Sandside, Scarborough Guide price £350,000

Situated on Scarborough's iconic sea front location of Sandside, this commercial property presents a rare opportunity for a keen investor. Boasting a prime sea front location, the property is currently trading as a Londis general store and includes the Freeholds for the upper floor flats, which are subject to long term leaseholds and generates an additional ground rent.

This freehold investment is currently generating an annual rent of £20,400, providing a solid return on investment. With an unexpired term of approximately nine years, the property offers stability and security for the discerning buyer. The combination of its desirable location and the long-term rental agreement makes this an attractive proposition for those looking to expand their portfolio or enter the commercial property market.

The property’s availability is indeed a rarity, making it a unique investment opportunity that should not be overlooked. Do not miss the chance to secure a piece of this vibrant seaside community.

Guide Price
£350,000 + VAT as the building is currently elected.

The Building
A three storey building that is set out as a retail unit on the ground floor with two self contained flats above that have long term leaseholds in place.

Tenure
Freehold - to be sold with the tenancies in place.

The ground floor retail unit is subject to a formal Landlord & Tenant Act lease that commenced on 2nd September 2019 for a term of 15 years. The lease allows for rent reviews every 5 years and the current rent is set at a very reasonable rate.

Income
Rental income of £20,000 per annum + VAT for the ground floor retail unit and £200 per annum from each flat for ground rent.

Rateable Value
From information obtained on the VOA website, the current business rateable value is, £22,750 per annum.

Viewing
For any further information or to request a viewing then please call the office on 01723 363565

To view all our current commercial listings please visit www.colinellis.co.uk