Commercial Property for saleHome Street, SCUNTHORPE
We are delighted to offer this high yielding investment being offered by Hull Property Auctions.
We are offering this substantial property with a restaurant on the ground floor and 9 self contained studio flats on the first floor. All fully let.
A 3 year lease has just been agreed on the 100 cover restaurant at a passing rent of £150 pw for the first 3 months rising to £200 pw thereafter. The new lease is being signed on the 28th June 2016.
Within the restaurant there is the following accommodation;
Restaurant seating area for up to 100 covers.
Ladies and Gents toilet facilities
Fully fitted kitchen
All main services connected. Independent gas fired central heating. Double glazed windows.
Please note; We understand form the vendor that the restaurant was designed in such as way it could be easily converted to provide a further 6 self contained flats as all services are available.
9 Self contained rooms incorporating a bedroom/sitting area and ensuite shower room.
All rooms are fully let and generating circa £800 pw gross.
Heating is provided by 2 separate gas fired central heating systems.
Please note; All local authority requirement have been met to use this property in it present layout and use age.
Small rear parking area leading to a large single width garage. The garage was rented recently at £100 pw.
The Modern Method of Auction is a flexible buyer friendly method of purchase. We do not require the purchaser to exchange contracts immediately, but grant 28 days to achieve exchange of contracts from the date the offer is accepted and a further 28 days thereafter to complete. Allowing the additional time to exchange on the property means interested parties can proceed with traditional residential finance.
Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer will be required to put down a non-refundable reservation fee of 1% subject to a minimum of £1,000 which secures the transaction and takes the property off the market.
The buyer will be required to sign a Reservation form to confirm acceptance of terms prior to solicitors being instructed.
Terms and conditions apply to the Modern Method of Auction so please refer to Hull Property Auctions.
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