City centre shop adjacent NatWest Bank, near Costa, opposite Three, McDonald’s and Lush
Ground floor sales c.49.3 sq m, potential basement sales c.55 sq m and three upper floors totalling c.150 sq m.
Held on an occupational lease by Gadgets4 UK Retail Limited t/a Fone World at £26,000 per annum exclusive
Long leasehold subject to fixed ground rent of £1,875 per annum
Profit rent £24,125 per annum exclusive - LONG LEASEHOLD RETAIL INVESTMENT FOR SALE
King Edward Street is a prime pedestrianised shopping pitch linking Princes Quay and Whitefriargate via Jameson Street to St Stephens and the adjacent transport interchange. Retailers represented nearby include Costa, Barclays, Tesco Express, Three, Lush and McDonald’s. See the Goad plan.
The property is situated close to the former BHS property which with adjacent buildings and land is the site of a proposed major retail, leisure and residential redevelopment scheme.
Description
Shop unit with pavement level access and full height display front.
Accommodation
| Ground floor sales area | 49.3 sq m | (530 sq ft) |
| Basement – potential sales | 55.0 sq m | (592 sq ft) |
| First floor office, stores and staff areas | 45.6 sq m | (490 sq ft) |
| Second floor stores | 48.9 sq m | (526 sq ft) |
| Third floor stores | 55.2 sq m | (595 sq ft) |
Terms
OCCUPATIONAL LEASE
The property is held by Gadets4 UK Retail Limited t/a Fone World on a 10 year commercial full repairing and insuring lease from March 2017 at £26,000 per annum exclusive subject to a 5 year rent review and tenant only break option.
TENURE
The long leasehold interest in the property is offered ‘For Sale’. This represents the balance of a 99 year term held from Hull City Council expiring in June 2054 at a fixed rent of £1,875 per annum.
DISPOSAL TERMS
The long leasehold interest is offered ‘For Sale’ subject to the occupational lease producing a profit rent of £24,125 per annum exclusive. Offers are invited.
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