Available
Weymouth – 3 Shops & Ground Rent
87-89 The Esplanade, Weymouth, Dorset DT4 7APFreehold Retail & Residential Ground Rent Investment
Price
£445,000
Rent P.A.
£34,000
Yield
7.47%
Tenure
Freehold
Lease Term
5 Years
Years Left on Lease
3y 4m
Area
1,271 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Comprises 3 ground floor retail shops with 6 residential flats above (sold-off)
- Occupying a prominent beach front location only 100 yards from the prime retailing in Weymouth Town Centre.
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
Prominent seafront building comprising 3 ground floor shops and 6 residential flats, which have been sold off on long leasehold. The property benefits from communal basement and provides the following accommodation and dimensions:
Ground Floor: 118 sq m (1,271 sq ft)
Shop No.87 - 45 sq m (480 sq ft)
Shop No.88 - 42 sq m (453 sq ft)
Shop No.88 - 31 sq m (338 sq ft)
First/Second/Third Floor: 6 Flats (sold-off)
Ground Floor: 118 sq m (1,271 sq ft)
Shop No.87 - 45 sq m (480 sq ft)
Shop No.88 - 42 sq m (453 sq ft)
Shop No.88 - 31 sq m (338 sq ft)
First/Second/Third Floor: 6 Flats (sold-off)
Tenancy Description
Shop No.87 is at present let to an Individual for a term of 3 years from 1st July 2022 at a current rent of £12,000 per annum and the lease contains full repairing and insuring covenants. Lease within Landlord & Tenant Act 1954.
Shop No.88 is at present let to an Individual for a term of 3 years from 19th January 2022 at a current rent of £12,000 per annum and the lease contains full repairing and insuring covenants. Lease within Landlord & Tenant Act 1954.
Shop No.89 is at present let to an Individual for a term of 5 years from 1st October 2022 at a current rent of £8,000* per annum and the lease contains full repairing and insuring covenants. Lease within Landlord & Tenant Act 1954.
*Fixed increase to £10,000 p.a. in October 2024 until the remainder of the lease. Vendor will top up rent, so the buyer receives the equivalent of £10,000 p.a. from completion.
Residential Flats have been sold-off on long leasehold for a term of 999 Years from 17th February 2020 at a ground rent of peppercorn.
Shop No.88 is at present let to an Individual for a term of 3 years from 19th January 2022 at a current rent of £12,000 per annum and the lease contains full repairing and insuring covenants. Lease within Landlord & Tenant Act 1954.
Shop No.89 is at present let to an Individual for a term of 5 years from 1st October 2022 at a current rent of £8,000* per annum and the lease contains full repairing and insuring covenants. Lease within Landlord & Tenant Act 1954.
*Fixed increase to £10,000 p.a. in October 2024 until the remainder of the lease. Vendor will top up rent, so the buyer receives the equivalent of £10,000 p.a. from completion.
Residential Flats have been sold-off on long leasehold for a term of 999 Years from 17th February 2020 at a ground rent of peppercorn.
Tenancies & Accommodation
Location Description
Occupying a prominent beach front location only 100 yards from the prime retailing in Weymouth Town Centre and multiples such as McDonalds, KFC, Sports Direct and Matalan. Weymouth is a popular and attractive South Dorset coastal resort, which benefits from high levels of tourism in the summer months and enjoys good road access from the A35 via the A354