A mixed-use investment opportunity comprising a four-storey premises, including a ground-floor retail/office with self-contained flats to the rear and above, together with a rear yard/car park. Currently part let, and offering a potential gross income of approximately £30,000pa when fully let and option for further growth following regulatory approvals.
Viewing Details
Strictly by appointment with the Auctioneers on 0845 400 9900.
Location
Situated on the Western side of Market Place, between its junctions with George Street and Mill Street, occupying a prime retailing position within the central retailing area of Driffield town centre. Driffield is a traditional market town locally known as the Capital of the Wolds, which has seen various residential and commercial developments over the past few years. The town has a population of approximately l 3,000 residents, although it serves a much wider, predominantly rural, catchment area. The surrounding area provides a mix of local and national retailers, with nearby occupiers of note including HSBC, Yorkshire Trading Company. Age UK and Lloyds Bank.
Description
A mixed-use investment opportunity comprising a four-storey premises, including a ground-floor retail/office with self-contained flats to the rear and above, together with a rear yard/car park. The property is offered subject to ASTs on two first-floor flats and with vacant possession of the shop and the proprietors' flat. When fully let at open-market rents, it is estimated that the building can provide a gross income of around £30,000 pa (N.B. the flats are let inclusive of council tax and utilities).
Accommodation
In brief, the property is divided internally to provide a ground-floor retail/office unit, which until recently operated as a travel agent, and a total of four self-contained flats. One in the separate single-storey building at the rear, two on the first floor, and a fourth flat extending over the second and third floors/attic areas.
RETAIL/OFFICE
The ground-floor retail unit has an external security shutter, a ramped access opening into a small but open foyer/office area, a gas central heating radiator, and a wall-mounted air conditioning unit. To the rear of this area are storage and office accommodation with a small WC facility. It is estimated that the shop/office unit could achieve a rental value of £8,600 pa
FLATS
The flats on the upper floor of the property are accessed from a door in the archway to the side of the property off Market Place, with a ground-floor entrance leading to two flats at first-floor level, each with a kitchen/living room. bedroom and bathroom, each with full UPVC double-glazed windows. gas-fired central heating system and modern kitchen/bathroom fittings. (Please refer to the Agents Note).
The third flat has been used by the proprietor and is laid out over the second floor and attic areas. The second floor comprises: a living room, a bedroom, a kitchen, and a bathroom, with an internal spiral staircase to a further bedroom and a separate staircase to a storage area in the attic. Each of these areas has exposed roof timbers and Velux windows to the rear. The accommodation in this case has a slightly higher specification than the flats on the ground/first floors. The accommodation also has UPVC double-glazed windows and gas-fired central heating to radiators.
The fourth unit is a bedsit and is separate from the main building. It comprises a kitchen, bathroom, and living room/bedroom, with UPVC double-glazing to the majority of windows and a ceiling-mounted air conditioning unit in the living room/bedroom. (Please refer to the Agents Note)
Exterior
The car parking area (approximately 4 spaces) to the rear of the property is accessed via the archway at the side of the property; this area is gravel surfaced, with brick wall boundaries. There is also a large prefabricated shed building that is useful for storage.
Tenure
The property is Freehold and is offered subject to existing tenancies, with vacant possession of the unoccupied parts upon completion.
Tenancy
First Floor Flat 1 - Let on an AST, understood to be at a rent of £650pcm (inclusive of Council Tax and Utility bills).
First Floor Flat 2 - Let on an AST, understood to be at a rent of £695pcm (inclusive of Council Tax and Utility bills).
Upper floor flat - Used as proprietors' accommodation. Currently vacant.
Ground Floor Bedsit/Office - Previously let to a family member at £325 pcm. This part of the property was used as an office and is included in the business rate assessment. (Please refer to the Agents Note).
Note
The above description of the accommodation is based on what we have seen ourselves, or in the case of the first-floor tenanted flats, what we have been informed by one of the tenants. We understand that the two first-floor flats were previously a single larger unit, and it appears that council tax is only paid on one flat. The ground-floor bedsit also appears not to be paying council tax; however, it is included in the business rate assessment for the shop/office. We therefore can't confirm whether the current or previous domestic use of these parts of the building is lawful. The current use and division may fall within the classification of 'permitted development'; however, a 'prior approval application' would still be required. We are unable to confirm that building regulations or planning approval have been obtained.
Lot Type
Mixed Use
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
The purchaser will be required to pay a buyer’s premium of £1,200 (£1,000 + VAT) in addition to the purchase price of the property.
Administration Charge
The purchaser will be required to pay an administration charge of 0.3% subject to a minimum of £1,200 (£1,000 plus VAT) in addition to the purchase price of the property.
Disbursements
Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.
Loading the bidding panel...
- Tenure: The property is Freehold and is offered subject to existing tenancies, with vacant possession of the unoccupied parts upon completion.
- Unconditional (Immediate Exchange)
Call the team on 0845 400 9900 for more information
Disclaimer: The map preview provided above is for general guidance only and may not accurately reflect the exact location or surrounding buildings. Prospective buyers and interested parties are strongly advised to independently verify the precise location and surroundings before bidding.
By setting a proxy bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your proxy bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.
If two of more users place identical bids, the bid that was placed first takes precedence, and this includes proxy bids.
Another bidder placed an automatic proxy bid greater or equal to the bid you have just placed. You will need to bid again to stand a chance of winning.