2 bedroom apartment for sale
Key information
Property description & features
- Tenure: Freehold
- Mixed Use Premises
- Commercial Unit + 2 x 1 Bedroom Flats
- Flats Let At £7,020 Per Annum
- Expected Commercial Rent £4,800 Per Annum
- Yield 10.3%
- Long Term Tenants Wishing To Remain
- uPVC Double Glazing
- Modern Electric Heaters
The property is within close proximity to Freshney Place shopping centre and benefits from good transport links to and from Cleethorpes.
The property comprises of a well proportioned ground floor retail area approximately 62.89sqm/676sqft in size, comprising of 2 w.c.'s and a generous sized basement of 48.51sqm/522.15 sqft. The property comes with 2 x 1 bedroom, flats which are currently let at £75 and £60 per week respectively, equating to £7,020 per annum. We anticipate the retail unit to generate an income of £4,800 per annum, which combined generates an income of £11,820 per annum. At the current asking price, this represents a yield of just shy of 10.3%, making this an extremely attractive investment opportunity.
VIEWING IS HIGHLY RECOMMENDED FOR THIS EXCEPTIONAL OPPORTUNITY.
Rooms
Ground Floor - Retail Unit 11.01m x 5.03m
These premises have a number of different uses, subject to relevant planning consent. The unit comprises of a uPVC double glazed window frontage as well as entrance door off Freeman Street and has carpeted flooring throughout and a suspended ceiling.
W.C.
With w.c. and hand basin.
W.C.
With w.c. and hand basin.
Basement 10.3m x 4.82m
This could be used for an abundance of different uses.
First Floor Flat - 4A
Entrance Hallway
With a front door leading onto the communal hallway.
Living Room 4m x 2.5m
With a uPVC double glazed front window and electric storage heater.
Bedroom 2.5m x 4.1m
With a uPVC double glazed window and an electric storage heater.
Kitchen 1.8m x 3.1m
With wall and base units incorporating a basin and space for a cooker, washing machine and stand alone 'fridge-freezer.
Bathroom
A three piece suite incorporating a bath, w.c. and a basin.
Tenancy
The property is currently let for £60 per week (£260 per calendar month) on and Assured Shorthold Tenancy with the tenants being in situ since 2013 and wishing to remain.
Second Floor Flat - 4B
Entrance Hallway
With a uPVC double glazed window, under stairs storage space and stairs leading to the first floor accommodation.
Landing
With a uPVC double glazed window and a storage cupboard.
Living Room 2.8m x 4.1m
With a uPVC double glazed front window and an electric storage heater.
Bedroom 3.7m x 2.4m
With a uPVC double glazed rear window and an electric storage heater.
Bathroom
A large bathroom consisting of a bath and w.c. as well as a uPVC double glazed front window.
Cloakroom
With a uPVC double glazed frosted window, pedestal basin and a w.c.
Kitchen 2.7m x 2.6m
With fitted wall and base units incorporating a basin as well as space for a cooker, washing machine and 'fridge-freezer. Partially tiled with the "Britony II" boiler.
Loft Room 3.8m x 5m
A boarded loft space with a timber "Velux" single glazed window.
Tenancy
The property is currently let at £75 per week (£325 per calendar month) and the tenant has been in situ since the current owner purchased the property is 2012. The tenant, much like the flat below wishes to remain.
Communal Areas
The two residential flats are located down a side alleyway to the left of 4 Freeman Street, which the leads access via a metal stairway to the two flats. To gain access to the two flats, one must walk across the flat roof of 6 Freeman Street, however we have checked there is right of way to gain access above this premises.
NOTE
Please note this property sale is related to a member of staff at Jackson, Green and Preston.
Business Rates
The rateable value as of 1st April 2017 is £1,200. All interest parties are advised to make there own enquiries.
Council Tax Band A (Each Flat)
This information was obtained on the 17th August 2022 and is for guidance purposes only. Purchasers should be aware that the banding of the property could change if information is brought to light that makes it clear to the Valuation Office Agency that an error was made with the original allocation.
Additionally, there may be circumstances when the Council Tax can be altered on change of ownership.
All interested parties are advised to make their own enquiries. See
Sources Of Useful Information
Purchasers may find the following websites useful in providing additional information in respect of the property and the immediate surrounding area.
Property information from this agent
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Broadband availability and predicted speed: obtained from Ofcom on December 20, 2021
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Super-fast: Between 30 Mbit/s and 300 Mbit/s
Ultra-fast: Over 300 Mbit/s
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Mobile phone signal availability and predicted strength: obtained from Ofcom on February 11, 2022
Mobile signal predictions are provided by the four UK mobile network operators: EE, O2, Three and Vodafone. Predictions can vary significantly from the coverage you may actually experience as a result of local factors (especially terrain). Ofcom has tested the actual coverage provided in various locations around the UK to help ensure that these predictions are reasonable. The values shown against a property can be broken down as follows:
Clear: No bars, no signal predicted
Red: One bar, reliable signal unlikely
Amber: Two bars, may experience problems with connectivity
Green: Three bars, likely to have good coverage and receive a data rate to support basic web services
Enhanced: Full bars, likely to have good coverage indoors and to receive an enhanced data rate to support multimedia services
Energy Performance data and Internal floor area
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