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A superb mixed commercial and residential investment property - Fully Let and generating a gross income of £29,560.
***STILL AVAILABLE CONTACT US FOR FURTHER DETAILS*** An excellent investment opportunity in the form of a mixed retail and residential investment with the ground floor consisting of a self contained retail lock up shop which has been let to Subway Realty Limited. The upper floors consist of three well appointed residential letting units with large well equipped communal kitchen and lounge and 3 residential rooms, each with private bathrooms, all let on assured shorthold tenancy agreements on all inclusive basis incorporating gas, electricity, TV licence, telephone line and broadband.
Tenure
Freehold - subject to existing leases.
Situation
Princes Avenue has become a sought after retail location benefitting from day time and evening economy. There is a mixture of local niche retailers situated on Princes Avenue as well as a number of Café Bars and Restaurants. The subject premises are situated on a highly prominent position at the junction of Clumber Street.
Accommodation
Ground Floor: Shop Unit, Store: Currently let to Subway. Residential Accommodation: Secure entrance to self contained letting units. First Floor: Communal Kitchen Living, Landing, Residential Let 1: Bedroom, Dressin Area, Shower Room. Residential Let 2: Hall, Bedroom, Shower Room. Second Floor: Residential Let 3: Landing,Bedroom, Shower Room.
Lease Details
The ground floor shop is let to Subway Realty Ltd. Let on a 15 year lease from 2008 but subject to a variation of lease that has been agreed and will be in place prior to the auction. The variation provides for an increase in the rent from £12,500 pa to £15,000. The three flats are let on AST's with a total gross income of £14,820 per annum. These rents are inclusive of all utility bills, council tax, TV Licence, telephone line rental and broadband charges. We are advised that the net rental from the three flats is in excess of £10,000 pa.
Services
All mains services are connected
Joint Agent
Dee Atkinson & Harrison 56 Market Place Driffield YO25 6AW Tel: 01377 24191
Energy Efficiency Rating (EPC)
Current Rating D
Services
Interested parties are invited to make their own enquiries to the relevant authorities as to the availability of the services.
Local Authority
Hull City Council
Solicitors
Devine Law Solicitors, Suite 2, Stable Court, Hesslewood Country Business Park, Ferriby Road, Hessle HU13 0LH. , Ref: Mr A Hakes, Tel: (01482) 642326
Important Notice to Prospective Buyers:
We draw your attention to the Special Conditions of Sale within the Legal Pack, referring to other charges in addition to the purchase price which may become payable. Such costs may include Search Fees, reimbursement of Sellers costs and Legal Fees, and Transfer Fees amongst others.
Additional Fees
Administration Charge - Purchasers will be required to pay an administration fee of £600 inc VAT
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.