Cleethorpes is a seaside resort on the estuary of the Humber in North East Lincolnshire with a population of approximately 40,000.
It is 3 miles south east of Grimsby and 40 miles north east of Lincoln.
Cleethorpes town is at the convergence of three main Lincolnshire roads A180, A16 and A46.
Regular bus services to Grimsby, Immingham and nearby villages are operated by Stagecoach and Skegness via Louth during the summer.
Trains from Cleethorpes operate to Barton-upon-Humber via Grimsby, Manchester Airport and Newark-on-Trent. Trains to London are available via Doncaster.
Cleethorpes is home to Blundell Park, the home ground of the football team Grimsby Town, one of the few EFL teams who has their home ground in a different town.
The development is being built on the former Humberston Motors site, which is a motor trade site, never having had any fuel station facilities.
The locality is served by a number of single independent retailers, with one large format (Tesco Extra) situated around 1 mile away.
Experience has shown, that these rarely impact the income C-store, in fact in many instances the new store takes a lot of trade due to the easier access, quicker service etc. that convenience shopping now demands.
Rational for Purchase
LPS have agreed to purchase this quality scheme since our ‘multi-unit’ syndicates have provided a track record of greater returns for investors achieved from higher yields that can be obtained alongside the anchor tenant (and stronger covenant).
This particular scheme was introduced as an off-market transaction, which thus enabled us to negotiate the best possible terms for our investors.
Whilst the tenant in Unit 2 (Cooplands) have a 5-year break clause, the 1,000 sq. ft unit is viewed as one that would let well as an alternative use e.g. hairdresser, fast food takeaway.
The total syndicated purchase price inclusive of purchasers’ costs is £1,600,000.
It is intended that this syndicate will not raise borrowing, thus we are labelling it an ‘income syndicate’, because of the higher initial yield, which arises simply because there are no borrowing costs.
We expect that the longer-term prospects are to deliver not only an excellent income yield, but also good prospects for capital growth over the investment period.
Initial investment is a minimum of £50,000 per investor.