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    Key features

    • To be offered on Wednesday 10 December
    • High Yielding Mixed-Use Investment
    • Retail Unit and 2 x Flats
    • Fully Let to Two Tenants
    • Asset Management Potential Via Lease Renewal
    • 1,989 sq ft (184.78 sq m)
    • VAT-Free Investment
    • Investment Let at £22,400 p.a. (12.11% GIY on Guide Price)

    Description

    Arranged as a ground floor retail unit with two flats to the upper parts, the property underwent an extensive refurbishment in 2022 and is currently let to two tenants.

    The ground floor is let to to a private individual t/a Ojojoo Hair and Beauty Products on a recently signed three year lease expiring 08.02.2027 and paying £8,400 per annum. We understand the tenant runs a successful online business and principally uses the unit as a workshop, office and storage. We consider the property benefits from asset management potential via the renewal of this lease.

    The upper parts comprise a two bedroom flat and a studio flat. Both flats are let on a single commercial lease to Lucky Move Limited, an established local estate agent, on a four year lease expiring 16.04.2027 and paying £14,000 per annum. Whilst the flats are held on a single lease we understand they have separate utilities meters and are sublet by the tenants. We consider there may be an opportunity to improve rental income via direct management and letting of these flats separately upon lease expiry.

    The property benefits from a prominent frontage to Holderness Road, an arterial route comprising the main local retail amenity for the surrounding residential area.

    Additional information

    Tenure

    Freehold

    Accommodation

    • No. 48 (Ground Floor) Retail Unit - 738 sq ft (68.6 sq m)
    • No. 48A (First Floor) Two Bedroom Flat - 748 sq ft (69.6 sq m)
    • No. 48B (Second Floor) Studio Flat - 503 sq ft (47.7 sq m)

    Tenancy

    Ground Floor


    The ground floor is let to to a private individual t/a Ojojoo Hair and Beauty Products on a recently signed three year lease expiring 08.02.2027 and paying £8,400 per annum.


    The lease is on full repairing and insuring terms and we understand a deposit of £1,200 is held.


    Upper Parts


    The upper parts comprise a two bedroom flat and a studio flat. Both flats are let on a single commercial lease to Lucky Move Limited on a recently renewed lease expiring 16.04.2027 and paying £14,000 per annum. We understand the tenant sub-lets the flats to occupational tenants.


    The tenant is responsible for all internal repairs including common parts, we understand a deposit of £1,000 is held.

    Rent

    £22,400 per annum

    Notes

    Joint Auctioneer

    Joseph Bachman

    07723 619 270

    joseph@bluealpine.com


    Please note the internal photos were taken prior to the tenants occupation.

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      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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