Prospect Street, Kingston Upon Hull, City Of Kingston Upon Hull

INVESTMENT/CONVERSION OPPORTUNITY
2 Ground floor retail units comprising:
Richer Sounds, 88-90 Prospect Street (Held on a 999 year lease at a peppercorn rent)
Café Gelato, 92 Prospect Street (Held on a lease to June 2034 at a passing rent of £11,000 pa rising to £13,000)
2 Upper floors with planning to create 4 apartments
The property as a whole is available For Sale

Guide Price £250,000

LOCATION/DESCRIPTION

Located within Hull city centre opposite the Prospect Shopping Centre, nearby occupiers include Home Bargains, Greggs and H Samuel – see the Goad plan. The property, built to three-storey height, has an impressive stone façade incorporating large window openings allowing significant light into the upper floors. We understand the main roof was stripped and reclad c.18/19 years ago with single-storey projections to the rear largely pitched and tile clad. There is a rear pedestrian passageway to Story Street.

The ground floor provides 2 lock-up shops currently occupied by Richer Sounds (under a 999 year leasehold interest at a peppercorn rent) and Café Gelato under a typical occupational lease. The upper floors, separately accessed via a front entrance, has planning for 4 apartments (2 no. 1 bed & 2 no. 2 bed).

The planning approval is part of a wider application for 8 apartments, 4 being in a rear building to Story Street which have been completed to trigger the approval – planning ref: 13/01252/FULL. A reduced copy plan showing the proposed layouts of Flats 1 - 4 is attached.

ACCOMMODATION

Ground Floor 88-90 Prospect Street – Richer Sounds – Total area 171 sq m (1,840 sq ft) - under a 999 year lease

Ground Floor 92 Prospect Street – Café Gelato – Total area 111.7 sq m (1,202 sq ft)

The above areas are from the VOA with reference to the rating assessments.

The first and second floor each have an internal frontage width of c.19m (62’3”) which tapers towards the rear with a general depth of c.8.32m (27’3”).

RATEABLE VALUE

£17,500 RV for 80-90 Prospect Street and £15,000 RV for 92 Prospect Street (2026 Rating List). Payment of rates is the responsibility of each occupier. The apartments will have a Council Tax banding on completion.

ENERGY PERFORMANCE RATING: 92 Prospect Street – ‘D’

DISPOSAL TERMS

The freehold property, which generates a rent from 92 Prospect Street of £11,000 per annum (increasing in 2029 to £13,000) under a lease expiring June 2034 and has planning to create 4 apartments to the first and second floor, is available at a guide price of £250,000.

LEGAL COSTS

Each party will be responsible for its own legal costs with the purchaser responsible for any Stamp Duty Land Tax and any other costs and charges that may be payable in connection with the acquisition.

FURTHER INFORMATION AND TO VIEW