Mixed Residential and Commercial Investment - For Sale by Auction
A superb freehold mixed commercial & residential investment arranged to provide a ground floor shop with eight one-bedroom self contained flats above and behind. Situated within a mid-terrace building arranged over ground and two upper floors. Fully let producing a gross income of £63,000 per annum.
The building has been completely renovated recently, all doors are fireproof and there is a fire alarm. uPVC windows are fitted throughout, all the walls have been re-plastered, all the wiring has been replaced, the floors of the building is tile and laminate, heating through radiators and electric showers. Electricity and gas are separately metered for each part.
Location
The property is situated on a mixed use road in Hull amongst local shops and amenities and close to the City Centre. The open spaces of a Public Park are within easy reach. Transport links are provided by Hull Paragon International rail station and the M62 link to the wider motorway network.
Ground floor lock-up shop
Tenancy:
Ground floor lock up shop is on a 36 Month lease starting 1st November 2023 producing £6,600 per annum.
The eight flats are currently fully let as follows.
| Flat |
Start |
Term |
Rent |
Deposit |
| 1 |
23/04/2024 |
12 month |
£700 |
£900 |
| 2 |
20/04/2024 |
12 month |
£650 |
£650 |
| 3 |
31/01/2024 |
12 month |
£450 |
£450 |
| 4 |
01/03/2024 |
12 month |
£550 |
£550 |
| 5 |
01/02/2024 |
12 month |
£650 |
£600 |
| 6 |
20/07/2022 |
6 month |
£450 |
£450 |
| 7 |
01/01/2024 |
12 month |
£550 |
£520 |
| 8 |
01/03/2024 |
12 month |
£700 |
£700 |
|
|
|
|
|
| Shop |
01/11/2023 |
36 months |
£550 |
£2,000 |
|
|
|
|
|
| Total
Monthly Income |
|
£5,250 |
|
|
|
|
|
|
| Gross Annual Income |
|
£63,000 |
|
SERVICES
Mains gas, water, electricity and drainage are believed to be connected to the property. None of the services or installations have been tested. Heating for the individual flats is from either gas boilers to radiators or electric panel heaters.
TENURE
Freehold. Sold subject to the existing tenancies..
METHOD OF SALE
The property will be offered for sale by online auction with bidding commencing at 12.00 pm on Monday 22nd July 2024 and closing on Wednesday 24th July at 1.00pm. To register to bid and further legal information relating to this lot please go 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 0.3% of the purchase price (0.25% plus VAT), subject to a minimum charge of £900 (£750 plus 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 seller's 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
