No longer on the market
This property is no longer on the market
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Property
Features and description
- Freehold Property
- 2 Long Standing Commercial Tenants
- £51,000 per annum Rental Income
- Future Redevelopment Potential
Town Centre Freehold Investment Generating £51,000 pa
Property Details - LOCATION
The property is located within a strategic position at the junction of the pedestrianised Wellington Row and New Quay Road. Whitby is arguably the primary coastal resort on the Yorkshire coast, with a good deal of inward investment planned for the forthcoming years. The towns main car parking areas, as well as the bus and railway station are a short distance to the south.
DESCRIPTION
The property forms an impressive Victorian structure. The majority of the property is occupied by CBK Solicitors who occupy a retail unit with return frontage to both Wellington Row and New Quay Road, first floor office accommodation and attic storage space. The upper floors benefit from an alternative entrance from New Quay Road. Part of the ground floor forms a self-contained lock-up shop occupied by Station News. This is accessible from New Quay Road. The property retains some of its original Period features.
ACCOMMODATION
CBK occupy 276 m (2,968 sq ft) of accommodation over three floors with the Station News shop extending to 58 m2 (621 sq ft). All measurements are on a net internal basis (NIA).
SERVICES
Both units benefit from exclusive supplies of water and electricity. CBK also have a gas supply. This serves a gas fired central heating system, heating wall mounted radiators.
TENANCIES
Both units are held under full repairing and insuring terms. The majority of the property is let to Michael Anthony Crossling and Richard Gethin Bowen Evans (t/a CBK Solicitors) from 15/04/2019 14/04/2029 at £33,000 pa, subject to an upwards only rent review after 5 years. There is a tenant only break option from 15/04/2024. The retail unit is let to John Cornforth (t/a Station News) from 15/04/2019 13/04/2029 at £18,000 pa, subject to an upwards only rent review after 5 years. There is a tenant only break option from 15/04/2024. Copies of the commercial leases can be provided by the Agents upon request. Both tenants have been in-situ for some considerable time and both lease renewals were signed following Lockdown.
FOR SALE £ 595,000
Generating £51,000 per annum
Lends itself to re-development should the current tenants vacate
Freehold
Let to two longstanding commercial tenants Wellington House, 5 Wellington Road & 1 New Quay Road Whitby, North Yorkshire, YO21 1BH
EPC
The CBK accommodation has an EPC rating of E (103). The Station News premises have an EPC rating of C (66). Copies of both Certificates can be provided by the Agents upon request.
RATES
The CBK accommodation has a Rateable Value of £29,250. The Station News premises have a Rateable Value of £18,750. Both tenants are responsible for the payment of non-domestic rates under the terms of their leases.
PLANNING
We do not believe that the property is Listed, although we believe that it does fall within a Conservation Area. CBK have utilised their property for office purposes for many years, while the Station News premises have been used as a newsagents shop. We believe that both units are now allocated as falling within Use Class E which allows a good deal of flexibility in terms of alternative uses.
PRICE / TERMS
£595,000. The property is available to purchase on a freehold basis, subject to the existing tenancy agreements.
Property Details - LOCATION
The property is located within a strategic position at the junction of the pedestrianised Wellington Row and New Quay Road. Whitby is arguably the primary coastal resort on the Yorkshire coast, with a good deal of inward investment planned for the forthcoming years. The towns main car parking areas, as well as the bus and railway station are a short distance to the south.
DESCRIPTION
The property forms an impressive Victorian structure. The majority of the property is occupied by CBK Solicitors who occupy a retail unit with return frontage to both Wellington Row and New Quay Road, first floor office accommodation and attic storage space. The upper floors benefit from an alternative entrance from New Quay Road. Part of the ground floor forms a self-contained lock-up shop occupied by Station News. This is accessible from New Quay Road. The property retains some of its original Period features.
ACCOMMODATION
CBK occupy 276 m (2,968 sq ft) of accommodation over three floors with the Station News shop extending to 58 m2 (621 sq ft). All measurements are on a net internal basis (NIA).
SERVICES
Both units benefit from exclusive supplies of water and electricity. CBK also have a gas supply. This serves a gas fired central heating system, heating wall mounted radiators.
TENANCIES
Both units are held under full repairing and insuring terms. The majority of the property is let to Michael Anthony Crossling and Richard Gethin Bowen Evans (t/a CBK Solicitors) from 15/04/2019 14/04/2029 at £33,000 pa, subject to an upwards only rent review after 5 years. There is a tenant only break option from 15/04/2024. The retail unit is let to John Cornforth (t/a Station News) from 15/04/2019 13/04/2029 at £18,000 pa, subject to an upwards only rent review after 5 years. There is a tenant only break option from 15/04/2024. Copies of the commercial leases can be provided by the Agents upon request. Both tenants have been in-situ for some considerable time and both lease renewals were signed following Lockdown.
FOR SALE £ 595,000
Generating £51,000 per annum
Lends itself to re-development should the current tenants vacate
Freehold
Let to two longstanding commercial tenants Wellington House, 5 Wellington Road & 1 New Quay Road Whitby, North Yorkshire, YO21 1BH
EPC
The CBK accommodation has an EPC rating of E (103). The Station News premises have an EPC rating of C (66). Copies of both Certificates can be provided by the Agents upon request.
RATES
The CBK accommodation has a Rateable Value of £29,250. The Station News premises have a Rateable Value of £18,750. Both tenants are responsible for the payment of non-domestic rates under the terms of their leases.
PLANNING
We do not believe that the property is Listed, although we believe that it does fall within a Conservation Area. CBK have utilised their property for office purposes for many years, while the Station News premises have been used as a newsagents shop. We believe that both units are now allocated as falling within Use Class E which allows a good deal of flexibility in terms of alternative uses.
PRICE / TERMS
£595,000. The property is available to purchase on a freehold basis, subject to the existing tenancy agreements.
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