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Retail (let to Oxfam) and ground rent investment in Frinton-on-Sea.

  • Lock-up retail unit, with two flats above (sold off).
  • Prominently located in Frinton’s main shopping street.
  • Retail area 881 sq. ft. (81.8 sq. m).
  • Lease to Oxfam renewed in March 2018.
  • No VAT on purchase price.
  • Gross rent £15,200 per year (from March 2019).

FOR SALE

Property Location

43, Connaught Avenue,
Frinton-on-Sea,
Essex CO13 9PN.
Property Specification
Location

The property is situated within the established and popular Connaught Avenue, the main shopping street in Frinton-on-Sea. The street has a mix of multiple retailers and local independent traders, as well as Banks and restaurants.

Description

A four-storey property with a lock-up shop on the ground floor, a two-bedroomed flat (43a) on the first floor and a three-bedroomed flat (43b) on the second/third floors. There is a staircase to the rear of the proeprty giving access to both flats, and 43a also has it's own staircase directly off Connaught Avenue. There is rear access from a service road off Old Road, and car parking is available on Connaught Avenue and the surrounding streets.

Accommodation

Shop Frontage              15/4.

Shop Depth                   48/10.

To the rear is a staff kitchen and toilet.

NET RETAIL AREA 881 SQ. FT. (81.8 SQ. M)


Flats - not inspected.


Lease Terms


The property is let under the following leases:


43, Connaught Avenue (shop) - term of 10 years from 30th March 2018, under effectively full repairing and insuring terms via a service charge. The rent is £13,500 a year increasing to £15,000 from 30th March 2019, payable quarterly in advance. There is an upward-only rent review on 30th March 2023, and tenant-only options to break on 30th March 2021 and 2023, subject to six months'  prior written notice. If the tenant exercises the first break in 2021, then it will pay a "penalty" of £3,750.


43a, Connaught Avenue - two-bedroomed flat, sold off on long lease expiring on 24th January 2178, fixed ground rent of £100 a year.


43b, Connaught Avenue - three-bedroomed flat, terms as for 43a above.


EPC


We understand that the property has the following EPC ratings - 43 (shop) - D99, 42a (flat) - D58 and 43b (flat) - D55.


Local Taxation


The shop appears in the 2017 Rating List as Shop and Premises with a rateable value of £13,000 and both flats are shown in Council Tax Band B.


Price


Offers in the order of £225,000 are invited for the freehold of the property, subject to the current leases. We understand that there is no VAT on this sale. The asking price represents a gross yield of 6.75% once the shop retn is £15,000.


Further Information


For further information on this property, please contact the sole agent, Jon Ablewhite (jon@mrallp.co.uk) at Morley Riches & Ablewhite, on (01206) 505707.

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