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£1,100,000 Offers are invited in excess of
1-3 Albion Street Broadstairs Kent CT10 1LU
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Key features

 

 

Description

The property provides an imposing Victorian mixed use building forming a restaurant over ground, basement and part first floors with dual frontage to the seafront, High Street and Albion Street. The two upper floors provide 4 x self-contained 1 bedroom flats let on Assured Shorthold Tenancies (AST).

 

Terms

TENANCIES:

Restaurant - let on a FR&I lease for a term of 20 years from 18th January 2023 with rent reviews on 18th January 2023 and every 5th anniversary of that date, no break. Current passing rent £27,500 pe annum payable quarterly in advance we understand that last year’s rent review is outstanding.

Residential –

Flat 1 – £8,400 pa payable monthly in advance - AST

Flat 2 – £9,600 pa payable monthly in advance - AST

Flat 3 – £10,200 pa payable monthly in advance - AST

Flat 4 - £9,000 pa payable monthly in advance- AST

Total Residential: £37,200pa

 

Total Current Passing Rent: £64,700 per annum

 INVESTMENT OPPURTUNITY

The property provides a stable rental return, but we believe other asset management opportunities are available to the potential buyer in the form of, development STP, residential break up or a holiday let scheme.

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