6B Market Street, Hoyland

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Key Points

Summary

FOR SALE - PROMINENT RETAIL INVESTMENT OPPORTUNITY

Description

The property comprises an attractive two-storey purpose-built retail unit constructed in 2016. The property benefits from approx. 2,100 sq ft of retail sales areas with approx. 600 sq ft of storage to the rear. The upper floors amount to approx. 640 sq ft and are currently unused and sealed off.

There is a loading and staff car park to the rear of the property.

The property may lend itself to a variety of alternative uses and redevelopment, subject to obtaining all the necessary consents.

Location

Hoyland is a town in the Metropolitan Borough of Barnsley in South Yorkshire.

The property is situated with a prominent position onto Market Street which benefits from high footfall. Nearby Occupiers include, B&M (opposite), Heron Foods, Barclays Bank and a number of local traders.

Tenancy

The property is entirely let Frozen Value Food Ltd on a 15-year term from July 2016 expiring in July 2031. There is a tenant only option to determine the lease in July 2026. The lease is drawn on a full repairing and insuring basis.

The current passing rent equates to £42,500 per annum and is reviewed 5 yearly to the higher of open market rent.

Proposal

We are instructed to seek offers in excess of £325,000 (Three Hundred and Twenty Five Thousand Pounds) subject to contract and exclusive of VAT.

A purchase at this level will reflect a Net Initial Yield (NIY) of 12.77% assuming purchasers’ costs of 2.37%.