166 Cleethorpe Rd
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166 Cleethorpe Rd
2,529 SF Retail Building Grimsby DN31 3HW £88,000 (£35/SF) 9.62% Net Initial Yield
Investment Highlights
- Prominent Location
- Good Transport Links
- Close to local amenities
Executive Summary
A fantastic opportunity has arisen to purchase a two-storey terraced building with basement storage. The ground floor comprises a retail
premises and storage/workshop area, while the first floor offers a self-contained flat.
The front retail shop features a main retail area (approx. 47sqm / 505sqft), store/office (approx. 29sqm / 312sqft), kitchenette, and W.C. It
is complemented by a rear storage/production area, including basement storage and convenient rear loading access.
The self-contained flat on the first floor is accessible from the front elevation and is currently let on a long ground lease, ensuring stable
rental income.
We understand that the commercial property is let on a 10-year Full Repairing and Insuring Lease (FRI) starting from March 3, 2017, at an
annual rent of £6,240, subject to review every three years to the higher of the Retail Price Index (RPI) or market rent. The rear area and
basement are leased separately to the same tenant on a 10-year FRI starting from June 10, 2018, at an annual rent of £2,080, with similar
rent review terms. The flat is leased on a long ground lease for 150 years starting from April 1, 2018, at a ground rent of £150 per annum.
The property is strategically situated on Cleethorpe Road (A180), linking Grimsby and Cleethorpes, and provides easy access out of town via the M180. This property presents a secure, long-term investment opportunity, offering both commercial and residential income streams in a highly sought-after location. Contact us today to learn more or schedule a viewing.
premises and storage/workshop area, while the first floor offers a self-contained flat.
The front retail shop features a main retail area (approx. 47sqm / 505sqft), store/office (approx. 29sqm / 312sqft), kitchenette, and W.C. It
is complemented by a rear storage/production area, including basement storage and convenient rear loading access.
The self-contained flat on the first floor is accessible from the front elevation and is currently let on a long ground lease, ensuring stable
rental income.
We understand that the commercial property is let on a 10-year Full Repairing and Insuring Lease (FRI) starting from March 3, 2017, at an
annual rent of £6,240, subject to review every three years to the higher of the Retail Price Index (RPI) or market rent. The rear area and
basement are leased separately to the same tenant on a 10-year FRI starting from June 10, 2018, at an annual rent of £2,080, with similar
rent review terms. The flat is leased on a long ground lease for 150 years starting from April 1, 2018, at a ground rent of £150 per annum.
The property is strategically situated on Cleethorpe Road (A180), linking Grimsby and Cleethorpes, and provides easy access out of town via the M180. This property presents a secure, long-term investment opportunity, offering both commercial and residential income streams in a highly sought-after location. Contact us today to learn more or schedule a viewing.
Property Facts
Sale Type
Investment
Property Type
Retail
Tenure
Freehold/Long Leasehold
Property Subtype
Storefront Retail/Office
Building Size
2,529 SF
Building Class
B
Year Built
1918
Price
£88,000
Price Per SF
£35
Net Initial Yield
9.62%
NOI
£8,470
Tenancy
Single
Number of Floors
3
Frontage
24 ft on Cleethorpe Road
Amenities
- Security System
- Roller Shutters
- Storage Space
1 of 1
Nearby Major Retailers
-
Hayley Kinnaird -
Jackson Green & Preston
1 of 4
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166 Cleethorpe Rd
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