Sailors Home 302 Church Rd 3,961 SF Retail Building Kessingland NR33 7SB $836,403 CAD ($211.16 CAD/SF) 5.55% Cap Rate

Investment Consideration:
VAT is applicable to this property
Comprises ground floor public house with garden and car park and 5-bedroom staff accommodation at first floor.
Let on a lease expiring 2030 (no breaks)
Tenant in occupation since 2005
Site area of approx. 0.17 ha (0.427 acres)
Coastal trading location in holiday destination
Occupiers nearby include number of local pubs/restaurants and holiday homes.

Property Description:
Comprises ground floor public house with garden and car park and 5-bedroom staff accommodation at first floor.
The property provides the following accommodation and dimensions:
Ground Floor: Bar, Dining areas, Garden and Car Park
First Floor: 5-bed staff accommodation
Tenancy:
The entire property is at present let to BC Poppy, SJ Poppy & PC Poppy for a term of 20 years from 5th April 2010 at a current rent of £25,000 per annum and the lease contains full repairing and insuring covenants. The lease provides for rent review in 2025. April 2020 rent review outstanding.
Location:
Lowestoft is a well-established resort and port located on the North Sea coast. The town is some 38 miles north-east of Ipswich on the A12 and 28 miles south-east of Norwich on the A146. The property is situated on the coast, in the village of Kessingland, approximately 5 miles south of Lowestoft. White House Beech Caravan Site is 200 metres from the property and Kessingland Beech and Holiday Park is approximately 500 metres. Occupiers nearby include number of local pubs/restaurants and holiday homes.