Property Ref: 6357
The Coronavirus emergency has changed how people shop, and not just for the short term. Convenience stores are reporting a significant increase in business as customers now prefer to “shop local”. A report in The Grocer magazine says - “As British shoppers become more accustomed to what the quarantine means for their daily lives, and restricted living becomes the new norm, we expect to see shopping behaviour evolve to become more local as shoppers are unable, or unwilling, to travel further than is necessary for immediate needs such as fresh foods,”
A report by CEBR says “Shops in local communities will benefit from people's changed habits, with 60 per cent of people planning to buy more products in local stores to help the local economy in the longer term”.
This mixed use property provides a great opportunity for an investor to take advantage of these changed habits and could make an ideal convenience or service store serving the local community. It also provides a redevelopment opportunity to convert the whole property into residential. This property is available now and comes complete with separate 2/3 -bedroom accommodation. The property is conveniently located on a busy through fare which leads to a number of industrial estates and several hundred houses are within a 5-minute walk of the premises, - and potential customers have to pass this shop to travel into town and other retail outlets.
It is also located in an area of low car ownership and provides an opportunity for you to serve a large number of local customers.
The unit is on a crossroads presenting two elevations to passing traffic. It is secured with roller shutter doors to the front and side. There is also a separate garage and store at the rear of the property.
The residential accommodation comprises a 2/3 -bedroom self-contained maisonette with separate access. On the ground floor are the kitchen and lounge with stairs leading to the bathroom and good sized bedrooms on the first floor. The property is in need of some repair and refurbishment. EPC - E.
Here are some of the options this property could offer an investor –
1 - Refurbish the property and rent the maisonette and shop separately, this could provide a yield in excess of 12% at asking price and could be further improved if the maisonette is let on a room basis.
2 - Refurbish and rent the entire building to one tenant - a doorway can easily be inserted at the rear of the shop to provide access into the residential property and provide additional storage or operational space – i.e. additional treatment rooms for a beauty/hair salon.
3 - The property has had approved planning (lapsed in February) to convert the property into 2 x 2 bed houses providing a redevelopment opportunity.
4 - An alternative could be to convert the shop to additional residential accommodation and create a bigger house or operate the property as an HMO.
5 - The large bedroom on the first floor could possibly be subdivided to create 2 x bedrooms
Note - these changes will need to be made in accordance with local council planning and building control requirements.
Floor plans and a video tour are also available. Please contact us for further information.
Address: Corporation Road , Grimsby, DN31 2QB.
Guide Price: £59,250
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Property Type: Land / Development
Living Room(s): 1
Address: Corporation Road , Grimsby, DN31 2QB