21-25 Alexandra Road, Clevedon, North Somerset, BS21 7QH
Guide Price* : £220,000
VAT Free, High Yielding, Retail Investment
- Retail Investment Opportunity
- 4,839 sq ft (449.6 sq m)
- Ground floor let to Trevase Limited with eight years unexpired
- Producing a rent of £21,150 per annum
- Guide Price of £220,000 reflects an attractive Net Initial Yield of 9.35%
The property comprises a mixed-use building fronting Alexandra Road and providing 4,840 sq ft (449.62 sq m)* of accommodation. The ground floor shop provides 3,420 sq ft of sales space with a further 1,420 sq ft on ancillary space to the basement.
There are three retail units arranged across the ground floor complemented with further retail and storage space to the lower ground floor, the retail units at ground floor level have been merged to provide a single sales space, whilst the lower ground floor is separate and accessed from the rear.
The upper two floors provide three residential flats totaling 2,573 sq ft. These benefit from independent access and have been sold off on a long leasehold basis.
*Floor Areas are estimates and are not to be relied upon.
Clevedon is a seaside town situated to the west of Junction 20 of the M5 approximately 11 miles north of Weston-Super-Mare and 12 miles southwest of Bristol.
The property is situated with a frontage to Alexandra Road, one of the principal retail streets within Clevedon with a number of amenities nearby such as supermarkets and a range of cafes.
There are good transport links with the M5 connecting to the rest of the country only a 5 minute drive away and the nearest station Nailsea & Backwell 5.5 miles east providing access to numerous railway lines. The Bristol International Airport is located 9.5 miles to the southeast.
The ground floor and basement of the property is let to Trevase Limited (D&B Rating - A2) on a full repairing and insuring lease expiring 16/12/2030 and producing a rent of £21,000 per annum. The next rent review is 16/12/2025. We understand that the use of the basement as a Bicycle repair business is by an informal sub-letting from Trevase. The lease is drafted within the Landlord and tenant (1954) Act.
The residential upper parts are let on a long leasehold basis expiring in August 2093 (71 years unexpired) with a ground rent of £150 per annum. This lease will be surrendered prior to completion and therefore the sale will be subject to three sub-long leaseholds as detailed below:
Flat 21A - 99 years from 25/03/1988 paying a current rent of £100 per annum, increasing to £150 per annum in 2038 and £200 per annum in 2073
Flat 23A - 189 years from 25/03/1988 at a peppercorn rent
Flat 25A - 99 years from 25/03/1988 paying a current rent of £100 per annum, increasing to £150 per annum in 2038 and £200 per annum in 2073
Please refer to the legal pack for more information.
The property is not elected for VAT
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton May 2022
Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
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