Available
Leigh-on-Sea – Barber`s and Ground Rent
1100 London Road, Leigh-on-Sea, Essex SS9 2AJFreehold Retail & Residential Ground Rent Investment
Price
OIEO £175,000
Rent P.A.
£14,060
Yield
8.03%
Tenure
Freehold
Lease Term
10 Years
Years Left on Lease
8y 9m
Area
807 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Let until October 2034. Rent review in 2029 linked to RPI.
- Comprises ground floor shop t/a Barbers and self-contained flat above (sold-off)
- Situated on A13/London Road which connects to the M25 Motorway and leads directly into central London (Canary Wharf and Aldgate)
- Occupiers close by include Waitrose Superstore, JD Wetherspoon, Restaurant`s and more.
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
The property comprises ground floor shop t/a Barbers and residential flat above which has been sold-off. The property benefits form rear access and provides the following accommodation and dimensions:
Ground Floor: 75 sq m (807 sq ft)
Open plan retail, kitchen, storage, wc
First/Second Floor: Residential Flat (sold-off)
Ground Floor: 75 sq m (807 sq ft)
Open plan retail, kitchen, storage, wc
First/Second Floor: Residential Flat (sold-off)
Tenancy Description
The ground floor shop is at present let to The Modern Barber Ltd (with personal guarantee) for a term of 10 years from 30th October 2024 at a current rent of £14,000 per annum and the lease contains full repairing and insuring covenants. Rent review on 30.10.29 linked to RPI (1%-4% collar and cap). Tenant option to determine on 30.10.29 with min 6 months notice. Deposit held of £3,500.
The first/second floor flat has been sold-off to an Individual for a term of 199 Years from 1st September 1986 at a ground rent of £60 p.a. Fixed increase to £70 p.a. in 2046 and £100 p.a. in 2085 until the remainder of the term. Reversion 2185.
The first/second floor flat has been sold-off to an Individual for a term of 199 Years from 1st September 1986 at a ground rent of £60 p.a. Fixed increase to £70 p.a. in 2046 and £100 p.a. in 2085 until the remainder of the term. Reversion 2185.
Tenancies & Accommodation
Location Description
Leigh-on-Sea is a popular suburb of Southend-on-Sea, approximately 3 miles west of Southend-on-Sea town centre. The property is situated on A13/London Road which connects to the M25 Motorway and leads directly into central London (Canary Wharf and Aldgate). Southend Airport is approximately 10 min drive to the east of the property. Occupiers nearby include Waitrose Superstore, JD Wetherspoon, Cafe, Restaurant`s and more.
