We are delighted to bring to the market this HIGH YIELDING COMMERCIAL INVESTMENT that will no doubt be of interest to local and national investors. This attractive property occupies a good position on the east side of Queen Street, boasting spectacular rear views of the South Bay and Scarborough Castle. This fully let block of 9 flats brings in a gross income of approximately £50,160pa.
This is a rare opportunity to acquire a substantial central block. Rental demand within the town is currently high and there maybe an opportunity to increase the current rental income. CPH Property Services offer a competitive MANAGEMENT SERVICE should any prospective purchaser require their investment to be looked after.
There is also an opportunity to purchase land to the rear of 34 Queen Street which has full planning permission for residential redevelopment. All enquires to CPH COMMERCIAL.
Scarborough is an established commercial, tourist and retail centre, approximately 40 miles east of York with a population of in the region of 81,000 people and a district population of around 110,000 persons (Sources: ONS and Focus). The town is adjacent to the North Yorkshire Moors National Park and is one of the principal resorts on the north east coast attracting an estimated 7 million visitors a year.
Queen Street lies within the heart of Scarborough town centre and links Castle Road to Newborough and is a mixed use locality with a number of commercial operators such as Boyes Superstore, Scarborough Snooker Centre and The Lanterna Restaurant being located within the vicinity. Scarborough's famous South Bay is a 5 minute walk from the subject premises. Some of the eastern facing flats enjoy stunning views of the South Bay and Scarborough Castle.
DESCRIPTION & ACCOMMODATION:
The property comprises a mid terrace, brick constructed block of nine flats, arranged over lower ground, ground, first, second and third floors, being held under a pitched and slated roof. The flats are accessed via a communal entrance door from Queen Street with emergency lighting and smoke alarms being noted within the hallway and stairs leading both to the upper floors and lower ground floor. The flats are laid out as follows:
Lower Ground Floor
Flat C (2 Bedrooms) - £520 pcm
Flat A (2 Bedrooms) - £500 pcm
Flat B (2 Bedrooms) - £525 pcm
Flat 1 (1 Bedroom) - £420 pcm
Flat 2 (1 Bedroom) - £475 pcm
Flat 3 (1 Bedroom) - £475 pcm
Flat 4 (1 Bedroom) - £440 pcm
Flat 5 (1 Bedroom) - £450 pcm
Flat 6 (1 Bedroom) - £375 pcm
Believed to be freehold.
Tenancy agreements will be made available to view to seriously interested parties.
ENERGY PERFORMANCE CERTIFICATES (EPC):
The flats have energy assessments of:
Flat C - D
Flat A - C
Flat B - C
Flat 1 - C
Flat 2 - C
Flat 3 - D
Flat 4 - E
Flat 5 - E
Flat 6 - D
Copies of the EPC's and Recommendation Reports can be viewed at our offices.
The property appears to be connected to all main services. Prospective purchasers are advised to make their own enquiries with regards to services connected.
All figures quoted are exclusive of VAT however, our client reserves the right to charge VAT if applicable.
By appointment only via the Agents:
CPH Property Services
19 St. Thomas Street