Call the team on 0845 400 9900 for more information
AN EXCELLENT RESIDENTIAL INVESTMENT OPPORTUNITY CURRENTLY GENERATING £87,160 PA GROSS INCOME. FURTHER DEVELOPMENT POTENTIAL WITH PLANNING CONSENT IN PLACE.
Ruskin Chambers is a former Solicitors chambers, located in the heart of Hull's Old Town. Hull was the 2017 UK City of Culture and the old town district is home to many museums, restaurants, bars and cafes. The four storey building has more recently been converted into residential accommodation and occupied as a high standard licenced HMO, although each of the fifteen flats enjoy accommodation that has its own kitchen and bathroom. Each flat is highly individual and offer character features as you would expect from a building of this type. There is also car parking for up to 11 cars to the rear and a garage that has power and light connected and has previously been let out at £200 pcm. In October 2016 planning consent was granted allowing its use as fifteen one bedroom self contained flats. Subject to various conditions, building regulation approval and separation of the services, the four storey building can now be further developed to enhance the appeal and rental/sale value by offering fully self contained apartments.
We understand the property to be freehold (subject to confirmation by the vendor's solicitors in the legal pack). The property is sold subject to the existing tenancies
Let as a HMO to mainly long standing and all working tenants, the property currently generates a gross total income of approximately £87,160 pa. A full schedule of rents and tenancies start dates are detailed below. The vendor informs us that the annual cost of providing gas fired heating, water and electricity for the building and council tax is approximately £10,000 pa giving a net rental income of approx. £77,000.
Planning consent was approved (System Reference No. 16/00079/COU) on the 10th of October 2016 with conditions for the change of use of Ruskin Chambers and the neighbouring property Bedford Chambers from a HMO into 22 apartments. Although some of the conditions have been met, some remain outstanding and it will be the responsibility of the purchaser to complete works on the subject property to the planning authorities satisfaction. The building could also be retained as an HMO with 15 letting units with the posiblilty of creating more, together with existing car parking for up to 8 cars.
Strictly by appointment with Auction House Hull & East Yorkshire on 0845 400 9900
All mains services are connected to the property. The services have not been tested by Auction House.
Energy Efficiency Rating (EPC)
Current Rating D
Interested parties are invited to make their own enquiries to the relevant authorities as to the availability of the services.
Hull City Council
Payne & Payne, Hanover House, Alfred Gelder Street, Hull HU1 2AH, Ref: Patrick Craft , Tel: 01482 326446
Offered in association with
Dee Atkinson and Harrison
Administration Charge - The purchaser will be required to pay an administration charge of £750 (£625 plus VAT) (subject to a minimum of 0.3% + VAT of the purchase price), in addition to the purchase price of the property.
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.
Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.