Lot 8 - 289 Hessle Road, Hull, North Humberside, HU3 4BQ
- Unconditional Online Auction Sale
- Guide Price* : £85,000 plus
- Commercial Investment
- Let at £7,800 per annnum
- Busy trading location
ON BEHALF OF THE FIXED CHARGE RECEIVERS: Commercial investment let at an annual equivalent rent of £7,800
Description
The property comprises a mid terrace retail unit, arranged over three floors. The majority of the ground floor is used as sales and then at first floor and second floor is storage and ancillary staff facilities. In addition the tenant is using the flat roof at t he rear, above the ground floor for external storage.
The whole property is let on a single lease at a rent of £640 per month, equivalent to £7,800 per annum and will be sold with the tenant in situ.
Location
Situated in the busier section of Hessle Road, where there are national multiples present as well as local traders and approximately 1 mile to the west of the city centre.
Tenure
Freehold.
Accommodation
We detail below the following gross internal areas:
Ground Floor: 83.35 sq.m (897 sq. ft)
First Floor: 40.25 sq.m (433 sq. ft)
Second Floor: 29.29 sq.m (315 sq. ft)
Tenancies
Please note that the Receiver has not adopted their powers of management over the property and have agreed with the borrower that they will continue to manage the properties and collect the rent until they are sold. Therefore the tenancy and rent information is based upon information provided by the borrower and cannot be verified by the Receiver. The copy documents supplied will be in the Legal pack.
We understand that the whole property is let for 15 years from 12/5/23 at £650 per month , equivalent to £7,800 per annum. There is a mutual break option with 12 months’ notice and a 5 year rent review pattern.
EPC
Energy Performance Asset Rating - B
Buyers Administration Fee
There will be a Buyer's Administration Fee of £2,400 (inc VAT) payable upon exchange of contracts.Additional Information
1. The information contained within the Particulars are given in good faith, but all descriptions, statements, dimensions ( these may have come from a third party source e.g. the seller, valuation reports or historic sales particulars), references to condition and permissions for the use and occupation or other details are made without responsibility and should not be relied upon as representation of fact.
2. If a video walk through, or any other form of virtual tour, is provided whilst every effort is made to accurately give an overview of the property we cannot give any warranty concerning the nature, and condition of the property and the suitability thereof for any and all activities and use. The video, or tour, is provided to assist only and without responsibility and should not be relied upon as representation of fact, or replace all appropriate due diligence a prudent purchaser would make.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
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