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4 Barnsley Road, Hemsworth, Pontefract, West Yorkshire

For sale: £360,000.00|3,024 Sq Ft|Retail - High Street, General Retail, Residential, Retail

Property details

FOR SALE£360,000.00
SIZE3,024 Sq Ft
ADDRESS4 Barnsley Road, Hemsworth, Pontefract, West Yorkshire
TYPERetail - High Street, General Retail, Residential, Retail
TENUREDevelopment Opportunity, Investment Opportunity, For Sale Freehold
POSTED ON3rd April 2024

Description

FOR SALE - HIGH YIELDING REVERSIONARY INVESTMENT

FULLY LET MIXED USE INVESTMENT - High yielding and reversionary mixed-use investment comprising a retail unit and six apartments generating £41,000 per annum exclusive.

-Self-contained one bedroom apartments
-3 x apartments let to Mears Group PLC (national social housing provider) on 5 year internal repairing leases until March/April 2028
-3 x apartments let on 6 month ASTs
-£41,000 PER ANNUM INCOME
-Scope to increase residential income further and lease more apartments to Mears Group PLC
-Redeveloped in 2022
-Quality, modern apartments finished to a good standard
-Retail unit let on a new 1 year lease at £7,800 pax
-Ideal for private investors
- Potential to increase rent to £43,032 per annum
-Secure 5 year income via Mears Group with limited landlord liabilities
-Further development potential via converting the rear of the retail unit

Offers in excess of £360,000 reflecting a gross yield of 11.39%


CONTACT
Tel: 01302 639838 / 07494735001
Email: Ben@flintrealeatate.co.uk


LOCATION
The property is located on Barnsley Road in Hemsworth, near to the junction of Cross Hill and Market Street, the latter home to the towns Tesco Superstore.

Adjacent to the property is Home Bargains and close by is Hemsworth Post Office, making local amenities and public transport options only a short walk away.

The property is located within the heart of Hemsworth, the immediate area is a mixed use area.

Hemsworth is a town in the City of Wakefield, which is located approximately 9 miles to the north west, Barnsley is located 8 miles to the south west, and Pontefract 7 miles to the north via the A628.


DESCRIPTION
Mixed use investment comprising 6 modern, self contained apartments let on ASTs and a retail unit, extending to 3,024 Sq Ft GIA.

Apartments x 6
- Each apartment is self contained
- Modern fixtures and fittings
- Converted to a high standard
- Furnished
- Located on the first and second floors
- Refurbished in 2022
- Off road parking to the rear for 4-5 vehicles

Retail Unit
- Benefits from salon fixtues and fittings
- Attractive d�cor
- Kitchenette and W/C facilities
- Security roller shutters
- Suit a range of business/retail uses
- Provides the investor to secure a tenancy on their own terms and benefit from the 6 month rent guarantee.

DEVELOPMENT POTENTIAL
There is scope (STP) for further development by splitting the retail unit to create a self contained apartment of circa 500 sq ft to the rear.

TENANCY INFORMATION
3 x apartments are all let on 6-month AST agreements at £400pcm.
3 x apartments are let on new 5 year leases to MEARS Housing Association at £472.70 pcm. Leases are from March/April 2023 until 2028
Total residential rent is £31,417 per annum.
Retail unit let on a 5 year new lease at £7,800 per annum with a 1 Year lease to a carpet shop.

The total rent is £41,000 per annum.

We understand the landlord has been approached by Mears Group to rent the other 3 apartments on 5 year leases at £472.70 pcm, as and when they become available. This would increase the rent roll and reduce landlord's repair liabilities. The residential rent could increase to £34,034.40 per annum exclusive for the residential element, and £43,034.40 per annum exclusive overall.

This would provide the owner with secure income, with limited landlord liabilities.

Further information is available upon request.


INVESTMENT PROPOSAL
We are inviting offers in excess of £360,000 which reflects a gross yield of 11.23%.

Potential reversionary yield of 11.39% assuming a letting at £470.70 pcm for each of the apartments.

EPC
Ranging from C to E - available upon request.

SERVICES
Mains electric and water are connected . Electric is separately metered throughout.

ANTI MONEY LAUNDERING
The purchaser is required to comply with Anti Money Laundering Regulations.

VAT
There is no VAT payable.

VIEWINGS
By appointment with the sole agent.

CONTACT
Tel: 01302 639838 / 07494735001
Email: Ben@flintrealeatate.co.uk

( Agency Pilot Software ref: 2 )

Location

marker
Location: 4 Barnsley Road, Hemsworth, Pontefract, West Yorkshire

Fitzwilliam (1.5 miles)

Moorthorpe (2.5 miles)

Featherstone (2.9 miles)

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