FOR SALE
18/05/23
1287
C 1002 / Rightbiz
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 £34,500 pa. The ground floor restaurant has the benefit of some outside seating to the rear overlooking the grassy banks running up to the city walls.
ACCOMMODATION ( note, all dimensions are approximate )
Restaurant
Approx 92 sq m including seating area, kitchen, stores and preparation. Outside seating area to the rear.
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 for 12 months from January 2023 at a rent of £750 per month
Flat 2 let on an AST for 6 months from February 2021 and now holding over at a monthly rent of £750
Total gross income £34,500 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;
Ground floor D, Flat 1 E, Flat 2 G.
PRICE
This freehold investment is available for £500,000 representing a gross yield of 6.9%.
VAT.
All prices and rents are deemed to be exclusive of any VAT which may apply
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. Buyers will be required to provide details of their identity ( passport / driving license and two utility bills) and proof of funding ( bank statements / mortgage offer ).
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.
Do not pay any deposit to private sellers upfront. If you are looking to purchase a business, we advise that any deposits or transactions made are through a solicitor to prevent fraudulent activities from occuring.
Do not share confidential information with any private sellers, including your home address, account passwords, bank accounts and credit card information.
The vast majority of these scams involve the transfer of substantial sums of money. We advise all transactions made are through a solicitor to prevent fraudulent activities from occuring.
Send a test amount before you consider handing over a large amount of funds. Maybe even try transferring £1, and then speaking to your solicitor to confirm receipt.
Do not disclose proof of funds directly to the sellers. If the sellers request you to show proof of funds, we advise that it is done through a solicitor to prevent fraudulent activities from occuring.
Buying a business is not covered by consumer rights legislation. It is your responsibility to acquire a business that holds up in quality and agreement.
Fraudsters will typically use false news in an attempt to get you to act quickly. For example, 'Your account has been disabled. Reset your password now.'.
Review the performance of a business to make appropriate financial projections. Some businesses are dormant or not trading, so it is essential to check their short and long-term potential.
Legitimate emails from Rightbiz will be with the domain @rightbiz.co.uk. However, emails from [email protected], [email protected] or [email protected] are not affiliated with Rightbiz.