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Commercial Property for sale

Albemarle Chambers, Albemarle Crescent/Westborough, Scarborough, YO11 1XX

Under Offer £500,000

Property Description

Key features

  • FOUR SHOPS UNITS-ALL LET
  • OFFICE SPACE OVER FOUR FLOORS
  • DEVELOPMENT OPPORTUNITY
  • PRIME CENTRAL LOCATION

Full description

CPH COMMERCIAL are delighted to bring this extensive town centre investment to the market on behalf of the directors of Albemarle Chambers (Scarborough) Ltd. Their preference is to sell the company, of which the property Albemarle Chambers is the main asset. Alternatively, they may consider selling the building; further details are available on request. This is a fantastic opportunity to purchase a prime and iconic town centre freehold which currently generates £47,500pa from the ground floor shops. We feel there is serious potential for the four floors of offices above to be converted for student accommodation (subject to planning) given the recent news that Coventry University are building a new campus in Scarborough with potentially 5,000 new students arriving for September 2016.

ACCOMMODATION: 
The Shops: 91 Westborough t/as Café Baroque Rent Payable - £13,000 p.a. 91A Westborough t/as Clothing Alterations Co Rent Payable - £13,000 p.a 91B Westborough t/as Baxters Rent Payable - £13,000 p.a. 2 Albemarle Crescent t/as Jasmines Rent Payable - £8,500 p.a. The Offices: Basement: 59.14m2 636 sq ft Ground Floor: 22.94m2 247 sq ft First Floor: 120.97m2 1302 sq ft Second Floor:122.87m2 1322 sq ft Third Floor: 118.08m2 1271 sq ft Fourth Floor: 112.58m2 1212 sq ft

TENURE: 
Freehold. The leases for the ground floor shops units are available to view at our offices to seriously interested parties.

RATEABLE VALUE: 
Offices: RV £33,000 91 Westborough: RV £13,000 91A Westborough: RV £12,000 91B Westborough: RV £11,750 2 Albemarle Crescent: RV £7,300

ENERGY PERFORMANCE CERTIFICATES: 
Full energy assessments for all units are available and can be shown on request.

PLANNING: 
We are of the opinion that the upper floor offices would suit a conversion to either student accommodation or individual flats/apartments. Further enquiries should be made with Scarborough Borough Councils Planning Department.

VAT: 
All references to price & rental are exclusive of VAT unless otherwise stated. Any offer received will be deemed to be exclusive of VAT.

VIEWING: 
By appointment only via the Sole Selling Agents: CPH Property Services 19 St. Thomas Street Scarborough North Yorkshire YO11 1DY Contact: David Hastie FRICS & Joe Walker MRICS Tel: 01723 352235 Email: davidhastie@cphproperty.co.uk joewalker@cphproperty.co.uk

PROPERTY REFERENCE: 
Amended Details - March 2015

LOCATION: 
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. Albemarle Chambers is located on the corner of Westborough and Albemarle Crescent at the start of the pedestrianised area, a prime location opposite the Brunswick Centre. Other users nearby include; Halifax, Waterstones, Santander, Weatherspoons, Boots and Yorkshire Building Society.

PROPERTY DESCRIPTION: 
Albemarle Chambers is an imposing building of traditional rendered brick construction under a slate roof. There are four shop units, all currently let to a variety of users, producing £47,500 per annum. In addition there is office accommodation of around 475 m2 (5110 sq ft) plus ground floor reception and basement storage areas with lift and staircase access to upper floors. The offices are currently vacant having for many years been a well known solicitors office since its conversion from a hotel.

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