
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.