Investment Property, Mixed Use Commercial & Residential, Primary Location, Resort Town, Somerset

Investment Property - 

Zone A' location on leafy high street, part of busy and popular Somerset resort town. 
Current Total Rental Income: £56,740 p.a 
Comprises Ground Floor Retail Unit, and 2 x 2-Bed, and 2 x 1b/Studio Flats (modern build extension and refurbishment within last 5 years)

Commercial unit Let to 'The Works Stores Limited' for 10 years from 20th October 2022 at a current rent of £30,000 per annum. Fixed rental increase to £32,500 in Year 3 & 4, and £37,500 in Year 5 open market, upward only rent review in October 2027 (tenant side repairing, maintenance, management clauses within) 
Opportunity to increase residential rental income (last reviewed 2017) 

Beautiful part of town centre. Primary A' location on 'The Parade' - Adjacent occupiers include Boots, Superdrug, Greggs, Costa Coffee, Post Office, Argos, and WHSmith. 

Property Description:
The property comprises ground floor retail shop, 2 x 2-bed and 1 x studio flats at first and second floor and detached studio flat at rear, providing the following accommodation and dimensions:
Ground Floor: Retail Shop 187 sq m (2,015 sq ft)
Open plan retail, Storage, WC
Rear Ground Floor: Detached Studio Flat 25 sq m (269 sq ft)
Double Bed, Kitchen/Living Room, Bathroom
First Floor: Flat 1 47 sq m (506 sq ft)
2 Bedrooms, Kitchen, Living Room, Bathroom
First Floor: Flat 2 47 sq m (506 sq ft)
2 Bedrooms, Kitchen, Living Room, Bathroom
Second Floor: Flat 3 28 sq m (302 sq ft)
Double Bed, Kitchen/Living Room, Bathroom
Total area size: 334 sq m (3,598 sq ft)

Income Streams - 
The ground floor retail space was previously let to Edinburgh Woolen Mill, and is at present let to The Works Stores Limited for a term of 10 Years from 20th October 2022 at a current rent of £30,000 per annum and the lease contains full repairing and insuring covenants. The Vendor will top-up rent upon completion to the equivalent of £32,500 per annum.
Fixed rental increase to £32,500 in Year 3 and 4.
Fixed rental increase to £37,500 in Year 5.
Rent review open market, upward only in October 2027.

The First Floor Flat 1 is at present let on AST to an Individual for a term of 12 Months from 31st March 2017 at a current rent of £6,600 p.a
The First Floor Flat 2 is at present let on AST to an Individual for a term of 12 Months from 23rd January 2021 at a current rent of £7,140 p.a
The Second Floor Studio Flat 3 is at present let on AST to an Individual for a term of 12 Months from 31st January 2022 at a current rent of £5,700 p.a
The Rear Ground Floor Studio Flat 4 is at present let on AST to an Individual for a term of 12 Months from 25th July 2022 at a current rent of £4,800 p.a

Minehead is a resort town in West Somerset close to the county town of Taunton. A desirable location with an average residential property value of £350,000, and a busy thriving town centre both in and out of season. To the opposite end of the main shopping area, is a stunning sandy beach with harbour, Butlins Holiday Resort, and a stunning links golf course (the oldest course in Somerset) Minehead is a busy and popular location throughout all seasons and supports several corporate chains including Premier Inn, Lidl, Tesco, Morrisons, Brewers Fayre, and Poundland. Minehead's continued future growth and popularity is evident with other brands such as Travelodge desperately seeking a new hotel site.