78 - 80 Clifton Street, Lytham St Annes, Lancashire FY8 5EN

78 - 80 Clifton Street, Lytham St Annes, Lancashire FY8 5EN

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  • Secure supermarket and ground rent investment in wealthy seaside town

  • 6,030 sq ft (GIA) retail unit over ground floor sales and basement storage

  • Prominent corner location fronting the town’s prime retailing street

  • The property is held on a 999-year leasehold interest (879 years unexpired) with an £88 fixed annual ground rent

  • Let to the undoubted covenant of Sainsbury’s Supermarkets Limited - over £23bn turnover

  • Excellent trading record benefits from significant boost during the busy summer season and the Lytham Festival

  • Let for a term of 15 years with effect from 29th April 2013, expiring 28th April 2028 (9.2 years unexpired)

  • Tenant option to determine in April 2023 (4.2 years unexpired)

  • This represents a very low rent ITZA of just £25 psf (recent deals suggest market rent at c. £45 psf ITZA)

  • 5 yearly upward only rent reviews linked to RPI – Next review due in April 2023 (collared and capped at 1%-4%)

  • Benefits from ground rent income on the residential uppers totalling £500 per annum

  • Total rental income of £45,260 per annum

  • Current ERV of £46,285 per annum and reversionary to £51,308 per annum (assuming RPI of 3%)

  • Offers in excess of £740,000 (STC)

  • 5.80% Net Initial Yield, 6.58% Reversionary Yield (2023)

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