Lytham St Annes, Lancashire FY8 1QG , £295,000


!! Mixed Use Investment !! ... !! 10% YIELD !! ....

Semi detached three storey building comprising ground floor restaurant and 4 x flats above

The premises are situated fronting Wood Street close to its junction with Clifton Drive in the centre of St Annes.

Wood Street is in an area of mixed retail, leisure and residential uses.

Nearby occupiers include JD Wetherspoons, Costa Coffee, Marks and Spencers Simply Food, My Vet veterinary surgery, the Post Office, Farrell Heyworth Estate Agents together with a Travelodge Hotel.

Road communications are good with the A5230, A583 and A585 providing ready access to the M6 and M5

The property comprises an extensive three-storey semi-detached building.

Internally, the premises provide retail/cafe accommodation together with a two bedroomed flat at ground floor level. The first and second floors accommodate three one bedroom flats.

All elements of the property are self-contained other than the water supplies to Flats 1, 2 & 3 which are communal.

Externally, the premises also benefit from an enclosed rear garden and garage to the side.

The forecourt to the front of the property is owned by Fylde Borough Council however, the subject premises benefit from rights of access across it.

Tenancy information:

The ground floor and basement are currently let by way of an effective full repairing and insuring lease dated 19 November 2012 for a term expiring on 30 June 2019 (tenants have expressed an interest in extending)

The passing rental is £9,600 per annum..

The residential flats are let by way of Assured Shorthold Tenancy agreements and provide the following annual rental income stream.

Flat 1 – (first floor) £5,100 pa

Flat 2 (second floor) £4,740 pa

Flat 3 (first floor) £5,100 pa

Flat 4 (ground floor) £4,800 pa

Lock Up Garage (vacant) Estimated rent £600 pa

Combined income total £29,940 pa

The retail accommodation extends to an approximate net internal area of 80.26 m² (875 ft²).

The residential accommodation extends to an approximate gross internal area of 247 m² (2,659 ft²).

Guide Price £295,000 Freehold

Each party to be responsible for their own legal fees during the transactio

We understand the ground floor and basement have an existing use under Class A3 (restaurant & cafe) of the Use Classes Order 1987 (as amended), whilst the residential accommodation will have an established use under Class C3 (dwelling houses).

Strictly by appointment only

Contact Sole Agents

Chris Jones

CSJ Property

020 8545 0591