For Sale

Southend-on-Sea – Long Let Leisure Investment Opportunity

Turtle Bay, 201 High Street, Southend-on-Sea, SS1 1LL

Offers in excess of £1,900,000

Property Types:
Commercial, Mixed, Residential
Sub Types:
Leisure, Retail
Tenure:
Freehold
Net Initial Yield:
6.5%

Income

£113,500 per annum

Description

  • The property comprises a ground floor leisure unit with planning for 9 residential flats above.
  • The commercial unit is let to Turtle Bay Restaurants Limited for a term of 20 years expiring May 2039 with no breaks.
  • Freehold.
  • Southend is an affluent commuter town with excellent links to London Liverpool Street and London Fenchurch Street.
  • TurtleBay has a passing rent of £113,500 per annum.
  • The property is centrally located, less than 0.3 miles from both Southend Central and Southend Victoria train stations.
  • We are instructed to seek offers in excess of £1,900,000 (One Million, Nine Hundred Thousand Pounds) subject to contract and exclusive of VAT, which reflects a NIY of 6.5% for the leisure unit and £79 psf for the existing vacant first floor space.