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Lot 11

Freehold Commercial Investment – Gross Yield 12.5%
On behalf of a PLC
6 Week Completion

Situation

Located at the junction with Albion Street within the city centre, opposite the Prospect Shopping Centre, less than 100 yards from the pedestrianised King Edward Street and Jameson Street, and amongst such multiple retailers as Greggs, H. Samuel, Coral, Ryman, Savers, Cooplands Bakery and F. Hinds.
Hull lies approximately 50 miles east of Leeds and 33 miles south-east of York. The Humberside city benefits from good road links via the A63 which connects to the M62 Trans-Pennine motorway.

Property

A substantial corner building comprising a Large Ground Floor Retail Unit with Ancillary Accommodation on the first floor.
In addition, the property includes a rear Loading Area and Staff Car Park accessed from Albion Street.

VAT is NOT applicable to this Lot

FREEHOLD (see Note)

Accommodation

Ground Floor Shop
Gross Frontage (incl. splay) 151'6"
Return Window Frontage 56'8"
Internal Width (max) 89'9"
Built Depth 119'3"
Area Approx. 8,760 sq ft¹
First Floor Ancillary
Area Approx. 3,425 sq ft¹
Staff WCs
_______________

Toal Area Approx. 12,185 sq ft¹

¹Areas provided by Vendor

Tenancy

The entire property is let on a full repairing and insuring lease to T. J. Morris Limited t/a Home Bargains (having over 500 branches) (T/O for Y/E 30.06.23 £3.77bn, Pre-Tax Profit £332.4m and Shareholders' Funds £2bn) for a term of 66 years from 29th September 1961 at a current rent of £62,500 per annum exclusive.

Note: The property being offered includes a room of approx. 320 sq ft adjacent to the building at first floor level that is held Leasehold for a term from 6th June 1991 to 28th September 2027 at a snowdrop ground rent.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

87/89 Prospect Street, Hull, East Riding of Yorkshire HU1 3RT