LONG LEASEHOLD RETAIL INVESTMENT FOR SALE
City centre shop near Costa, Three, McDonald’s and Specsavers
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 £15,600 per annum exclusive
Long leasehold title subject to fixed ground rent of £1,875 per annum
Profit rent £13,725 per annum exclusive
Offers over £100,000 Invited
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, Specsavers, 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 to Albion Strreet / Bond Street is the site of a mixed use redevelopment scheme
Description
Long leasehold retail investment for sale
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 a rebased rent of £15,600 per annum exclusive.
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 an occupational lease producing a profit rent of £13,725 per annum exclusive. Offers over £100,000 are invited.
RATEABLE VALUE
The property is described as ‘Shop & Premises’ with a rateable value of £13,500 (2023 Rating List).
ENERGY PERFORMANCE RATING: E
Property Enquiry
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