337-359 Cleethorpe Road, Grimsby, Lincolnshire DN31 3BP

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Property Details

Location

Description

To be sold by Public Online Auction on the 21st October 2020.
Prominently positioned former motor dealership with extensive frontage and parking, which has subsequently been sub-divided to provide two separate self-contained units operating as a National Tyres & Autocare Centre and a flooring retailers providing a combined annual income of £98,467.63 pa by way of two separate 15 year leases with a total approximate floor area of 891 sq m (9,591 sq ft).

Location

Grimsby is the main commercial centre for North East Lincolnshire having a resident population approaching 100,000 although benefitting from a much larger surrounding catchment area. Grimsby is ideally situated with road connections to the A180 which in turn provides access to the M180, The Humber Bridge and Humberside International Airport which is located approximately 14 miles to the south west. The property is on the north side of Cleethorpe Road (A180) which is the main arterial road leading to Grimsby Docks and the M180/national motorway network.

Accommodation

Accommodation	Sq M	Sq Ft
Unit 1	496	5,339
Unit 2	395	4,252
Total	891	9,591

These indicative areas have been provided by the client, and interested parties should satisfy themselves.

Outside

Property benefits from onsite parking.

Approx Site Area

Approximately 0.27 hectares (0.67 acres).

Tenure

Unknown

Tenancy

Unit 1 - National Tyre Services Ltd

Let for a term of 15 years from 5th January 2009 incorporating a five year rent review pattern. The lease is drawn on a typical full repairing and insuring basis with rent reviews being calculated on the basis of the higher of market rent or RPI. The current passing rent is £67,967.63 p/a. National Tyres are regarded as a blue-cross covenant being a national company with approximately 235 branches across the UK. The annual report for the year ending 31st December 2019 showed profit for the year as £4.947m with net assets of £14.157m. According to credit safe they have a rating of B63 which is regarded as being low risk.

Unit 2 - Flooring Express Ltd

Currently let by way of a 15 year lease from 2nd July 2010 which is subject to a five year rent review pattern. The rent reviews are calculated to market rent and the rent is understood to be £30,500 p/a with the next rent review being due July 2020. The lease is drawn on a typical full insuring basis subject to a photographic Schedule or Condition.

General

1. All the information provided on our website is for indicative purposes only and interested parties should rely upon the contents of the legal pack and their own due diligence as a prudent bidder.
2. The premises are held by way of 125 year ground lease from 31st March 2019 which is subject to a current ground rent of £10,000 per annum with a 10 year rent review pattern. The ground lease permits uses falling within Classes A1 (Retail), B2 (General Industrial) and B8 (Warehouse & Distribution)

Addendum

This lot has been withdrawn prior to auction.