FOR SALE VIA NATIONAL ONLINE AUCTION. REGISTER TO BID!
Location
Driffield is a traditional Market Town with a population of circa 13,500. The town provides an extensive range of shopping and public service amenities and is also conveniently placed for access to the surrounding larger towns of Malton, Beverley, and the East Coast resort towns of Bridlington and Scarborough.
Description
Excellent Commercial Investment Property with Further Potential
This excellent commercial investment property comprises of a large ground floor retail unit currently let to the Post Office with 6 years left to run on an FRI lease at £17,051 pa and a first floor Cafe that is let on an FRI Lease with 7 years remaining at £12,465 pa, however, the tenants have exercised a break clause and the lease will expire early in 2024. The First floor enjoys its own entrance from Market place as well as having a rear fire escape access. There is also a substantial second floor that could be developed together with the soon-to-be vacant first floor to create several residential letting units (subject to planning consent). The property is presented in excellent condition and offers a total floor area in excess of 4,500 sq ft. The current gross rental income is £29,516 pa.
Accommodation
Ground Floor - Let to the Post Office Manager
Approx Retail floor area approx 1,500 sq ft
Office approx 60 sq ft
Store approx 134 sq ft
Kitchen & WC approx 97 sq ft
First Floor - Let to Cafe Lion
Cafe & Serving Area approx 855 sq ft
Kitchen & Prep Area approx 405 sq ft
Office & Storage approx 426 sq ft
Staff & Public Toilets &
Sundry spaces approx 260 sq ft
Second Floor
Storage (potential for conversion to residential) approx 220 sq ft
Limited access space (potential for Residential use) approx 574 sq ft
Lease Details
Ground Floor: 10 years from 08.07.2020 on FRI terms with annual RPI linked rent reviews. Current rent passing is £17,051 pa
First Floor: 10 years from 04.02.2019 on FRI terms with annual RPI Linked rent reviews. Current rent passing is £12,465 pa. The tenant has exercised a break clause and will vacate on 03.02.24.
Business Rates
Business rates are payable by the tenants. The current rateable values are:
Ground floor: £15,250
First & Second floor: £9,200
Tenure
Freehold. Possession is subject to the existing leases.
Services
All mains services are believed to be connected but have not been tested.
Viewing
Viewings may be limited and are subject to approval by the tenants. All viewings are strictly by appointment with the auctioneers on 0845 400 9900
Tenure
Freehold
Lot Type
Commercial Investments
Important Notice to Prospective Buyers
We draw your attention to the Special Conditions of Sale within the Legal Pack, referring to other charges in addition to the purchase price which may become payable. Such costs may include Search Fees, reimbursement of Sellers costs and Legal Fees, and Transfer Fees amongst others.
Buyers Premium
£1,200.00 including VAT payable on the fall of the Virtual Gavel
Administration Charge
£1,200.00 including VAT payable on the fall of the Virtual Gavel
Disbursements
Please see Legal Pack for any Disbursements.
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- Tenure: Freehold
- Unconditional (Immediate Exchange)
Call the team on 0845 400 9900 for more information
Related Documents
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