A fantastic opportunity to acquire this freehold commercial investment with residential ground rents. Comprising ground floor and basement commercial premises currently let at £12,000 per annum with three self-contained flats each sold off on long leases.
Flat 1 has been sold on a long lease from 25.12.1954 to 24.12.2143 at a peppercorn ground rent. Flat 2 has been sold on a long lease for the term of 125 years from 18th January 2022 to 17th January 2147 at a current ground rental of £15 per annum and Flat 3 has been sold on a long lease for the term of 125 years from 01.12.2015 at a current ground rental of £200 per annum.
Situated on the seafront and within the desirable Burton area of St Leonards the property is considered ideal for immediate investment.
Ground Floor and Basement
Run as an Open plan barbers and coffee shop the property also offers basement workshop/store.
Tenancy
Let on a fully repairing and insuring lease for the term of 5 years from 2nd September 2020 at current rental of £12,000 per annum.
Auctioneers Note
Section 5B Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have reserved their rights under the legislation.