FOR SALE BY ONLINE AUCTION WEDNESDAY 20th November 2024 AT 9.00AM. ***GREAT OPPORTUNITY***To acquire mixed use commercial and residential investment***Turnkey commercial unit with long leasehold (999 years)***Potential rental income of £9,500 per annum - ideal investment with immediate income stream. Comes with tenanted two bedroom flat occupying the 3 upper floors of the building***
***This commercial unit is currently vacant. With annual rental income of £9,500 per annum***
***The property also comes with a tenanted two bedroom flat set over first, second and third floors, with a balcony to the rear. The monthly rental income for the flat is £595pcm (£7,140 per annum), giving the portfolio a potential income of £16,640. Fantastic yield of 11.2% at Guide Price***
***The property is located on a busy retailing street, near Hull city centre. There are many shops, takeaways and other amenities in the area, with residential flats above. Close vicinity to the University of Hull.***
***RECENT SALES IN THE LOCAL AREA***
- 24 Fairfax Avenue, HU5 4RD - (3 bedroom, terraced) £175,000 (Jun'24)
- 89 Fairfax Avenue, HU5 4QN - (3 bedroom, terraced) £165,000 (May'24)
- Apartment 24 Oldroyd House, HU5 3FB (Flat) £160,000 (May'24)
***Hull has a population of around 269,000***There are local shopping centres within this area with busy independent traders. However, for a more extensive shopping experience Hull city centre, Cottingham village and the historic market town of Beverley are just a short commute from the property.***
***The Paragon road and rail interchange is easily accessed from the property creating good connections to the city centre and the outbound rail links to Leeds, York, London etc.***
***For the growing family there are highly reputable schools, colleges and academies to choose from. The University of Hull is close by***Both of the major hospitals are just a short commute from property with Hull Royal infirmary in Hull city centre and Castle Hill Hospital within the village of Cottingham***
***Other amenities which are conveniently placed close by include a health centre, post office and library***For those wishing to spend leisure time with family and friends there are many busy, vibrant and well visited café bars and restaurants to choose from along Chanterlands Avenue, Newland Avenue, and Princess Avenue***The historic Pearson Park is also nearby***
GUIDE PRICE - £149,000
To view legal documents relating to this property please visit our website.
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Please note that as per the Estate Agents Act 1979 the vendor of the property is a connected party.
Attractive turnkey investment opportunity
Mixed use residential and commercial property
Prime City Centre location
* 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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