Hull – Freehold Restaurant and Residential Investment

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Investment Consideration:
Gross Initial Yield: 9.61%
Rental Income: £21,624 p.a.
VAT is applicable to this property
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

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

Tenancy:
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.

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. 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.