Investment opportunity – St. Leonards-on-Sea

18th January 2021

Oldfield Smith & Co have a rare opportunity of a freehold shop (currently let) with flat over (sold on long lease) for sale.

The property is situated on Silchester Road which is accessed directly from the main A2102 London Road on the outskirts of St. Leonards-on-Sea.

Shop, 2 Silchester Road, St. Leonards-on-Sea available to buy via Oldfield Smith & Co.

The self-contained lock up shop with maisonette over (which has been sold on a long leasehold interest) is also let under the terms of a 5 year lease from 2017, passing rent £8,400pa.  We are advised the tenant is not in occupation currently although has sublet the shop and is in arrears which the landlord is looking to recover.

The shop measures has a usable area of 30.8 sq m (330 sq ft), and is partitioned from the middle section having a usable area of 10.4 sq m (112 sq ft).  Door leads to cloakroom fitted with low level WC and wash hand basin.  There is also a shower room (not inspected). The rear section comprises a kitchen area having a usable area of 15.1 sq m (162 sq ft). Providing a total overall area of 56.3 sq m (604 sq ft).  There is a further section at the rear accessed through an opening in the kitchen wall overall 67.3 sq m (726 sq ft) currently used for storage.  There is also a basement which hasn’t been inspected.  Total usable area to the ground floor 123.6 sq m (1330 sq ft).

The maisonette over is let under the terms of a long leasehold interest.  The lease was extended in December 1996 for a term of 189 years (24 December 2185).  We are advised the flat tenant is responsible for 2/3 of the insurance of the premises and also pays ground rent to the freeholder on an annual basis.

The premises are offered for sale freehold subject to the above lettings and showing a return currently of 8.91% before purchasers costs.

Further information please click on the link here or please call the Agency Department on 01825 762222.