7-9 Queen StreetRedcar

The property comprises a high yielding, mixed-use, investment and asset management opportunity in the heart of Redcar. Arranged across ground, first and second floors, the property includes a double-fronted retail unit to the ground floor of approximately 3,702 sq ft (334 sq m). The upper parts comprise four flats which are each individually let on assured shorthold tenancies (ASTs) and producing a total rent of £22,200 per annum. We consider the property to have evident asset management via letting of the retail unit and advancing the residential rents. We understand the retail unit was previously let for £33,000 per annum and we therefore consider the estimated rental value (ERV) of the property when fully let to be in excess of £50,000 per annum. The tenant for Flat A is vacating however a new letting is already agreed at £475 pcm (£5,700 per annum). Queen Street forms part of the principal retail area in Redcar, being effectively an extension of the High Street. The property is situated near to the central square and the area is characterised by a mix of local and national retailers, as well as residential units.