Summary - 42-43 Alexandra Road,CLEETHORPES,DN35 8LE DN35 8LE
1 bed 1 bath Commercial Property
Income property with large footprint and immediate uplift potential.
Current passing rent £17,000 pa with potential November 2023 rent uplift
Net initial yield quoted at 10.4% on £160,000 asking price
Large overall footprint ~2,088 sq ft; substantial ground and first floor space
Ground floor trading as café; fitted kitchen, seating, disabled WC, stores
Rear service yard/off‑street parking accessed from Dolphin Street
Four separate residential ground leases above; fixed ground rents apply
Exterior maintenance likely required: façade, windows, balcony ironwork
Located in very deprived area with very high local crime; re‑letting risk
A substantial Victorian mixed‑use building on Alexandra Road, offering a town‑centre retail unit plus upper‑floor accommodation and rear service yard. The ground floor is fitted out as a café with two seating areas, kitchen, stores and disabled WC, while the first floor provides office/store space and four separate residential ground leases above. The current passing rent is £17,000 pa and the brochure cites a net initial yield of 10.4% against the asking price of £160,000.
For investors this is a straightforward, income‑producing seaside high‑street asset with immediate upside: the lease allows a potential rent increase in November 2023 to market rent or RPI (whichever is higher). The property benefits from a large internal footprint (approximately 2,088 sq ft), gas central heating, fitted lighting and a rear yard/parking accessed from Dolphin Street — useful for deliveries or tenant parking.
Notable considerations are factual and material: the area scores as very deprived with very high local crime and a transitional Eastern European neighbourhood profile, which can affect rental demand and re‑letting risk. Externally the façade, windows and balcony ironwork appear fair but will likely need maintenance or refurbishment. Tenure is recorded as unknown and there are fixed ground rents for the upper floor leases, which will affect long‑term value and financing.
Overall this suits an investor seeking a town‑centre mixed‑use holding with immediate income and short‑term rent uplift potential, who is comfortable managing maintenance, tenant mix and local socio‑economic challenges.
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