148-150 Kirkgate, Wakefield, Wakefield, WF1 1TU

ON BEHALF OF THE FIXED CHARGE RECEIVERS


Description
A mixed use property trading as a restaurant to the ground floor with six flats to the upper floors.

The basement provides the kitchen and preparation area for the restaurant on the ground floor. The ground floor is arranged with a combination of fixed booths and freestanding tables and chairs that form the main dining area.

The first floor provides flats 1 and 2, both of which have one bedroom.

The second floor provides flat 3 which has one bedroom and flat 4 which is a two bedroom flat.

Within the attic are flats 5 and 6 which are one bedroom flats.



Location
The property is situated on Kirkgate which is a main road within Wakefield city centre. The immediate surrounding area is predominantly commercial with the subject being situated on a parade of retail and takeaway uses.


Accommodation
See brochure for breakdown of room sizes

Tenure
Freehold

Tenancies
The ground floor is let to a restaurant operator from January 2024 to December 2031 with 6 years remaining. The current rent payable is £15,000p.a. which is set to increase to £20,000pa in 2027. The tenant is a sole trader. The upper floor flats are let on individual agreements to Langley Trust, who we understand have been in occupation for nine years. The annual gross rent for the residential part is £30,096 with the following rents being achieved for each flat:
One bedroom flats: 1, 2, 3, 5 and 6 - £403pcm
Two bedroom flat: 4- £493 pcm

All the flats are held on 24 month agreements from 1st October 2024 to 30th September 2026.