Two mixed-use properties held on separate titles.
Redevelopment potential on both including conversion of rear outbuilding to 1-bed flat.
Total estimated income once fully let £34,440 per annum.
Both properties are available to be sold separately.
Offers invited in the region of £260,000 for both properties which would reflect a net initial yield of 13% upon the total estimated income above and assuming purchaser's costs of 1.8%.
727 and 729 Hessle Road presents a mixed-use investment/redevelopment opportunity. The properties provide three separate commercial units upon the ground floor with one unit currently tenanted and trading as a hair salon and has been in occupation at the property for over 20 years.
The upper floors provide two large self contained 2-bed flats which have the potential to be reconfigured into 3- bed flats. The first floor flat at 729 Hessle Road is currently tenanted and has been occupying for over five years. At the rear of 727 Hessle Road, there is ancillary space at the ground floor which is accessible via the first floor flat however this space could be transformed into a self contained studio having the benefit of rear access onto the yard area.
At the rear of 729 Hessle Road is a 1-bed flat currently vacant and is accessible via Devon Street. A further outbuilding is situated at the rear and is currently utilised for storage however this could be redeveloped into a self contained 1-bed subject to planning. The total estimated annual income once both properties are fully developed and let is £34,440 per annum exclusive.
Both 727 and 729 Hessle Road are an ideal opportunity for an investor/developer seeking to add to an existing portfolio and realise the full value and opportunity both properties present.
Offers are invited in the region of £260,000 for both freehold interests. Both properties are available to be purchased separately by negotiation.
A purchase at this level would produce net initial yield of 13% assuming acquisition costs of 1.8% based upon the total estimated rental income once fully let.
For further information about this property listing you can download the brochure or contact Jonathan Barker on 07432 534668 or by emailing jonathan@barkerproperty.uk
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