RETAIL SHOP & 2-BED FLAT INVESTMENT - WEST STREET, SOUTHEND-ON-SEA, SS2 6HH - A terraced mixed use property with the shop and flat both let to two separate tenants. OUR REF: RX------ - I6743E
Tenure
For sale freehold subject to the following tenancies.
The shop is let upon a 5-year lease from 6th October 2021 at a current rental of £6,000 per annum exclusive. The lease is subject to rent reviews on 6th October 2023 and a second rent review on 6th October 2024.
The first-floor flat is let upon an assured shorthold tenancy (holding over) at a rental of £625 per month, however, this tenant has been in occupation since 2011 so has a favourable rent for being a long-term tenant, we feel market value is closer to £800 per calendar month.
Premises
A terraced mixed commercial and residential property comprising of a retail shop with two bedroom first-floor flat, the accommodation is arranged as follows:
RETAIL SHOP with fascia board, glazed frontage and single glazed entrance door leading into the premises which measures approximately 555 sq ft.
2-BED FIRST-FLOOR FLAT accessed via single entrance door at the front of the property leading to a staircase up to the accommodation which is arranged to provide kitchen, lounge, bathroom and two bedrooms.
Business Rates
The shop has a rateable value of £5,200 resulting in zero business rates payable, should small business rate relief apply to a tenant.
Legal Costs
Each party to be responsible for their own legal costs incurred in the transaction.
Location
The property is located in a secondary parade of mixed use shops and flats along West Street, Southend-on-Sea which is just off Victoria Avenue.
Disclaimer
Whilst every care is taken to ensure that these particulars are correct, accuracy is no way guaranteed and none of the information supplied forms part of any contract. Acceptance of these particulars constitutes a contract to the effect that all negotiations for the business or property will be made through Gilbert & Rose otherwise the purchaser will be equally responsible with the vendor for damages equal to the amount of our commission.
