Price: £500,000
Nearly7% gross return on this mixed retail/ residential investment
Ref: C 1002
Tenure: Freehold
This freehold investment comprises of a ground floor restaurant/cafe plus two self contained apartments above, one having one bedroom and the other having two bedrooms. The property enjoys a great location at the Bootham end of Gillygate very close to York Minster and there are Minster views from the rear of the apartments as well as over the historic city walls.
The property generates a gross income currently of £40,220 pa. rising to £42,220 in 2028.
ACCOMMODATION ( note, all dimensions are approximate )
Restaurant
Approx 92 sq m including seating area, kitchen, stores and preparation. Potential for outside seating to the rear subject to consents.
FIRST FLOOR
Flat 1 Comprising of lounge / kitchen, shower room, double bedroom, separate wc
SECOND FLOOR
Flat 2 Comprising rear kitchen, shower room/wc, rear double bedroom, lounge. Stairs up to
THIRD FLOOR
Bedroom 2
The flats have electric heating and mostly upvc double glazed windows
OCCUPANCY
Restaurant let to Mariwan Ibrahim for a 10 year term from 24th February 2021 with a review in 2026 and every third year thereafter at a current rent of £16,500pa. The tenant is responsible for maintaining and decorating the whole of the interior and shop front.
Flat 1 let on an AST at £835 per month
Flat 2 let on an AST at £850 per month.
Total gross income currently £40,220 rising to £42,220 in 2028. pa.
RATES
The premises are shown on the Valuation Office Rating web site as having a RV of £15,750..
EPC
The property has EPC ratings as follows;
Restaurant D, Flat 1 E, Flat 2 G.
PRICE
This freehold investment is available for £500,000 representing a gross yield of approximately 8%.
Viewing
By arrangement with The Agents on 01904 794812.
Important
Where staff are employed in a business, it is possible that they are unaware of any impending sale, therefore it is essential that all viewings are arranged through us and no direct approaches should be made under any circumstances.
Vat
All prices and rents are deemed to be exclusive of any VAT which may apply.
Note
Details and general information provided within these particulars have been confirmed by The Client, are given in good faith and are believed to be correct, however all proposed purchasers/tenants must satisfy themselves as to the correctness of the information provided. We understand that all services and items of equipment are in functional order, but no warranties can be given in this respect. Neither the agents nor any person in their employ bind themselves in any way, nor are any warranties given as to the correctness of the information provided. No part of these particulars form part of any contract or agreement for sale or lease
EPC Document
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