Attractive, Mixed-Use Investment producing a gross annual rent of approximately £25,000 per annum.
Location - The property is located within the heart of Thirsk Town Centre. Thirsk is a vibrant and popular market town.
Description - The building forms a three storey terraced unit of solid brick construction, beneath a pitched/tiled roof. A single storey, flat roofed extension is also provided to the rear. The ground floor and part of the first floor form a spacious commercial unit with prominent shop frontage and rear access. A separate rear door provides access into some communal areas from which two upper floor flats can be accessed. These both benefit from two bedrooms. We are also advised that some external car parking is available.
Accommodation - The property has been measured in accordance with appropriate RICS guidelines. The commercial section has been measured on a net internal basis with the flats on a gross internal basis.
The ground floor shop extends to 89 m2 (958 sq ft), with the first floor of the shop extending to 16 m2 (172 sq ft).
The total floor area of the property is therefore 217m2 (2,340 sq ft).
Services & Amenities - We understand that mains supplies of water, drainage and electricity are connected. Some electric heating and a fire alarm are provided. We have been informed that water rates and electricity have been split between the respective lettable areas.
Tenure - The property is available on a Freehold basis. We understand that rights of way exist through an archway underneath part of the adjacent property in order to access the rear and that there is a right to park certain cars within a shared car parking area (more information can be provided by the agents upon request).
Tenancies - The commercial unit is let to Yorkshire Deals Ltd, guaranteed by a private individual under an 8 year lease from August 2015, expiring in August 2023. The rent is £15,000 per annum, following a stepped rental increase.
The residential units are let to a single tenant at £9,900 per annum (we are advised).
The total rent passing is therefore approximately £25,000 per annum.
We also understand that both tenants have been in occupation for some considerable time.
Planning - We assume that the commercial section benefits from planning permission for Use Class E. We assume that the residential units have C3 planning consent.
Epc - The EPC ratings are as follows:- Commercial -D Mid Floor Flat-E Top Floor Flat-E Copies of the relevant certificates can be provided to interested parties.
Rates - The commercial section has a Rateable Value of £11,500. The commercial tenant is responsible for meeting the cost of this. The two flats are separately assessed for council tax purposes, with both falling within Band A. The residential tenant is responsible for all council tax payments.
Proposals - The property is available to purchase for £275,000. This reflects an attractive gross yield of 9%.
Vieiwngs & Additional Information - Please contact James Reynolds
