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
- Net Initial Yield:
£113,500 per annum
- 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.
- 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.