Buy £375,000
The premises are located on the east side of Main Street close to its junction with Fountain Road approximately 1 mile north of Hull city centre within a traditional mixed industrial area.
The premises comprise of two adjoining buildings; the principal building being constructed in c.1970 with additional lean-to area added at a later date. The premises are constructed of primarily a steel portal frame. Internally the property has been fitted out with a number of offices.
There is a roller shutter door to the side extension providing access to the yard from the front and a shop entrance to the main workshop from the forecourt parking area fronting Main Street. 3 Phase electricity, water, gas and drainage are connected to the property.
Workshop/Storage/Showroom 1,147 sq m (12,344 sq ft)
The property is let to GSF Car Parts Limited www.gsfcarparts.com on a 6 year lease commencing 12 April 2023 and expiring 11 April 2029. The tenant benefits from an option to extend the lease or a further 5 years which, if exercised, would extend the term to 11 April 2034. The current passing rent is £47,500 per annum subject to a rent review in 2028 to open market rental value.
2024 Turnover £480,524,000 / Pre-Tax Profit £21,685,000 / Shareholders Funds £39,991,000
2023 Turnover £396,762,000 / Pre-Tax Profit £28,956,000 / Shareholders Funds £29,791,000
2022 Turnover £328,869,000 / Pre-Tax Profit £17,616,000 / Shareholders Funds £38,189,000
The property is held under a ground lease from Hull City Council dated 31 March 2006 for a term of 125 years, expiring on 30th March 2131. A current ground rent of £12,000 per annum is payable. The ground rent is subject to 25-yearly rent reviews with the first review due on 31 March 2031
The property is described as ‘Warehouse & Premises’ in the 2026 Rating List with an RV of £35,750.
The property is offered For Sale freehold at a guide price of £375,000.
