Lot 65: 38 & 38A Alexandra Road, Cleethorpes, Lincolnshi...

by NALC Auctions
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Estimate

£500,000 - £520,000

Fees

Lot 65: 38 & 38A Alexandra Road, Cleethorpes, Lincolnshire DN35 8LE

Guide Price: £500,000 +

Freehold Lock up Restaurant (Class E use) with Five self-contained flats above (Shop Vacant, Flats let) – Part Vacant Investment

 

Location:

Cleethorpes is a coastal town located at the mouth of the River Humber with ferry routes to Bruges, Belgium and Rotterdam, Netherlands. The property is situated within a retail parade fronting on to Cleethorpes Pier Gardens. Cleethorpes Pier and the sea front are both nearby. Other occupiers close by include restaurants and bars along with other local traders. Future trade may be gained from passing pedestrians

 

Accommodation / Tenancies (approximate dimensions)

38A: Ground - Restaurant area 95.9 sq.m (1,032 sq.ft) - Vacant

Flat 1 - 38: First Floor - Two rooms, kitchen, bathroom - Rent per month: £368.33

Flat 2 - 38: First Floor - Two rooms, kitchen, bathroom - Rent per month: £477.00

Flat 3 - 38: First Floor - Two rooms, kitchen, bathroom - Rent per month: £425.00

Flat 4 - 38: Second Floor - Two rooms, kitchen, bathroom - Rent per month: £425.00

Flat 5 - 38: Third Floor - Two rooms, kitchen, bathroom - Rent per month: £395.00

Total rent reserved £25,083.96 per annum together with vacant possession of the ground floor restaurant

Note:

We are advised that there is a pre-app permitted development letter available from North East Lincolnshire Planning - www.nelincs.gov.uk within the legal pack giving potential (subject to formal application for a Certificate of Lawful use for re-development of the restaurant into Children’s nursery, therefore potentially increasing the overall total rent to be in excess of £50,000 per annum. Prospective purchasers must rely on their own inquiries in this regard.

Tenure:

Freehold

EPC - Restaurant – D - Flats 1,2,3 & 4 - C - Flat 5 - E

VAT is not applicable to this lot

Buyer’s Premium:

Applies on the fall of the hammer. The purchaser shall pay a 10% deposit. Plus, In addition a buyer’s premium of 2% of the sale price, Subject to a minimum of £5000 + VAT upon the exchange of contract.

Closed
Auction Date:
24th Nov 22 at 5pm GMT

Fees apply to the hammer price:

Free Registration
2% inc VAT*

*These fees include buyers premiums and internet surcharges.
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Other Lots in this Auction

NALC Auctions

Sale Dates:
24th Nov 2022 5pm GMT (Lots 43 to 68)