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Property description & features
Investment Sale
Return approximately 8.50% on net rent
Prime position on Fenkle Street
Currently fully let to 2 tenants.
Held on 990 year Leasehold, with 952 years remaining at an annual rent of £25 per annum.
Net Rental income of £15,515 per annum.
1 Fenkle Street & 2 Clayport Street is a Grade II 3 storey stone built property, located on the corner of Fenkle Street and Clayport Street.
The property benefits from a double windows with central door access on the ground floor which opens to a good trading space. There is 2 hour off street parking adjacent. The Property is connected mains water, electricity and drainage.
Schedule of Accommodation and Rent
2 Clayport Street
First Floor and Second Floor let to
Stephen Hopper t/a Hairess Maines
Rent £5,040
First Floor - 22.8 m²
Second Floor - 24.8 m²
1 Fenkle Street
Let to Dawn Mitchell t/a Chocolate Spa
Rent £10,500
Ground Floor - 28.5 m²
Basement - 28.8 m²
Total Rental Income £15,540
Total Area 104.9 m² (1,129) ft²
The property is held on a 990 year lease from 31/01/1983 at an annual rent of £25 per annum payable on the 1st January. The 952 year leasehold is available to purchase for £165,000 with the benefit of the right to receive the annual rental income.
1 Fenkle Street let to Chocolate Spa on a 10 year lease from 11/02/2009, which is now holding over. 2 Clayport Street is let to Hairess Maines on a 3 year lease from 01/12/2017, which is now holding over.
Both of the leases are internally repairing and responsible for building insurance. The guide price reflects a gross yield of 8.50% on the rent received with an allowance of 10% for repairs and maintenance.
The property is located on Fenkle Street, nearby occupiers include Turnbulls, Subway, Beauty World and the Farm Bakery. The property is in close proximity the Bus Station.
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