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Freehold Shop and Residential Investment
Comprises a ground floor retail unit with hot food takeaway planning
Independently accessed Self-contained flat on the first floor
Forms part of a parade of neighbourhood retail units
VAT is not applicable to this property
Nearby occupiers include Lloyds Pharmacy and Today`s Extra, among others
Investment Consideration: Gross Initial Yield: 7.52% Rental Income: £7,900 p.a. VAT is not applicable to this property. Comprises a ground floor retail unit with hot food takeaway planning consent and self-contained flat on the first floor. Situated on the south side Southcoates Lane and forms part of a parade of neighbourhood retail units. Nearby occupiers include Lloyds Pharmacy, Today`s Extra, United Carpets & Beds, amongst other local traders.
Property Description: The property is arranged as a terraced retail unit with hot food takeaway planning consent and self-contained living accommodation. The property includes a modern shop front and sales area with fryer, preparation/storage rooms and WC.
The two-bedroom self-contained flat on the first floor has gas central heating and uPVC double glazing. This flat is independently accessed from a securely fenced rear yard.
The property provides the following accommodation and dimensions: No. 294 (Ground Floor Shop): 55.02 sq m (592 sq ft) No. 294A (First Floor Flat): 66.00 sq m (710 sq ft) Flat comprises 2 Bedrooms, Landing, Living Room, Kitchen and Bathroom
Tenancy: The entire property is at present let to O. Shaw t/a Takeaway for a term of 5 years from 8th May 2018 at a current rent of £7,900 per annum and the lease contains full repairing and insuring covenants. The lease provides for rent reviews every third year and rent deposit is held of £1,316.67.
Location: The property is on the south side Southcoates Lane and forms part of a parade of neighbourhood retail units which includes a large pharmacy close to the busy junction with Preston Road. This is about 2.5 miles north east from Hull city centre in an established residential area.
For more information about this property, please contact Blue Alpine Partners, SW1P on +44 20 3641 9157 * (local rate)
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