Investment Consideration:
Gross Initial Yield: 10.44%
Rental Income: £7,305 p.a.
VAT is NOT applicable to this property
Comprises ground floor shop and residential flat above (sold-off)
Retail shop let until 2030. No breaks. Rent review on 25.04.28 linked to RPI
Nearby occupiers include Lloyds Bank, William Hill, Greggs, Iceland and more.
Property Description:
Comprises ground floor corner retail shop with front area and residential flat above (sold-off), providing the following accommodation and dimensions:
Ground Floor: 78.00 sq m (840 sq ft)
Open plan retail, storage, kitchenette, wc
First/Second Floor Flat: Sold-off
Tenancy:
The shop is at present let to an Individual for a term of 5 years from 25th April 2025 at a current rent of £7,280* p.a. and the lease contains full repairing and insuring covenants. Rent review on 25.04.28 linked to RPI. No breaks. Deposit held of £1,690.
*Tenant pays reduced rent of £6,760 p.a. for Year 1. Vendor will top-up rent until 24.04.26 so the buyer receives the equivalent to £7,280 p.a. from completion.
The first and second floor residential flat is sold off on long lease for term of 125 years at a current ground rent of £25 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. The property has a frontage to Hessle Road.
