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75, Princes Avenue, Hull, HU5 3QU

A superb mixed commercial and residential investment property - Fully Let and generating a gross income of £29,560.
Location: 75 Princes Avenue, HU5 3QU
Property type: Residential, Retail, Mixed Use, Other Property Types & Opportunities
Tenure type: For Sale Freehold
Tenancy type: Investment
*UNSOLD, PLEASE REFER TO AUCTIONEER*

An excellent investment opportunity in the form of a mixed retail and residential investment with the ground floor consisting of a self contained retail lock up shop which has been let to Subway Realty Limited. The upper floors consist of three well appointed residential letting units with large well equipped communal kitchen and lounge and 3 residential rooms, each with private bathrooms, all let on assured shorthold tenancy agreements on all inclusive basis incorporating gas, electricity, TV licence, telephone line and broadband.

Tenure

Freehold - subject to existing leases.

Situation

Princes Avenue has become a sought after retail location benefitting from day time and evening economy. There is a mixture of local niche retailers situated on Princes Avenue as well as a number of Café Bars and Restaurants. The subject premises are situated on a highly prominent position at the junction of Clumber Street.

Accommodation

Ground Floor: Shop Unit, Store: Currently let to Subway.
Residential Accommodation: Secure entrance to self contained letting units.
First Floor: Communal Kitchen Living, Landing, Residential Let 1: Bedroom, Dressin Area, Shower Room. Residential Let 2: Hall, Bedroom, Shower Room.
Second Floor: Residential Let 3: Landing,Bedroom, Shower Room.

Lease Details

The ground floor shop is let to Subway Realty Ltd. Let on a 15 year lease from 2008 but subject to a variation of lease that has been agreed and will be in place prior to the auction. The variation provides for an increase in the rent from £12,500 pa to £15,000. The three flats are let on AST's with a total gross income of £14,820 per annum. These rents are inclusive of all utility bills, council tax, TV Licence, telephone line rental and broadband charges. We are advised that the net rental from the three flats is in excess of £10,000 pa.

Services

All mains services are connected

Joint Agent

Dee Atkinson & Harrison
56 Market Place
Driffield
YO25 6AW
Tel: 01377 24191

Energy Efficiency Rating (EPC)

Current Rating D

Services

Interested parties are invited to make their own enquiries to the relevant authorities as to the availability of the services.

Local Authority

Hull City Council

Solicitors

Devine Law Solicitors, Suite 2, Stable Court, Hesslewood Country Business Park, Ferriby Road, Hessle HU13 0LH. , Ref: Mr A Hakes, Tel: (01482) 642326

Additional Fees

Administration Charge - Purchasers will be required to pay an administration fee of £600 inc VAT

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.
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