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Cleveland Inn 37 Cleveland St W 4,046 SF 100% Leased Retail Building Middlesbrough TS6 0LX $368,492 CAD ($91.08 CAD/SF) 10.90% Cap Rate
INVESTMENT HIGHLIGHTS
- Freehold public house investment.
- Property arranged over three levels.
- Current rent of £44,113 per annum with concession to £22,056 per annum.
- The rent is subject to five yearly open market rent reviews and annual uncapped RPI increases (except in the open market review year).
- Business unaffected by sale.
- Entire property let to The Cobblers and Cleveland Inn Ltd.
- Site extending to 0.06 acres.
- Lease expires May 2038.
- We are instructed to invite offers in excess of £200,000 (10.9% NIY based upon concession rent).
EXECUTIVE SUMMARY
The property is available for sale with offers in excess of £200,000 with 10.9% NIY based upon concession rent, assuming the usual purchase costs.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Bar
Building Size
4,046 SF
Building Class
C
Year Built
1960
Price
$368,492 CAD
Price Per SF
$91.08 CAD
Cap Rate
10.90%
NOI
$40,166 CAD
Percent Leased
100%
Building Height
3 Stories
Building FAR
0.15
Lot Size
0.60 AC
Frontage
37’ on Cleveland Street
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Cleveland Inn | 37 Cleveland St W
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