Retail premises for sale

North Street, Bristol BS3

Investment Consideration:
Gross Initial Yield: 6.02%
Rental Income: £15,050 p.a.
Shop under rented. Erv: £20,050 p.a. Giy: 8.02%
VAT is not applicable to this property
Flat 255B valuable reversion with approximately 79 years unexpired
Comprises ground floor shop t/a Betfred and 2 residential flats at first and second floor (sold-off)
Occupiers nearby including Aldi, Coffee1, Restaurant, Estate Agents, Convenience Store and more.

Property Description:
The property comprises ground floor shop t/a Betfred and 2 residential flats at first and second floor, both of which have been sold-off on long leaseholds, providing the following accommodation and dimensions:
Ground Floor Shop: 88 sq m (946 sq ft)
Open plan retail, kitchenette, wc
First Floor Flat 255A: Sold-off
Second Floor Flat 255B: Sold-off

Tenancy:
The ground floor shop is at present let to Done Brothers (Cash Betting) Limited for a term of 15 years from 29th September 2004 (holding over) at a current rent of £15,000 per annum and the lease contains full repairing and insuring covenants. Shop under rented. Renewal market value £20,000 p.a.
Flat 255A has been sold-off on long leasehold for a term of 189 Years from 1st January 2006 at a ground rent of peppercorn. Reversion 2195, thus having approximately 169 years unexpired.
Flat 255B has been sold-off on long leasehold for a term of 99 Years from 1st January 2006 at a ground rent of £50 p.a. Reversion 2105, thus having approximately 79 years unexpired

Location:
The city of Bristol is a major regional centre and port with a resident population in excess of 370,000. In addition to its maritime links, the city is located immediately adjacent to the intersection of the M4 and M5 motorways and has its own airport. Bedminster is a suburb of Bristol and is located about one mile south of the city centre, just south of the junction of the A370 and A38. The property is situated on the west side of North Street, with occupiers nearby including Aldi, Coffee1, Restaurant, Estate Agents and more.