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81 - 86 Prospect Street, Hull, HU2 8PE
For Sale £525,000 (Offers in the region of)
- Size: 7,740 sq.ft. / 7,740 sq.ft.
- Property Ref: 7920
- Type: Commercial Investment
The property comprises of an attractive mixed retail and leisure commercial investment, with the predominant premises comprising from Class E Use and Sui Generis Use, whereby the unit comprises of a tattooist, retail shop for the sale of candles, African restaurant and barbers, and a bar and leisure venue.
81 Prospect Street was occupied by Belvoir Estate Agents on the ground floor which is fitted out as an office on the ground floor and separate entrance leading to the upper floor which would be suitable for redevelopment subject to the appropriate planning consent being obtained, or alternatively as a separate office.
To the rear of the property is a secured car park that serves the commercial buildings.
Property features
- Retail city centre investment and development opportunity.
- Currently producing £40,000 per annum, with a potential income when fully let of £55,000 per annum.
- Provides a Net Initial Yield of 7.29% after purchase costs of 4.5%, with a Reversionary Yield once fully let of 10.03% after purchase costs of 4.5%.
- Potential to redevelop part upper floor into residential.
- 81 Prospect Street former Belvoir Estate Agents will be vacant at an asking rent of £15,000 per annum.
- Benefiting from secure car park to the rear.
