Freehold Mixed Retail & Residential Investment Properties For Sale

Business description

SBS Corporate are delighted to offer to the market this excellent freehold opportunity which has been in the hands of the current owner since 1965.

The vendor has decided to sell in order to fund a large business venture.

The freehold consists of several properties of which the ground floor consists of 3 separate businesses:
- Fish & chips
- Indian restaurant
- A hairdressers

The first floor consists of 6 separate flats all let on assured short-term tenancies.
The fish and chip shop and the restaurant are let on long term leases of 19 years on a full repairing and insuring basis. The hairdressers lease expires in June 2006. The vendor informs us that the tenant has expressed an interest for a 10 or 12 year lease.

The total rental income for both the ground and first floors is £93040.00. This produces a yield of 9.5%, which is an excellent rate of return in today’s market place.

The whole site has a width of approx. 31.65 metres and a depth of approx. 20.7 metres and is approx. rectangular in shape. The approx. areas per unit are as follows:
- Hairdressers approx. 31.76 m2
- Indian restaurant approx. 165.45 m2
- Fish & chip shop approx. 325.69 m2
The flats areas are as follows:
- Winston flat approx. 34.28 m2 (1st floor)
- Second floor accommodation approx. 48.94 m2 (2nd floor)
- Blenheim flat approx. 20.49 m2 (1st floor)
- Spencer flat approx. 25.07 m2 (1st floor)
- Randolph flat approx. 25.07 m2 (1st floor)
- Clementine flat approx. 30.72 m2 (over 1st and 2nd floors)

It seems all main services are connected. Space heating is by means of a mixture of radiators served via gas-fired boilers or electric wall heaters.
The Indian restaurant’s commercial lease includes a further 3 flats known as: Churchill, The Nest and Chequers.

The annual rents for the 3 shops are as follows:

- Fish & chip shop £20,000 p.a. the original lease was 21 years from 17/10/2003 a rent review to be conducted every 3 years, upwards only.
- Indian restaurant £20,000 p.a. original lease of 21 years from 1/9/2003 rent review every 3 years with upwards movements only
- Hairdressing salon £5,200 p.a. original lease of 3 years from 14/7/2003.
- The letting income from the 5 flats is as follows:
Flat Rent per week all inclusive
Blenheim £130
Spencer £135
Clementine £200
Randolph £200
Winston £255

£920 per week
____
or £47,840 per annum

Property information

Property:

Freehold

Location:

This substantial property is located in a busy shopping parade in the market town of Wisbech. The immediate vicinity is occupied by a vast multitude of retail businesses ranging from small independents to large corporates.

The main road is the A47, which provides good access to both the city of Peterborough and the market town of Kings Lynn.

The premises are located in a secondary retail area within walking distance of Wisbech market place.