408-408a Sharrow Vale Road, Sheffield, S11 8ZP

Description
The property comprises a traditional mid terrace property, with a ground floor retail unit and separate upper floor flat. To the ground floor, is a rectangular sales area with a shop frontage to Sharrow Vale Road. There is a rear yard area with external WC facilities.

The one bed is accessed via a rear external staircase which provides access to the first floor. At first floor level there is a kitchen / diner, bathroom (WC, wash basin, bath and shower), and front lounge. To the attic is a bedroom.

Location
The property is located on the north side of Sharrow Vale Road, between the junctions with Hunters Bar and Cowlishaw Road, within a parade of shops. Sharrow Vale Road is a popular hub of independent shops approximately 1.5 miles south west of Sheffield city centre.

The area is a sought-after suburban retail location with occupiers including deli's, arts & crafts, florist, organic greengrocer, bakers, patisseries, pubs, cafes, restaurants, etc. The location is also very close to Ecclesall Road with mare local and national shops,
bars, and cafes.

There is ample off street parking on Sharrow Vale Road and surrounding roads in this area.

Rateable Value / Council Tax
408 Sharrow Vale Road: Rateable Value of £10,000.
408a Sharrow Vale Road: Council band A.

Tenure
Held on long leasehold basis, 800 years from 29th September 1903. Title number: SYK205232. We are informed a nominal ground rent is collected.

Tenancies
408 Sharrow Vale Road is let on the following basis:

Tenant: Plain Bear Limited (with director guarantor)
Rent: £11,000 pa
Term: 3 years from 16th February 2024 until 14th February 2027
Lease contracted out of the Landlord & Tenant Act 1954.

The flat to 408a Sharrow Vale Road is let on a 12 month assured shorthold tenancy (AST) from 11th August 2024 producing a total income of £525 pcm (£6,300 pa).

The total current income is £17,300 pa.

We are of the view that there should be scope for an increase in the rental income at the next lease / tenancy events, to generate a total income in the region of £22,500 to £23,500 pa.

Price
£255,000. We are informed VAT is NOT payable on the price.

Identity Checks
In order to comply with Anti-Money Laundering Legislation, the successful purchaser will be required to provide certain identification documents. The required documents will be confirmed to and requested from the successful purchaser.