Freehold Investment Opportunity
Forming part of an established retail parade
Ground Floor 61.2 sq m (659 sq ft)
Total area 131.4 sq m (1,415 sq ft)
Producing a rental income of £9,000 p.a. from an established tenant
The subject property is located on the east side of Savile Street close to King Edward Street and Queen Victoria Square within Hull city centre. Savile Street is home to a mix of independent retailers. The central position enables easy access to all city centre area amenities. The property is shown in red on the Goad plan.
Description
The property comprises a 3-storey traditional brick, mid terrace building beneath a pitched slate roof incorporating a shuttered aluminium shop front with a recessed entrance.
Internally, the property provides a regular shaped ground floor sales area, benefiting from laminate flooring and a suspended ceiling with integrated lighting. An internal staircase provides access to the first and second floors, currently being used for additional storage and WC’s.
Accommodation
Ground Floor | 61.2 sq m | (659 sq ft) |
First Floor | 33.7 sq m | (363 sq ft |
Second Floor | 36.5 sq m | (393 sq ft) |
Total area | 131.4 sq m | (1,415 sq ft) |
Terms
Lease Details
The property is held on an effective Full Repairing and Insuring commercial lease which expired 20/04/2016 (currently holding over). The rent passing is £9,000 per annum payable monthly in advance. New heads of terms have been issued to the tenant, based on £9,000 p.a. for 5 years. The tenant has been in occupation since April 2010 and has expressed a wish to enter in to a new lease.
Disposal Terms
The freehold interest, subject to the current occupation is available For Sale at a guide price of £115,000.
Rateable Value
The premises are described as ‘shop and premises’ with a rateable value of £8,100 effective April 2017. Under current provisions, a small business may benefit from 100% small Business Rates Relief (subject to status). For clarification, please contact Hull City Council on 01482 300300
Energy Performance Rating:
Requires reassessment - awaiting details
Property Enquiry
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