Retail premises for sale

Investment Consideration:
Gross Initial Yield: 10.00%
Rental Income: £7,000 p.a.
VAT is not applicable to this property
Comprises ground floor shop and residential flat above (sold-off)
Retail shop benefits from allocated area at front
Nearby occupiers include Lloyds Bank, Quick Silver, William Hill, Greggs, Iceland, amongst other local traders

Property Description:
Comprises ground floor corner retail shop with front area and residential flat above (sold-off), providing the following accommodation and dimensions:
Ground Floor: 78.00 sq m (840 sq ft)
Open plan retail, storage, kitchenette, wc
First/Second Floor Flat: Sold-off

Tenancy:
The shop is at present let to an Individual for a term of 3 years from 1st June 2024 at a current rent of £7,000 p.a. And the lease contains full repairing and insuring covenants. Tenant pays reduced rent for Year 1 of £6,240 p.a. Vendor will top up rent, so the buyer receives the equivalent o £7,000 p.a. From completion. Deposit held of £1,100.
The first and second floor residential flat is sold off on long lease for term of 125 years at a current ground rent of £25 p.a..

Location:
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. The property has a frontage to Hessle Road.