Paul Hubbard Commercial are proud to present 17 Esplanade. For over half a century, a hidden coastal gem has been quietly thriving under the stewardship of a single family. A piece of living history, this unique and vibrant commercial opportunity offers more than just a property; it carries with it a legacy that dates back to 1850 when it was originally built as a rectory. Nestled along the majestic esplanade of Lowestoft, this grand edifice stands as a beacon of opportunity, making it one of the most exciting coastal investments to grace the market. Its location is nothing short of extraordinary, boasting a prime, bustling spot with the waves crashing just steps away. This is more than just a property; it's a golden opportunity waiting for the right investor. With an adjacent pay and display car park, it's an irresistible magnet for visitors.
What sets this property apart is its remarkable income potential. Currently, it yields an impressive £47,500 annually, with a substantial portion coming from the ground floor commercial units, which generate £23.5K. However, that's just the tip of the iceberg. The property's potential is vast, waiting for the right investor to tap into it. With a strategic approach, you can increase rents, divide units, or even develop additional spaces for higher yields.
The property comes with an array of features that make it a versatile investment, Five Garages and Private Car Park, These assets provide multiple avenues for generating income. The current rental income is stable and secure, with long-term tenants already in place. This financial stability serves as a strong foundation for future growth. At approximately 7.308%, the yield on this investment is nothing short of impressive. Your money will work hard for you in this prime seaside location.
The property comprises three well-maintained residential units, Top Floor Flat 2: Currently rented at £700 per month and occupied by a tenant of 2 years. 1st Floor Flat 1: With a recent rent increase to £700 per month. Basement Flat: Long-term tenants currently paying £600 per month. This offers a stable and reliable source of income. Consider the possibility of transforming this property into a lucrative holiday let destination (subject to planning). The location is perfect for travelers seeking a seaside escape, opening up new avenues for profit.
The ground floor commercial units are already generating income, and their leases are secured until May 2024. This ensures income security while allowing room for future growth.
With an asking price of £700,000, this property represents a rare opportunity. Real estate like this in such a sought-after location doesn't stay on the market for long.