Summary - 102-106, HIGH STREET TS10 3DL
1 bed 1 bath Retail Property (high street)
Town centre unit with strong headline yield and refurbishment potential.
Large ground‑floor retail: 1,937 sq ft open‑plan space
A large, long‑leasehold high‑street retail unit in Redcar offering an attractive gross initial yield of 10.33% at the current asking price. The single large ground‑floor space (1,937 sq ft) has open‑plan retail, storage, office, kitchenette and WC, plus rear vehicular access and off‑street parking — useful for servicing and conversion potential. The property is held on a 999‑year lease from completion with a peppercorn ground rent.
The property is currently let to a national charity on a 10‑year lease (FRI, no breaks) at £11,880 pa; however the tenant is not in occupation. VAT is applicable. Nearby multiple retailers and shopping anchors provide footfall potential, but the unit will suit investors comfortable managing a town‑centre asset with refurbishment or re‑letting work required.
Important considerations are factual: the immediate area is very deprived with very high recorded crime levels, which can affect tenant demand and rental growth. The building is mid‑20th century with clear scope for refurbishment to improve attractiveness and income, but prospective buyers should budget for upgrade works and factor in VAT and the current non‑occupation by the tenant when modelling returns.
Viewing and offer decisions should be made on inspection and due diligence, including confirmation of tenant status, service and repair history under the FRI lease, and local trading conditions.
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