36 Victoria Street W, Grimsby, NHS

The property comprises a terraced property of traditional construction comprising a ground floor retail unit.
The property is located within the heart of Grimsby Town Centre and holds a prominent trading position in the busy pedestrianised street.

Grimsby is a well established commercial centre and fishing port which lies some 2 miles south – east of Hull.

Sale Notes:
This prominently located property in the main shopping area of Grimsby town centre is available as an excellent investment opportunity, with Ladbrokes occupying the ground floor, and the first and second floors currently available To Let. A Lease Renewal of the Ground Floor is currently being concluded at £39,000 per annum and a rental guarantee for 12 months is offered for the 1st and 2nd floors. A purchase at £815,000 indicates an Initial Yield of 5.9% - after allowing for the usual purchaser’s costs.

The property is offered For Sale freehold, subject to the existing lease of the ground floor – the main terms of which confirm a Lease to Ladbrokes expiring 19th August 2022. Rent Reviews are 5-yearly with the next Review due on 20th August 2012. The property is let on Effective Full Repairing and Insuring Terms. There is a Tenant’s Option to Break on the 10th Anniversary, subject to six months’ notice. The first and second floors are currently being marketed as available To Let, obviously providing the opportunity for fully tenanted premises and have had planning permission granted for residential use.
A new lease is available at a term of years to be agreed at a starting rent of £8,000 per annum in year one and two, then increasing to £12,000 per annum thereafter.