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CPH Commercial are delighted to bring INVESTMENT OPPORTUNITY to the market. The tenant has traded successfully from these premises for just over 3 years and recently signed a new 6 year lease at a rent of £9,900pa. The unit occupies an enviable position on Falsgrave Road with a return frontage onto Commercial Street. The shop benefits from an extensive sales area together with a staff area to the rear whilst the first and second floor provide excellent staff and storage facilities. The unit extends to a net internal area of approximately 124.61 sq m (1,341 sq ft).
All enquiries to CPH Commercial
This property is for sale by the Modern Method of Auction which is not to be confused with traditional auction. The Modern Method of Auction is a flexible buyer friendly method of purchase. We do not require the purchaser to exchange contracts immediately, however from the date the Draft Contract is received by the buyers solicitor, the buyer is given 56 days in which to complete the transaction, with the aim being to exchange contracts within the first 28 days. Allowing the additional time to exchange on the property means interested parties can proceed with traditional finance. Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer will be required to make payment of a non-refundable Reservation Fee of 4.2% of the sale price, subject to a minimum payment of £6,000.00 including VAT, which secures the transaction and takes the property off the market. Fees paid to the Auctioneer may be considered as part of the chargeable consideration for the property and be included in the calculation for stamp duty liability. Further clarification on this must be sought from your legal representative. The buyer will be required to sign an Acknowledgement of Reservation form to confirm acceptance of terms prior to solicitors being instructed. Copies of the Reservation from and all terms and conditions can be found in the Buyer Information Pack which can be downloaded for free from the auction section of our website or requested from our Auction Department. Please note this property is subject to an undisclosed reserve price which is generally no more than 10% in excess of the Starting Bid, both the Starting Bid and reserve price can be subject to change. Terms and conditions apply to the Modern Method of Auction, which is operated by East Yorkshire Property Auction powered by IAM Sold. Reservation Fee is in addition to the final negotiated selling price.
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. More precisely, the property lies on the north side of Falsgrave Road which itself is a popular secondary commercial locality. The property benefits from a return frontage onto Commercial Street with an extensive display window.
The property comprises a three storey semi-detached retail unit of brick construction under a pitched and slated roof. The unit is arranged as a retail unit across the ground floor which extends extensively from the main building line whilst stairs to the rear lead up to the upper floor accommodation which is currently used as staff and storage accommodation.
We have measured the property in accordance with the RICS Code of Measuring Practice 6th Edition and we can confirm that the property extends to the following approximate net internal areas: Ground Floor: 78.52 sq m (845 sq ft) First Floor: 18.61 sq m (200 sq ft) Second Floor: 27.48 sq m (296 sq ft) Total: 124.61 sq m (1341 sq ft)
We understand the property benefits from A1 (Retail) consent in terms of the Use Class Order 1987.
A new lease was recently granted to Mr Yadgar Rabat for a 6 year term at a rent of £9,900pa. The lease contains a tenant break clause at the end of year 3. The full lease is available to view at our our offices for seriously interested parties.
The property has been assessed as follows: RV - £8,100 The property qualifies for 100% Small Business Rates Relief.
We understand that the Energy Rating for the property is Band F. The full EPC is available to view at our offices for interested parties.
All figures quoted are exclusive of VAT however, our client reserves the right to charge VAT if applicable.
By appointment only via the Sole Agents: CPH Property Services 19 St. Thomas Street Scarborough North Yorkshire YO11 1DY Contact: Joe Walker MRICS Tel: 01723 352235 Email: email@example.com