NOW SOLD - 54-56 King Edward Street

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INVESTMENT / RESIDENTIAL / LAND & DEVELOPMENT / CONVERSION OPPORTUNITY

Attractive building in Hull City Centre adjacent to former BHS/Albion Square proposed redevelopment

Income from 2 shops £35,200 p.a. exclusive

The majority of rent is secured against Cash Converters until October 2026

Planning to convert vacant uppers to 6 apartments

Offers in Excess of £375,000

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Hull is located approximately 60 miles east of Leeds via the M62 with a population of approximately 260,000. The regional capital of the East Riding of Yorkshire, Hull is the 2017 City of Culture which has led to significant investment in the public realm including the pedestrianisation of King Edward Street.

The property occupies a prominent position in close proximity to the Prospect Shopping Centre and the proposed Albion Square/former BHS redevelopment. The premises are a short walk from the Princes Quay Shopping Centre, St Stephens Shopping Centre and the Hull Paragon Transport Interchange. See the Goad extract.

Description

The property comprises retail accommodation on the ground and part first floor let to Cash Converters together with ground floor accommodation at 31-33 Waltham Street t/a Coffee 31. The premises are an imposing mid-terrace, four-storey building of brick construction with attractive flemish style detailing which leads round to the Waltham Street portion of the property extending to three-storeys of matching construction. Planning consent has been granted for a change of use of the vacant upper floors to 6 self-contained flats (approved November 2016) with an independent front entrance.

Accommodation

54-56 King Edward Street:
Ground Floor Sales	117.6 sq m	(1,265 sq ft)
First Floor	105.4 sq m	(1,134 sq ft)
Basement Stores	44.0 sq m	(474 sq ft)
31-33 Waltham Street:
Ground Floor Accommodation	61.0 sq m	(657 sq ft)

6 flats are proposed to the first, second and third floor of the premises.

Planning consent exists for 2 x 2 bed and 4 x 1 bed flats. Copy Decision Notice and layout plans are attached.

Terms

54-56 King Edward Street

Ground and part first floor is held on a typical commercial lease by Cash Converters (Yorkshire) Limited (turnover to 31/03/18 £24.8 million) at a passing rent of £30,000 per annum exclusive. A reversionary lease has been completed to extend the term commitment for a further 5 years until October 2026 with the rent to remain at £30,000 per annum exclusive.

31-33 Waltham Street

Ground floor is held by a local covenant on a lease expiring December 2020 at a rent passing of £5,200 per annum exclusive.

PRICE

This investment and conversion opportunity is For Sale with offers in excess of £375,000 invited. The premises produce a current annual rent of £35,200, in addition the conversion opportunity of the vacant upper floors.

ENERGY PERFORMANCE RATING: 54-56 King Edward Street: F / 31-33 Waltham Street: E