a self-contained maisonette on the first and second floors.
Tenancy Description
The shop is at present let to an Individual t/a The Band Eat In for a term of 10 years from 1st June 2016 at a current rent of £7,500 per annum and the lease contains full repairing and insuring covenants. The lease provides a rent review every fifth year to the higher of open market value or RPI. The first and second floor residential flat is at present let on an AST to an individual for a term of 12 months from 1st June 2016 (Holding Over) at a current rent of £5,400 per annum.
Tenancies & Accommodation
Location Description
The famous seaside town of Scarborough is both a busy holiday resort and an established commercial and retail centre. The town is located on the North Yorkshire coast approximately 37 miles north-east of York and 37 miles north of Hull. The town is served by the A64 trunk road and the A165. The property is situated on Victoria Road, between its junctions with Brook Street and Cambridge Street. Occupiers close by include an Aldi supermarket, Subway, Nationwide and Sports Direct.
