Investment Consideration:
Gross Initial Yield: 10.42%
Rental Income: £41,664.84
VAT is NOT applicable to this property
Comprises ground floor retail shop and 6 self-contained studios/flats at first and second floor
Mears Limited has indicated interest to have guaranteed rent lease for remaining flats (Flat 1, Flat 4 and Flat 6)
Situated within short walk from Tesco Superstore, Home Bargains, Post Office, Domino`s Pizza and more.
Property Description:
Semi-detached building comprising retail premises at ground floor and 6 self-contained studios/flats at first and second floor. The building benefits from parking at rear and provides the following accommodation and dimensions:
Ground Floor Retail: 100 sq m (1,076 sq ft)
Open plan retail, storage, kitchen, wc
First Floor:
Flat 1: 24 sq m (258 sq ft)
Flat 2: 24 sq m (258 sq ft)
Flat 3: 20 sq m (215 sq ft)
Flat 4: 23 sq m (247 sq ft)
Second Floor:
Flat 5: 22 sq m (237 sq ft)
Flat 6: 21 sq m (226 sq ft)
Total area size: 234 sq m (2,517 sq ft)
*Future permitted development potential to convert ground floor retail shop into additional studios/flats, subject to obtaining the necessary consents.
Tenancy:
The retail shop is at present let to SJ Flooring for a term of 3 Years from 5th February 2024 at a current rent of £7,800 p.a. Mutual break option with min 2 month`s notice any time after 05.02.25.
Flat 1 is at present let on AST to an Individual for a term of 6 Months from 24th November 2022 at a current rent of £4,800 p.a. Deposit held of £400.
Flat 2 is at present let on Lease to Mears Limited for a term of 5 Years from 26th April 2023 at a current rent of £5,888.28 p.a. Rent review linked to CPIH on 31st March of every year of the Term. No breaks.
Flat 3 is at present let on Lease to Mears Limited for a term of 5 Years from 24th March 2023 at a current rent of £5,888.28 p.a. Rent review linked to CPIH on 31st March of every year of the Term. No breaks.
Flat 4 is at present let on AST to an Individual for a term of 6 Months from 31st October 2023 at a current rent of £5,700 p.a. Deposit held of £250.
Flat 5 is at present let on Lease to Mears Limited for a term of 5 Years from 24th March 2023 at a current rent of £5,888.28 p.a. Rent review linked to CPIH on 31st March of every year of the Term. No breaks.
Flat 6 is at present let on AST to an Individual for a term of 6 Months from 14th November 2023 at a current rent of £5,700 p.a.
Location:
Hemsworth is a town and civil parish within the City of Wakefield in West Yorkshire. In the 2011 Census it had a population of 13,533. The town sits close to Barnsley, Pontefract, Wakefield and Doncaster. The property is situated in the town centre within short walk from local amenities and retail occupiers such as Tesco Superstore, Home Bargains, Post Office, Domino`s Pizza, Hemsworth Library and many more.
