Workshop & retail space for sale
Property description & features
- Tenure: Freehold
- • Investment opportunity
- • Prominent Location
- • Generating gross rental of £22,080 per annum
- Opportunities to increase rental income to £32,000 per annum
A FANTASTIC OPPORTUNITY TO PURCHASE A FULLY OCCUPIED COMMERCIAL INVESTMENT WITH FIRST FLOOR FLAT ON A PROMINENT MAIN ROAD POSITION CLOSE TO WAKEFIELD CITY CENTRE GENERATING £22,080 PER ANNUM.
LOCATION
The property is located on A61 Leeds Road, twixt Outwood & Newton Hill, approximately a mile from Wakefield City Centre. Situated in a predominantly residential area the property is well positioned set back off Leeds Road, one of the main routes connecting Wakefield and Leeds and the popular Wakefield Suburbs of Outwood, Lofthouse & Newton Hill.
PROPERTY
The property is a brick two storey terrace, set back from Leeds Road allowing parking for 2 cars to the front. The property is well presented and is commercial on the ground floor, having a nail bar to the front, 3 beauty rooms on the ground floor, Hairdressers in the room on the lower ground floor, kitchenette, W.c. and single garage to the rear with private yard area and drive. At first floor there is a two bedroom apartment, with kitchen, lounge and bathroom. There is separate access at both the ground and rear. There is gas fired central heating system for the ground floor.
RENTAL INCOME
The property generates a gross rental income of £22,080 per annum. Further information on the breakdown of rents is available through the agents. Rents have not been reviewed therefore there is the opportunities with the letting of the nail bar along with reviews to market rents to increase rental income to in the region of £32,000 per annum. The first-floor apartment is let on a 12 month AST which is due for renewal in May 2025. The ground floor is currently let to 3 tenants on a monthly by month basis, however the tenants are long standing. The garage is also let on a monthly basis, again to a longstanding tenant. The current owner occupies the nail bar at the front on the property with two stations and will vacate upon completion of a sale, therefore further income could be generated from letting this space between £400-500pcm.
PRICE
Offers around £325,000. There is no VAT charged on the purchase price.
VIEWING
Strictly by appointment with the agent. Please contact Gina Powell [use Contact Agent Button] or Rebecca Blyth [use Contact Agent Button] for further information.
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Broadband availability and predicted speed: obtained from Ofcom on February 2, 2024
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