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12, Beverley, HU17 8BB
£235,000
The property consists of a commercial retail investment, with the tenant operating as Tea-N-Bisque-It, a cafe with pottery and painting. which has been operational for over ten years and benefits from Class E use. The greatly extended ground floor accommodation has been fitted to a good specification with suspended ceiling, LED lighting, comfort cooling system. There is an open plan sales area and separate partitioned area for private functions, customer WC facilities and a rear store. To the first floor are 2 separate stores, a kitchen and bathroom facilities. The property also benefits from a forecourt south facing outside seating area.
LOCATION
The premises are located on Kingston Road, in Willerby which is approximately five miles to the west of Hull city centre. The property is situated on an established parade of mixed commercial units which includes restaurants, cafe bar, retail & beauty outlets, offices and hot food takeaways. The surrounding area being a built up popular residential suburb, with a short walk to Willerby Square which includes a mixture of regional, national and local retailers.
ACCOMMODATION
Ground Floor: 1,515 sq ft / 140.74 sq m
First Floor: 289 sq ft / 26.85 sq m
EPC Rating
A new EPC is required and will be provided as part of the contract pack.
SERVICES
We believe mains gas, water, electricity and drainage are connected to the premises. Interested parties should however make their own independent enquiries as to the availability of these services.
BUSINESS RATES
Rateable Value - 14,000 Rates Payable - 4657.33 2023/24
TERMS
The freehold of the property is for sale, subject to a current nine year lease from 25 July 2021 with 3 yearly rent reviews, with the next rent review on 26 July 2024 where a rent increase has been agreed from the current figure of 15,000 per annum to 18,500 per annum. There is a tenant only break clause on 25 July 2027.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
12, Beverley, HU17 8BB
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