Superb mixed-use investment opportunity.
Large ground floor cafe situated at the front and micro-pub at the back with rear parking.
Large 2-bed flat above and finished to a high specification.
Long-standing tenants with potential to increase rents.
Current rent passing £19,740pa rising to £28,140pa upon completion.
Situated in highly sought after village.
Offers in the region of £375,000 reflecting an overall net initial yield of 7.23% assuming acquisition costs of 3.8%.
The property is located in Thorngumbald approximately 8.5 miles east of Hull city centre and 10 miles west of Withernsea. The property is situated along Main Road in Thorngumbald and enjoys good visibility with regular vehicle traffic passing through Thorngumbald on a daily basis. The immediate area comprises mostly residential with a Co-op convenience store located close by.
The property comprises of three units to provide a mixed-use investment opportunity. The ground floor comprises of a large cafe fronting Main Road and currently producing £8,340 per annum. At the rear there is a well presented micro-pub which contains a traditional looking bar with seating and an additional seating area within the extension that is complete with a log burner to provide a warm and cost environment.
The micro pub is currently producing £11,400 per annum and therefore the total income is approximately £19,740 per annum. There is potential to increase the rents upon both units subject to further discussions and negotiations.
Both tenants have been longstanding and established businesses serving the Thorngumbald and wider community. The property also includes a rear customer parking area for circa 10 spaces. Upon the first floor, the property comprises of a self contained two bedroom flat that is finished to a high standard throughout.
The flat will be sold with the benefit of a brand new AST agreement at approximately £700 per calendar month to provide a total income across all three units of approximately £28,140 per annum. Additionally, the flat is also available with full vacant possession if required.
The entire property subject to the existing tenancies is available at offers in the region of £375,000.
Additionally, the flat can be sold with full vacant possession if required.
Viewings are to be made strictly through us as sole selling agent.
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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