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Barnsley – Freehold Retail & Residential Ground Rent Investment

For sale: £600,000.00|5,023 Sq Ft|Residential, General Retail, Mixed Use, Other, Retail - High Street, Retail, Other Property Types & Opportunities

Property details

FOR SALE£600,000.00
SIZE5,023 Sq Ft
ADDRESS3-29 Neville Avenue, Barnsley S70 3HB
TYPEResidential, General Retail, Mixed Use, Other, Retail - High Street, Retail, Other Property Types & Opportunities
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON20th June 2021

Description

Investment Consideration:
Gross Initial Yield: 6.50%
Rental Income: £39,000 p.a.
VAT is NOT applicable to this property
Comprises large supermarket and takeaway shop at ground floor and six residential flats above, which have been sold on long leasehold
Rear yard area included
Occupiers nearby include takeaway, hair studio, barbershop and fish and chips shop

Property Description:
The property comprises detached block and consist of large supermarket and takeaway shop at ground floor and six residential flats above, which have been sold on long leasehold. The property benefits from rear yard.

The property provides the following accommodation and dimensions:
Ground Floor: Supermarket 405 sq m (4,366 sq ft)
Ground Floor: Takeaway 61 sq m (657 sq ft)
Total area size: 466 sq m (5,023 sq ft)

Tenancy:
The Ground Floor Takeaway (No. 5) is at present let to an Individual for a term of 25 Years from 7th April 2021 at a current rent of £9,000 per annum and the lease contains full repairing and insuring covenants. Rent review linked to RPI in 2026 and every 5th year after. No break clause. The Ground Floor Supermarket (No. 7-29) is at present let to One Stop Stores Limited for a term of 15 Years from 25th April 2021 at a current rent of £30,000 per annum and the lease contains full repairing and insuring covenants. Open market rent review on 26th April 2026 and 2031. Option to determine on 26th April 2028 and 2033. The First/Second Floor Flats have been sold on long leasehold for a term of 999 Years from 29th September 1997 at a ground rent of peppercorn.

Location:
Barnsley is a large market and college town in South Yorkshire, England. The town is surrounded by several towns and villages, which together form the Metropolitan Borough of Barnsley, of which Barnsley is the administrative centre. The town is on the M1 motorway and Barnsley Interchange. The main transport hub is Barnsley Interchange, a combined rail and bus station that was opened on Sunday 20 May 2007. Stagecoach Yorkshire run most bus services within Barnsley, operating to and from Barnsley Interchange. Occupiers nearby include takeaway, hair studio, barbershop and fish and chips shop.

Location

marker
Location: 3-29 Neville Avenue, Barnsley S70 3HB

Barnsley (1.3 miles)

Wombwell (2.5 miles)

Dodworth (2.8 miles)

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