SOLD / WITHDRAWN
17/11/21
878
C 989 / Rightbiz
This freehold investment opportunity comprises of two ground floor retail units and a self contained flat
above. The premises are located in a prominent position on Acomb Road close to the junction with Holgate Road and Poppleton Road, ( A59) lying about 1.5 miles west of York city centre. Both retail tenants have been in occupation for many years and the flat above is let on a 12 month Shorthold tenancy.
This is considered to be an ideal opportunity for the small investor wishing to see a decent return.
ACCOMMODATION ( note, all dimensions are approximate )
12 Acomb Road
Sales Area 47.6 sq m (513 sq ft)
Kitchen 9.3 sq m (101 sq ft)
Rear lobby and wc.
14 Acomb Road
Sales Area 26.6 sq m (287 sq ft)
Office 8.5 sq m ( 91 sq ft )
WC accessed from rear yard
12a Acomb Road
First Floor Flat comprising:
Lounge 3.7m x 3.6m
Kitchen 3.0m x 1.8m
Bedroom 1 3.6m x 3.8m
Bedroom 2 3.0m to wardrobe fronts x 3.3m
Boxroom 2.3m x 1.1m
Bathroom/wc with electric shower over the bath.
The flat has double glazed upvc windows throughout and gas central heating.
There is a shared rear yard area and a shallow forecourt to the front.
RATES
The premises are shown on the Valuation Office Rating web site as follows:
12 Acomb Road RV £6500
14 Acomb Road RV £5600
LEASES
12 Acomb Road
Let as a hairdressing salon to Paul Curry on a renewal lease on internal repairing and insuring terms for 5 years from 1st April 2018 at a rent of £6000 pa. there was a Rent review due in 2021 which was not implemented. Estimated current rental value is £9000 pa.
14 Acomb Road
Let as a TV repair centre on a month to month basis holding over from an original lease at a rent of £7500pa. Either party may give the other at least two months notice to end the agreement.
12a Acomb Road
Let on an AST for 12 months from 5th June 2021 at £700 per month (£8400pa) New terms have just been agreed for a further 12 months occupation.
Total current income £21,900. Based on the rent just agreed for No 14, we anticipate that the rent for No 14 will rise to at least £9000pa on lease renewal bringing total income up to £24,900pa.
EPC
The property has an EPC rating of TBC
PRICE
We are seeking in the region of £345,000 for the freehold interest which would show a gross initial yield yield of 6.3% anticipated to rise to at least 7.2% from April 2023.
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.