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

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.

Download PDF
Get In Touch

Get in touch

Email enquiries@mrallp.co.uk
Telephone 01206 505707

If you’ve got a question about the services we deliver, or would like some advice on how we can support your project, simply get in touch and we’d be more than happy to help.

Alternatively complete the form below for a member of our team to get in touch.

Your Name (required)

Your Email (required)

Telephone (required)