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Offered to the market is this extensive retail investment opportunity, situated in a prominent position on busy Victoria Road. The unit has been let out to a local upholstery business for the last 16 years with the current rent payable equating to £200 per week (£10,400pa). The lease is now 'holding over' but there maybe scope to agree a new lease directly with the tenant. This is a fantastic and realistically priced investment which yields over 10%. Call our friendly team today on 01723 352235 to arrange your viewing.
Scarborough is an established commercial, tourist and retail centre, lying 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. The premises occupy a good trading position on busy Victoria Road, in a block bounded by Nelson Street and Hoxton Road. Victoria Road is a popular secondary commercial location benefiting from high levels of both vehicular and pedestrian traffic flows.
The property comprises of a ground and lower ground floor retail / showroom premises contained with a mid terrace brick constructed property. The unit benefits from an attractive frontage with generous display windows together with a projecting canopy with prominent fascia. The unit is quite elongated in size, providing excellent sales space at ground floor level, whilst at lower ground floor level lies useful storage & workshop accommodation together with two toilet facilities and kitchenette.
We have measured the property in accordance with the RICS Code of Measuring Practice 6th Edition and can confirm the property extends to a gross area of approximately 237.30 sq m (2,554 sq ft) over the two levels.
The premises are let to Mr David Johnson who trades in upholstery and furnishings. The lease is currently 'holding over' and the rent payable is £200 per week (£10,400pa). We understand the tenant would be open to signing a new lease - subject to contract. A copy of the original lease can be viewed at our offices to seriously interest parties.
Believed to be freehold - subject to the occupational tenancy to Mr D Johnson. We understand any maintenance for the building is split equally between the commercial unit and the owner of the flats above - subject to legal confirmation.
The property has been assessed for business rates as follows: Rateable Value - £11,750 The property therefore qualifies for 100% small business rates relief. Further details are available on request.
We understand the property benefits from mains electric, gas and water supplies. Prospective purchasers are advised to make their own enquiries with regards to services connected.
VAT, if applicable, will be charged at the prevailing rate.
Via the sole selling agents: CPH Property Services 19 St Thomas Street Scarborough YO11 1DY 01723 352235 firstname.lastname@example.org