SOLD. Retail / residential investment £485,000 producing nearly 8% yield For Sale in York.

We are delighted to offer this very well maintained semi detached  property fronting onto Boroughbridge Road, ( A 59) which is one of the main routes into York from the west. The property is set slightly back from the road having a forecourt to the front with parking for several vehicles and an enclosed rear garden area. The ground floor of the premises is let to an aesthetics clinic whilst the upper floors contains two, two bedroomed self contained apartments plus two small offices one of which is occupied by the vendor who uses it in connection with his business and who wishes to continue to do so. There is also an opportunity for owner occupation of the whole or part if required subject to appropriate notice being given.   The property is mostly double glazed within upvc frames and has gas central heating to the upper parts.

The gross income is around £42,684 pa.

ACCOMMODATION

Ground Floor

Mostly open plan clinic with none structural divisions to form 5 treatment rooms, conservatory, office, staff room, kitchen staff wc’s and clients wc’s.   Net internal area around 113 sq m ( 1216 sq ft)

First Floor

FLAT A ( Rear)  approx 56 sq m ( 602 sq ft)

Comprising of an open plan lounge / kitchen with a fully fitted modern kitchen: A staircase from the lounge gives access to two second floor bedrooms and a bathroom /wc.

FLAT B ( Front) approx 62 sq m ( 667 sq ft)

Comprising of an open plan lounge / kitchen, gas central heating boiler; shower room /wc. A staircase from the lounge given access to Two second floor bedrooms.

To the rear of the first floor landing there are two small offices ( 7.4 sq m  and 8.4 sq m) as well as a shared wc facility.

RATES  /  COUNCIL TAX

The property is assessed as follows:

Ground Floor RV £10,750

Flat A Council Tax Band B    

Flat B  Council Tax band B

Small Office  RV £820

Larger Office RV £1500.

LEASE and TENANCY AGREEMENTS

Ground Floor:   Let to Innersense Aesthetics Limited who are holding over on an unprotected lease but who are happy to sign a new 5 year lease  on internal repairing and insuring terms at a rent of £17,400pa .

Flat A let on a 12 month AST at £825 per month.

Flat B  let on a 12 month AST at £950 per month

Small Office let to Steven Buttles, Accoutant on a year to year basis at £1800pa.

Larger Office to to Inhouse Construction Ltd on a year to year basis at £2184 pa ( The tenant is the vendor of the building therefore this agreement can be varied to suit the parties)

GROSS INCOME  £42,684 The landlords pays for gas and electricity to the upper parts ( except Flat B) therefore  we estimate the net income to be around £38,000 pa.

EPC

The property has an EPC rating for the entire property of C.

VAT.    

VAT is not applicable to this transaction.

PRICE

Around £485,000 however close offers will be seriously considered . If the property is to be used as an investment then our client is quite happy to continue to manage it as part of the deal.    This attractive investment will provide the purchaser with a gross yield of nearly 8%.

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.