Prominent Hull city centre commercial investment comprising four units, currently producing £21,168 per annum with two vacant units offering potential to increase the total income to approximately £45,168 per annum when fully let.
Description
An excellent opportunity to acquire a substantial mixed commercial investment occupying a prominent city centre position on busy high Street. The property comprises the leasehold title to the ground floor of Tivoli House, which is divided into four self-contained commercial units, offering an attractive combination of established rental income together with further asset management and income growth potential.
The current rental income is generated from two occupied units, with Unit 1 let at £15,000 per annum and Unit 4 producing £514 per calendar month (approximately £6,168 per annum), providing a combined passing rent of £21,168 per annum.
Units 2 and 3 are currently vacant and are being marketed at £14,000 per annum and £10,000 per annum respectively. If both units are let at the current asking rents, the property has the potential to generate a total gross annual rental income of approximately £45,168 per annum.
The two vacant units provide contrasting and versatile commercial accommodation. One comprises a substantial open-plan retail unit with extensive glazed frontage onto South Street, together with ancillary storage areas, W.C. facilities and rear access, extending to approximately 220 sq m. (16-20 South Street).
The second vacant unit extends to approximately 65 sq m and provides a more compact commercial space with prominent frontage, ancillary accommodation, W.C. facilities and emergency exit. The existing fit-out reflects its previous food/retail use and includes serving counters and preparation areas, offering an incoming occupier the opportunity to adapt the accommodation to suit their requirements. (71 Paragon Street)
Both vacant units offer scope for a range of retail, commercial, café or food-related uses, subject to any necessary consents.
Occupying a highly visible position within Hull city centre, the property benefits from extensive frontage onto Paragon Street and is surrounded by a mix of established retailers, restaurants and other commercial occupiers, providing strong levels of passing pedestrian and vehicular traffic.
Please note: The marketing photographs and two floor plans provided relate to the two currently vacant units only. Units 1 and 4 are occupied and internal photographs of these units have therefore not been provided.
Offering a combination of immediate rental income, two vacant commercial units and clear scope to increase the overall rental return, Tivoli House represents an attractive city centre commercial investment and asset management opportunity.
Tenure: Leasehold
EPC Rating: see legals
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.
Administration Charge
£3,600 inc vat payable upon the fall of the virtual gavel
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- Unconditional (Immediate Exchange)
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