A freehold mixed-use portfolio of 7 properties arranged as 4 shops and 3 flats, located in Driffield, positioned on the outer fringe of the main shopping thoroughfare within the town centre. The accommodation is configured with retail at the ground floor and residential flats above, forming a parade that serves local day-to-day demand.

The portfolio is fully occupied and generates a gross income of £40,500 per annum. Rents sit at levels that have proven affordable for independent businesses, supporting consistent take-up and providing investors with confidence in the sustainability of the income.

Originally constructed in the early twentieth century, the building was used as a public house for many years before being converted to its current use in the early part of this century.  EPC ratings are E or above, fire and electrical regulations are addressed, and there are no known requirements for major structural expenditure. The properties have been under continuous professional management, including the last three years by the current agents lettings department, providing comfort regarding rent collection, record-keeping, and compliance.

For purchasers seeking an accessible multi-let investment producing a solid yield, the portfolio offers immediate income and proven occupational demand.  A second, slightly larger portfolio in the same ownership is also being offered in this auction as a separate lot.

Location

Driffield is a well-established market town serving a wide rural catchment within the East Riding. The centre provides a mix of local retailers, services, cafes and professional occupiers which support regular footfall throughout the week, reinforced by traditional market activity and a strong sense of local identity.

With the exception of 77 Middle Street South, the four of the properties sit on the outer fringe of the main shopping street, with B&M, Boyes and a Morrisons Local store close by.  The Brook Street units are in secondary trading locations that are still close to the main commercial core. These positions continue to function because they offer affordable occupational costs and convenient access to the town’s amenities. Shoppers and businesses benefit from short walking distances to car parking, convenience stores and public transport.

Road links connect the town to surrounding villages and to the larger centres of Bridlington, Beverley and Hull, while the railway station provides direct services along the Yorkshire coast and inland. This accessibility helps sustain demand from small businesses seeking premises that are easy for customers and staff to reach.

For investors, the appeal of the location rests in consistent local usage, limited competing supply at similar price points, and a long history of independent traders operating successfully from character buildings in and around the centre.

VAT

The sale is expected to be treated as a Transfer of a Going Concern. Subject to the purchaser meeting HMRC requirements, VAT will not be payable on the purchase price.  Interested parties should make their own enquiries with their professional advisors in this regard.  Tenants of the commercial properties pay VAT on top of the rents quoted in the rent schedule.

Services

Mains water, drainage, and electricity are connected to all properties; however, none of the services have been tested.  Interested parties should make their own enquiries in this regard.

Tenure
With the exception of Flat 1, 22 Middle Street South, the properties are held under freehold title and are sold subject to the tenancies detailed above and in the legal pack. Flat 1, 22 Middle Street South, Driffield, is held under leasehold title.  The freehold of 22 Middle Street South is not included in the portfolio sale.

Viewing
Strictly by appointment with the sole agents.  Viewing some units might not be possible due to tenant availability.

Council Tax and Business Rates

All flats are listed as being in council tax band A.  Business rates are payable by the tenants.  Full details of the current business rates are available on the government website :.tax.service.gov.uk/business-rates-find/search

EPC

All of the EPC certificates will be included in the legal pack.

Floor Area Disclaimer

Any floor areas quoted are for guidance purposes only.  They have been taken from the Business Rates website or the EPC.