A superb investment and redevelopment opportunity comprising a let 3-bedroom terrace house and adjoining offices, warehouse, workshop, and flat suitable for redevelopment (subject to planning approval). The commercial premises offer an excellent frontage onto Ryde Avenue of approx. 77 ft (23.6m) and a site depth of approx. 115 ft (35m) and as such are considered suitable for redevelopment to create an additional four dwellings (subject to planning consent). The existing three-bedroom terrace house is currently let on an assured shorthold tenancy at a rent of £320 pcm (£3,840 pa) although this is considered to be very low and has not been reviewed for many years. Part of the first floor of the commercial premises comprises of a four-bedroom apartment that the current owner has previously let as bedsit accommodation that produced an income of £320 per week (£80 per room per week).
Location
Ryde Avenue lies between Beverley Road and Clough Road therefore great access to local amenities including shops, bars, bistros, restaurants, public transport, and is within convenient travelling distance of Hull City Centre.
Accommodation
17 Ryde Avenue - Mid terrace house
Ground Floor: Porch, living room, inner hall, kitchen, rear porch/utility, bathroom.
First Floor: Landing, three bedrooms.
Outside: Rear garden with shed.
Commercial Premises 1-15 Ryde Avenue
These premises have been divided into several units which a rated separately. The building is generally in poor repair and as such lends itself to redevelopment, although refurbishment to create letable commercial units is also feasible. The following floor areas are taken from the ratable value listing.
1-7 Ryde Avenue - Store and premises
| Description | Area m²/unit |
| Ground floor office | 47.11 |
| First-floor office | 47.11 |
| Ground floor store | 106.18 |
| Ground floor store | 9.6 |
| Ground floor store | 21.37 |
| First floor store | 29.7 |
| Total | 261.07 |
9 Ryde Avenue - Store and premises
| Description | Area m²/unit |
| Ground floor workshop | 50.4 |
| Total | 50.4 |
Rateable Value £2,100
Unit 4 At 11/13, Ryde Avenue - Workshop and premises
| Description | Area m²/unit |
| Ground floor area under supported floor | 49.44 |
| Ground floor workshop | 84.14 |
| Mezzanine floor internal storage | 23.28 |
| Ground floor staff toilets | 2.67 |
| Mezzanine floor office | 10.95 |
| Mezzanine floor internal storage | 15.21 |
| Total | 185.69 |
Rateable Value £5,000
13 Ryde Avenue - Store and premises
| Description | Area m²/unit |
| Ground floor store | 31.12 |
| First-floor internal storage | 18.94 |
| Ground floor store | 27.73 |
| Total | 77.79 |
15 Ryde Avenue - Offices and premises
| Description | Area m²/unit |
| Ground floor office | 16.6 |
| Ground floor internal storage | 3.5 |
| Ground floor internal storage | 11.1 |
| Total | 31.2 |
Services
Mains gas, electric, water, and drainage are connected to 1-15 Ryde Avenue and Mains water, electrity and drainage are connected to 17 Ryde Avenue. The services have not been tested.
Tenure
1-15 Ryde Avenue - The property is understood to be freehold and offered with the benefit of vacant possession upon completion.
17 Ryde Avenue - The property is understood to be freehold and offered subject to the existing assured shorthold tenancy.
Viewing
Strictly by appointment with the Auctioneers on 0845 400 9900
Energy Performance Certificate
The EPCs will follow.
Method of Sale
The property will be offered for sale by online auction with bidding commencing at 12 noon on Monday 22nd January 2024 and closing on Wednesday 24th January at 1.00pm. For further legal information relating to this lot please log on to auctionhouse.co.uk/hullandeastyorkshire.
Conditions of Sale
The property will be sold subject to conditions of sale, copies of which will be available for inspection at the auctioneer’s offices, with the solicitors and on-line at auctionhouse.co.uk/hullandeastyorkshire, prior to the date of the auction.
Additional Fees
The purchaser will be required to pay an administration charge of £900 (£750 plus VAT) subject to a minimum of 0.3% of the sale price including VAT and a buyer’s premium of £600 (£500 plus VAT) in addition to the purchase price of the property.
Guide Price
Guides are provided as an indication of each sellers minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction), which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Disbursements
Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.
Online bidding
If you want to bid on this property, copy and paste the link below into your URL bar or into a Google search and it will take you to a video that explains the process: youtube.com/watch?v=ImXr4HXR36c
Tenure : Freehold
Council Tax Band : A
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
| Tax Band | % | Taxable Sum | Tax |
| less than £250k | 0 | ||
| £250k to £925k | 5 | ||
| £925k to £1.5m | 10 | ||
| rest over £1.5m | 12 |
| Tax Band | % | Taxable Sum | Tax |
| less than £250k | 3 | ||
| £250k to £925k | 8 | ||
| £925k to £1.5m | 13 | ||
| rest over £1.5m | 15 |
| Tax Band | % | Taxable Sum | Tax |
| less than £425k | 0(5)** | ||
| £425k to £625k | 5 | ||
| £625k to £925k | 5 | ||
| £925k to £1.5m | 10 | ||
| rest over £1.5m | 12 |
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