An excellent mixed commercial and residential investment opportunity comprising of a ground floor lock-up shop unit that is currently let on a five year lease from June 2022 at a rent of £8,250pa together with a maisonette style self-contained three bedroom apartment that is let to a long term tenant at £520 pcm (£6,240pa).  This gives a combined gross income of £14,490pa.  The property is presented in good condition, with the flat benefiting from gas-fired central heating and double glazing to most windows. The property is located in the centre of the busy and popular Market Town of Driffield. The property has excellent frontage (3.97m) to Middle Street South, which has a high footfall.

Location

Driffield is a popular market town on the Yorkshire Wolds. The Town includes a number of national retailers including Boots, WH Smith, B&M, Iceland and Tesco, as well as a number of large regional retailers and smaller independent traders. There is time-limited free parking available in the Tesco/B&M car park aswell as a Pay and Display Council operated car park in close proximity.

Accommodation

The accommodation extends in total to around 1,265 sq ft (117 sq m) or thereabouts and comprises:

Ground Floor Retail Area (3.97m x 9.38m) with stairs leading to:

Basement (4.17m x 3.58m). 

Shared rear passageway leading to a Former Showroom providing ground-floor accommodation (10.13m x 2.46m) and first-floor accommodation (7.98m x 2.51m). 

Further Former Showroom (3.48m x 4.47m) 

Outside WC

Apartment

Ground Floor:

Entrance Hall

Kitchen 

With Dining Area, stainless steel sink, base, and wall units, plumbing for an automatic washing machine, electric cooker point, radiator.

First Floor:

Landing

With a double radiator and enclosed staircase to the second floor.

Living Room

With fireplace housing an electric fire, TV aerial point, and double radiator.

Bedroom One

With radiator, TV aerial point, and large storage cupboard/wardrobe.

Bedroom Two

With radiator.

Shower room

With Shower cubicle, low-level WC, wash hand basin, radiator and large linen cupboard.

Second Floor:

Bedroom Three

With a double radiator and Velux window.

Services

Understood to be connected to mains electric, water, gas, and drainage but the services have not been tested.

Tenure

The property is understood to be freehold and are offered subject to the existing leases.  The ground floor is let on a 5 Year lease at a current rent of £8,250 pa and commenced on the 1st June 2022, with a break clause for either party at year 3. Full details of the lease will be available in the legal pack.  The flat is let on an assured shorthold tenancy to a tenant who has lived there for approximately 15 years. The current rent is £520 pcm.

Council Tax Band

Council Tax is payable to the East Riding of Yorkshire Council. The property is shown on the Council Tax Property Bandings List in Valuation Band A.

The ground floor has a rateable value of £7,100.  The rates and council tax are payable by the tenants.

Viewing

Strictly by appointment with the Auctioneers on[use Contact Agent Button] 

Method of Sale

The property will be offered for sale by online auction with bidding commencing at 12 noon on Monday 22nd January 2024 and closing on Wednesday 24th January at 1.00pm. For further legal information relating to this lot please log on to auctionhouse.co.uk/hullandeastyorkshire.

Conditions of Sale

The property will be sold subject to conditions of sale, copies of which will be available for inspection at the auctioneer’s offices, with the solicitors and on-line at auctionhouse.co.uk/hullandeastyorkshire prior to the date of the auction.

Additional Fees

The purchaser will be required to pay an administration charge of £900 (£750 plus VAT) and a buyer’s premium of £600 (£500 plus VAT) in addition to the purchase price of the property.

Guide Price

Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Disbursements

Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.

Online bidding

If you want to bid on this property, copy and paste the link below into your URL bar or into a Google search and it will take you to a video that explains the process: youtube.com/watch?v=ImXr4HXR36c