For sale: Palmerston House & Newlyn, Kents Bank Road, Grange-over-Sands, Cumbria, LA11 7EY
£510,000 VALUABLE INVESTMENT PROPERTY
Summary: FREEHOLD COMMERCIAL/RESIDENTIAL INVESTMENT Excellent substantial freehold commercial and residential investment property, currently producing £36,860 per annum from three units with potential for a further £6,600 per annum from the owners apartment. Total potential yield: 8.5%.
|Address||Kents Bank Road|
FREEHOLD COMMERCIAL/RESIDENTIAL INVESTMENT Excellent substantial freehold commercial and residential investment property, currently producing £36,860 per annum from three units with potential for a further £6,600 per annum from the owners apartment. Total potential yield: 8.5%.
Prominent town centre location. A superb investment.
The property comprises a substantial stone and slate built three storey building, with extensions, comprising two commercial retail shop units and two recently refurbished, superbly appointed first floor apartments, each with their own ground floor entrances.
The two commercial units are let to well established and highly respected businesses, a hair dressing salon and a bakery. One of the apartments is let on an Assured Shorthold Tenancy whilst the other apartment is occupied by our clients. The two apartments are virtually identical.
Valuable freehold investment property.
Stone and slate built, with extensions.
Two commercial units, currently let as a bakery and a hairdressing salon.
Two superb first floor one bedroom apartments, one let and one owner occupied.
Current rental of £36,860 from three of the units.
Potential income £6,600 from the owner occupied apartment.
Excellent potential initial yield of 8.5%.
Prominent town centre location.
The property forms part of an attractive late Victorian/Edwardian terrace of shops and residential dwellings on Kents Bank Road in Grange-over-Sands town centre. Nearby traders include a Co-op grocery store and a Tesco Express as well as a range of established local businesses.
The delightful South Cumbrian coastal town of Grange-over-Sands is a thriving and busy town with a strong year round tourist trade. There is a diverse range of shops, cafes, parks, a primary school, golf course, a railway station and a range of leisure amenities. The town is convenient for Kendal, Ulverston, Windermere, the M6 motorway and the Lake District.
|Hair Dressing Salon|| |
|Retail Shop/Salon:||39'7" x 11'7" (12.07m x 3.53m). Upvc double glazed windows to front and rear.|
|Cloakroom:||9'6" x 3'1" (2.9m x 0.94m). |
|Stockroom:||11'7" x 7'5" (3.53m x 2.26m). Stainless steel sink. Storage cupboards.|
|Rear Entrance Lobby:||6'10" x 3'10" (2.08m x 1.17m). Upvc double glazed window and upvc double glazed rear entrance door.|
|Toilet:||9'8" x 3'7" (2.95m x 1.1m). Pedestal wash hand basin and w.c.|
|Retail Sales Shop:||28' x 15' (8.53m x 4.57m). Upvc double glazed shop front window. All shop fittings belong to the tenant.|
|Lower Ground Floor:||50'10" x 41'8" (15.5m x 12.7m). Divided into the bakery, various preparation rooms, stores and an office. Rear entrance doors, including a roller shutter door for deliveries. Access to the shop.|
|The Flat, Palmerston House:|| Ground floor entrance hall with staircase to the first floor.|
|Landing:||7'5" x 4'9" (2.26m x 1.45m). |
|Lounge:||15'8" x 10' (4.78m x 3.05m). A light and spacious living room with a upvc double glazed window. Open way to the kitchen.|
|Kitchen:||9'3" x 8'3" (2.82m x 2.51m). Good range of built-in floor and wall units with work surfaces and a stainless steel sink. Built-in oven, gas hob and extractor hood. Tiled floor. Part tiled walls. Upvc double glazed window.|
|Bedroom:||11'5" x 10'1" (3.48m x 3.07m). A double bedroom. Upvc double glazed window. Built-in wardrobe.|
|Bathroom:||7'7" x 6'4" (2.31m x 1.93m). Suite in white comprising a panelled bath with shower and screen, a wash hand basin with cupboard below, and a w.c. Part tiled walls. Tiled floor. Chrome ladder towel radiator. Built-in linen cupboard with gas fired central heating boiler. Upvc double glazed window. Built-in wardrobe.|
|The Flat, Newlyn|| Ground floor entrance hall with staircase to the first floor.|
|Landing:|| With single panel central heating radiator.|
|Lounge:||13' x 10'6" (3.96m x 3.2m). A spacious room. Upvc double glazed window.|
|Kitchen:||9' x 8' (2.74m x 2.44m). Range of modern wall and base cupboards. Stainless steel sink unit. Plumbing for automatic washing machine. Breakfast bar. Built-in oven and gas hob. Upvc double glazed window.|
|Bedroom:||11'5" x 10'3" (3.48m x 3.12m). A double bedroom. Built-in wardrobe. Upvc double galzed window.|
|Bathroom:||7'5" x 8' (2.26m x 2.44m). White suite comprising W.C., pedestal wash basin and panelled bath with shower. Linen cupboard containing the gas fired central heating boiler.|
SCHEDULE OF TENANCIES
Hair Dressing Salons
Lease Term - 6 years from 3rd April 2018
Rent - £10,500 per annum
Lease Term - 4 years from 27th June 2017
Rent - £19,760 per annum
The Flat, Newlyn
Lease Term - 6 months from 22nd July 2019
Rent - £550 per calendar month
The Flat, Palmerston House
To be offered vacant
Copies of the leases are available for inspection to genuinely interested parties only, following a viewing.
The price is not subject to VAT
All mains services are available and connected. The two first floor apartments each have gas fired central heating.
Hair Dressing Salon -
Bakery - 'C'
The Flat, Palmerston House - 'D'.
The Flat, Newlyn - 'D'.
Hair Dressing Salon - £6,000
Bakery - £7,800
The Flat, Palmerston House - Band 'A'.
The Flat, Newlyn - Band 'A'.