48 Holderness Road, Hull

Arranged as a ground floor retail unit with two flats to the upper parts, the property underwent an extensive refurbishment in 2022 and is currently let to two tenants.

The ground floor is let to to a private individual t/a Ojojoo Hair and Beauty Products on a recently signed three year lease expiring 08.02.2027 and paying £8,400 per annum. We understand the tenant runs a successful online business and principally uses the unit as a workshop, office and storage. We consider the property benefits from asset management potential via the renewal of this lease.

The upper parts comprise a two bedroom flat and a studio flat. Both flats are let on a single commercial lease to Lucky Move Limited, an established local estate agent, on a four year lease expiring 16.04.2027 and paying £14,000 per annum. Whilst the flats are held on a single lease we understand they have separate utilities meters and are sublet by the tenants. We consider there may be an opportunity to improve rental income via direct management and letting of these flats separately upon lease expiry.

The property benefits from a prominent frontage to Holderness Road, an arterial route comprising the main local retail amenity for the surrounding residential area.