Commercial property for sale.
Offers Over £55,000
Three Storey Mixed Use Investment Opportunity - Sought After Central Location.
With Potential For Prominent Advertising Hoarding (STP).
• Three Storey Mixed Use Investment
• Vacant possession
• Requires a programme of renovation
• Sought after central location
• Former taxi office to the ground floor
• Potential apartment to the upper floors
• Potential to add good capital value
• Potential for a prominent advertising hoarding to the eastern elevation (STP)
• Excellent transport links
• ERV £13,000 per annum
The property is conveniently located on the north side of Witham in the city of Kingston upon Hull. Voted as the city of culture for 2017, Hull offers an abundance of amenities and leisure facilities with many national and international retailers and businesses trading on the doorstep with heavy passing footfall. The area is set for continued regeneration and expansion following the city of culture title. Hull benefits from excellent road access with the M63 and A63 in close proximity. Hull Paragon Interchange offers frequent direct rail services to London Kings Cross, Manchester and Leeds.
The property is entered via a roller shutter door to the front elevation onto Witham. To the ground floor there is a retail area of approximately 33 sq. m along with a kitchen area and staff toilets.
(STP) The upstairs to the building could be converted to an apartment with the addition of a kitchen & bathroom and benefits from a bay window to the front elevation and is accessed through the ground floor retail unit.
Tenure - The property is freehold
Council Tax & Business Rates - The upper flat in not registered for council tax. The retail unit attracts a rateable value of £3,000 pa
Following a program of works the upper floors could be rented for £350 PCM(£4,200 PA). Once tenanted the ground floor retail could generate in the region of £400 PCM (£4,800 PA). This represents a gross yield of 25.7 % before any works have been carried out. In addition, due to the location of the property and its close proximity to the city centre the exposed east side of the property could be used as an advertising hoarding (STP) generating further income.