Retail premises for sale

High Street, Redcar TS10

Investment Consideration:
Gross Initial Yield: 12.50%
Rental Income: £20,000 p.a.
VAT is applicable to this property. Togc available.
Comprises double fronted ground floor retail shop
Let to a charity until July 2037. Rent reviews linked to rpi every 5 years.
Situated in the heart of the town centre with nearby occupiers including Sports Direct, Iceland, Morrisons, B&M, The Works, Costa Coffee, Café and many more.

Property Description:
The property comprises double front retail shop t/a Charity The Imaginarium Creative Studios, providing the following accommodation and dimensions:
Ground Floor No.102-104: 400 sq m (4,305 sq ft)
Open plan retail, storage, office, kitchenette, wc
Total gia: 400 sq m (4,305 sq ft)

Tenure:
Long leasehold. To be held on a 999 Year lease from completion at a ground rent of peppercorn.

Tenancy:
No. 102-104 is at present let to The Imaginarium Creative Studios Ltd for a term of 12 Years from 1st August 2025 at a current rent of £20,000 p.a. And the lease contains full repairing and insuring covenants. Rent review every 5 years linked to rpi. Tenant option to determine on 01.08.31 with min 6 months notice. Deposit held of £5,000. Lease within Landlord & Tenant Act 1954

Location:
The property is situated in the heart of the town centre on the south side of High Street, close to Regent Walk Shopping Centre where retailers include Home Bargains and jd Sports. Other nearby occupiers of the High Street include Iceland, Morrisons, B&M, The Works, Wilko, Costa Coffee, Greggs, Sports Direct and WHSmith, amongst others.