Mixed use investment property - for sale

A mixed-use investment opportunity comprising a four-storey premises, including a ground-floor retail/office with self-contained flats to the rear and above, together with a rear yard/car park. The property is offered subject to ASTs on two first-floor flats and with vacant possession of the shop and the proprietors' flat. When fully let at open-market rents, it is estimated that the building can provide a gross income of around 30,000 pa (N.B. the flats are let inclusive of council tax and utilities).

Location

Situated on the Western side of Market Place, between its junctions with George Street and Mill Street, occupying a prime retailing position within the central retailing area of Driffield town centre.Driffield is a traditional market town locally known as the Capital of the Wolds, which has seen various residential and commercial developments over the past few years. The town has a population of approximately l 3,000 residents, although it serves a much wider, predominantly rural, catchment area.The surrounding area provides a mix of local and national retailers, with nearby occupiers of note including HSBC, Yorkshire Trading Company. Age UK and Lloyds Bank.

ACCOMMODATION

In brief, the property is divided internally to provide a ground-floor retail/office unit, which until recently operated as a travel agent, and a total of four self-contained flats. One in the separate single-storey building at the rear, two on the first floor, and a fourth flat extending over the second and third floors/attic areas.

RETAIL/OFFICE

The ground-floor retail unit has an external security shutter, a ramped access opening into a small but open foyer/office area, a gas central heating radiator, and a wall-mounted air conditioning unit. To the rear of this area are storage and office accommodation with a small WC facility. It is estimated that the shop/office unit could achieve a rental value of 8,600 pa

FLATS

The flats on the upper floor of the property are accessed from a door in the archway to the side of the property off Market Place, with a ground-floor entrance leading to two flats at first-floor level, each with a kitchen/living room. bedroom and bathroom, each with full UPVC double-glazed windows. gas-fired central heating system and modern kitchen/bathroom fittings. (Please refer to the Agents Note).

The third flat has been used by the proprietor and is laid out over the second floor and attic areas. The second floor comprises: a living room, a bedroom, a kitchen, and a bathroom, with an internal spiral staircase to a further bedroom and a separate staircase to a storage area in the attic. Each of these areas has exposed roof timbers and Velux windows to the rear. The accommodation in this case has a slightly higher specification than the flats on the ground/first floors. The accommodation also has UPVC double-glazed windows and gas-fired central heating to radiators.

The fourth unit is a bedsit and is separate from the main building. It comprises a kitchen, bathroom, and living room/bedroom, with UPVC double-glazing to the majority of windows and a ceiling-mounted air conditioning unit in the living room/bedroom. (Please refer to the Agents Note)

OUTSIDE

The car parking area (approximately 4 spaces) to the rear of the property is accessed via the archway at the side of the property; this area is gravel surfaced, with brick wall boundaries. There is also a large prefabricated shed building that is useful for storage.

AGENTS NOTE

The above description of the accommodation is based on what we have seen ourselves, or in the case of the first-floor tenanted flats, what we have been informed by one of the tenants. We understand that the two first-floor flats were previously a single larger unit, and it appears that council tax is only paid on one flat. The ground-floor bedsit also appears not to be paying council tax; however, it is included in the business rate assessment for the shop/office. We therefore can't confirm whether the current or previous domestic use of these parts of the building is lawful. The current use and division may fall within the classification of 'permitted development'; however, a 'prior approval application' would still be required. We are unable to confirm that building regulations or planning approval have been obtained.

Current Occupation

First Floor Flat 1 - Let on an AST, understood to be at a rent of 650pcm (inclusive of Council Tax and Utility bills).

First Floor Flat 2 - Let on an AST, understood to be at a rent of 695pcm (inclusive of Council Tax and Utility bills).

Upper floor flat - Used as proprietors' accommodation. Currently vacant.

Ground Floor Bedsit/Office - Previously let to a family member at 325 pcm. This part of the property was used as an office and is included in the business rate assessment. (Please refer to the Agents Note).

COUNCIL TAX BAND & BUSINESS RATES

Council Tax is payable to the East Riding of Yorkshire Council. Flats 1 & 1A are shown on the Council Tax Property Bandings List in Valuation Band A.

The retail/office unit has a rateable value of 6,600 - this includes the separate ground floor accommodation that has been used as a bedsit.

EPC

Flat 1 - E(50)

Flat 2 - C(70)

Flat 3 - C(72)

Flat 4 - D(63)

Shop/Office - D(76)

SERVICES

Understood to be connected to mains drainage, gas, water and electricity. None of the services have been tested.

TENURE

The property is Freehold and is offered subject to existing tenancies, with vacant possession of the unoccupied parts upon completion.

VIEWING

Strictly by appointment with the sole agents.