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£325,000

The Red Lion, 1 Frindsbury Road, Rochester, Kent, ME2 4TA

Full description

FOR SALE - Former Public House Investment with Residential Uppers

  • Return frontage
  • Prominent location
  • Mixed Use Investment
  • Self-Contained First Floor 2-bedroom flat
  • Offers in excess of £325,000 for the freehold

  • Location: The property is a former Public House that has been converted into a convenience store. It is located on the junction of the A228 with Cliff Road benefiting from return frontage. The property is in a predominantly residential area, it benefits from good communications, with junction 1 of the M2 within a 15 minute drive and being within walking distance of Strood Train Station, which is a high speed location servicing London St Pancras in approximately 35 minutes.
  • Accommodation: The property currently comprises a convenience store on the ground floor, and a spacious 2 bedroom residential flat on the first floor. Commercial Retail Area: 894 sq ft (83.05 sq m) Ancillary Storage: 214 sq ft (19.91 sq m) Kitchen: 44 sq ft (4.11 sq m) WC Residential GIA: 957 sq ft (88.91 sq m) There is potential for further development subject to gaining the necessary consents, the ground floor benefits from historic planning permission for 2 further 2 bedroom flats.
  • Terms: Lease Terms Commercial: 20 year lease from 1/12/2011 (13 years unexpired), current passing rent £14,400 pa with 2 yearly upwards only rent reviews with next review on 1/12/2019 Residential: Currently let on an AST at £9,300 pa Total Annual Income: £23,700 pa Asking price reflects a NIY of 6.9% taking purchasers cost @ 5.8% Planning Information Historic consent for conversion of ground floor for 2 Two-Bedroom flats Reference no. MC/10/0681
  • Rent: Offers in excess of £325,000
  • Viewing: Strictly by prior appointment through the Surveyors. Please contact Phil Hubbard e: phil.hubbard@sibleypares.co.uk or Matt Sadler e: matt.sadler@sibleypares.co.uk
  • Legal Costs: Each side to bear its own legal and professional costs
  • Rateable value / Council Tax: RV £12,500 @ 48.0p in the £ Rates payable £6,000 for the year 2018/19
  • VAT: All figures are exclusive of VAT which will be charged at the prevailing rate.
  • EPC: Commerical: Awaited Residential: E (45)
  • Price: Mains Water, Electricity, Gas

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