Available
Hull – Restaurant & 2 Flats
317 Holderness Road, Hull, North Humberside HU8 8SHFreehold Restaurant and Residential Investment
Price
£225,000
Rent P.A.
£21,624
Yield
9.61%
Tenure
Freehold
Lease Term
6 Years
Years Left on Lease
5y 5m
Area
2,031 SQ FT
VAT Applicable
Yes
Sector
Investment Consideration
- Comprises ground floor restaurant and two self-contained flats at first and second floor
- Flat No. 317B was completely refurbished in 2019
- Occupiers nearby include Boots Pharmacy, Heron Foods, Lloyds Bank, Vision Plus, British Heart Foundation, Betfred, Savers, amongst other local traders
Key Features
Tenure
Freehold
VAT
VAT is Applicable
Property Description
Detached three-storey building comprising ground floor restaurant and two self-contained flats on the first and second floor, providing the following accommodation and dimensions:
Ground Floor: 79 sq m (847 sq ft)
Takeaway – Sales, Kitchen, Storage, WC
First Floor: 35 sq m (377 sq ft)
Flat 317A - 1 Bedroom, Reception, Kitchen and Bathroom/WC
Second Floor: 75 sq m (807 sq ft)
Flat 317B - 2 Bedrooms, Reception, Kitchen and Bathroom/WC
Ground Floor: 79 sq m (847 sq ft)
Takeaway – Sales, Kitchen, Storage, WC
First Floor: 35 sq m (377 sq ft)
Flat 317A - 1 Bedroom, Reception, Kitchen and Bathroom/WC
Second Floor: 75 sq m (807 sq ft)
Flat 317B - 2 Bedrooms, Reception, Kitchen and Bathroom/WC
Tenancy Description
The restaurant is at present let to an Individual for a term of 6 years from 4th June 2024 at a current rent of £12,000 p.a. and the lease contains full repairing and insuring covenants. Rent review in June 2027 open market upward only. Tenant option to determine in June 2027 with min 3 months notice. Deposit held of £2,000.
First floor flat (317A) is at present let on an AST to an individual for a term of 6 months from 6th August 2020 (holding over) at a current rent of £4,680 p.a.
Second floor flat (317B) is at present let on an AST to an individual for a term of 12 months from 6th March 2020 (holding over) at a current rent of £4,944 p.a.
First floor flat (317A) is at present let on an AST to an individual for a term of 6 months from 6th August 2020 (holding over) at a current rent of £4,680 p.a.
Second floor flat (317B) is at present let on an AST to an individual for a term of 12 months from 6th March 2020 (holding over) at a current rent of £4,944 p.a.
Tenancies & Accommodation
Location Description
Hull has a population of 243,589 and lies on the northern bank of the Humber Estuary about 55 miles east of Leeds. Hull is linked to the national motorway network via the M62 Trans-Pennine motorway and also by the M180 motorway via the Humber Bridge. Holderness Road (A165) and can be accessed via the A63 and the property lies on the north side, close to the junction of Mersey Street in a mixed commercial and residential area.
