Lake Rd | Windermere LA23 3BJ
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Lake Rd
Windermere LA23 3BJ
Belmont House · Retail Property For Sale
Investment Highlights
- Situated In Attractive Tourist Town
- Good Links To M6, A590, A591.
- Prominent Corner Position
Executive Summary
Freehold Restaurant & Residential Ground Rent Investment
Investment Consideration:
- Purchase Price: £350,000
- Gross Initial Yield: 8.64%
- Rental Income: £30,250 p.a.
- VAT is NOT applicable to this property
- Comprises large ground floor restaurant and 5 self-contained flats above (all sold-off)
- Situated close to town centre opposite Quarry Rigg Shopping Centre, with occupiers bnearby including Co op Food, The British Heart Foundation amongst many other amenities
Property Description:
The property comprises ground floor corner restaurant and five residential flats above (all sold-off), providing the following accommodation and dimensions:
Ground Floor: Restaurant 105.30 sq m (1,133 sq ft)
Open plan restaurant, kitchen, wc, storage
First & Second Floor: 5 Flats (sold-off)
Tenancy:
The restaurant is at present let to Urban House Ltd (with personal guarantee) for a term of 15 years from 24th August 2024 at a current rent of £30,000 per annum and the lease contains full repairing and insuring covenants. Rent review every 5th year open market upward only. Tenant option to determine every 5th year with min 6 months notice. Lease renewal. Tenant in occupation since 2018.
The residential flats have been sold off on long leaseholds for a term of 999 years from 2nd November 2005 at a ground rent of £50 p.a. each. (£250 p.a. total)
Investment Consideration:
- Purchase Price: £350,000
- Gross Initial Yield: 8.64%
- Rental Income: £30,250 p.a.
- VAT is NOT applicable to this property
- Comprises large ground floor restaurant and 5 self-contained flats above (all sold-off)
- Situated close to town centre opposite Quarry Rigg Shopping Centre, with occupiers bnearby including Co op Food, The British Heart Foundation amongst many other amenities
Property Description:
The property comprises ground floor corner restaurant and five residential flats above (all sold-off), providing the following accommodation and dimensions:
Ground Floor: Restaurant 105.30 sq m (1,133 sq ft)
Open plan restaurant, kitchen, wc, storage
First & Second Floor: 5 Flats (sold-off)
Tenancy:
The restaurant is at present let to Urban House Ltd (with personal guarantee) for a term of 15 years from 24th August 2024 at a current rent of £30,000 per annum and the lease contains full repairing and insuring covenants. Rent review every 5th year open market upward only. Tenant option to determine every 5th year with min 6 months notice. Lease renewal. Tenant in occupation since 2018.
The residential flats have been sold off on long leaseholds for a term of 999 years from 2nd November 2005 at a ground rent of £50 p.a. each. (£250 p.a. total)
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Storefront Retail/Residential
Building Size
1,133 SF
Building Class
B
Year Built
1880
Price
$628,810 CAD
Price Per SF
$555 CAD
Cap Rate
8.64%
NOI
$54,347 CAD
Tenancy
Single
Building Height
4 Stories
Building FAR
0.63
Lot Size
0.04 AC
Frontage
29 ft on Bank Terrace
Amenities
- Storage Space
1 of 6
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