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The property comprises a high yielding, mixed-use, investment opportunity with asset management potential.
Arranged as a ground floor retail unit with residential upper parts, the property is fully let to two tenants and producing a total income of £6,670 per annum.
The ground floor is let to a private individual t/a an African Grocery Shop on a three year lease expiring 04.08.2027 and paying £6,500 per annum. We therefore consider the property offers asset management potential via renewal or extension of the lease.
The upper parts are let on a 99 year long leasehold expiring 31.12.2100 and paying a ground rent of £170 per annum.
The leasehold therefore has approximately 75 years unexpired and offers the potential for an extension premium.
The property benefits from a frontage to North Street, which comprises part of the secondary retail amenity surrounding Terminus Road and Eastbourne Town Centre.
Tenure
Freehold
Tenancy
The ground floor is let to a private individual t/a an African Grocery Shop on a three year lease expiring 04.08.2027 and paying £6,500 per annum. The lease includes a tenants break option in 2026.
The upper parts are let on a 99 year long leasehold expiring 31.12. 2099 and paying a ground rent of £170 per annum. The leasehold therefore has approximately 75 years unexpired with the next ground rent review in 2035.
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