Valuable mixed use commercial / HMO investment for Sale.

SITUATION

The premises are situated upon Mannville Terrace close to its junction with Great Horton Road, the latter being a busy vehicular route and directly opposite the University of Bradford / Bradford College campuses. 

Established commercial occupiers along the street include neighbouring LA Krispy and a Greggs outlet and Polo Ranch (food outlet). 

Immediately opposite is the former Grove Library which is earmarked for a restaurant and student apartment use and currently  operating in part as a business centre.  

The remainder of Mannville Terrace is predominantly residential in nature comprising pre-war through terraced dwellings, many of have also been converted to bedsits / flats. 

Time restricted car parking is permitted upon Mannville Terrace. 

PROPERTY/ACCOMMODATION

The property comprises a mid-terraced mixed use property of fair faced stone construction and surmounted by a blue slated pitched roof incorporating Velux roof lights and dormer windows. 

The premises provide a ground floor modern barbers with dedicated rear kitchenette / staff area and store with WC. 

A rear separate entrance leads to the bedsitting accommodation providing 5 bedsitting rooms over ground, first and attic levels with communal kitchen and bathroom facilities. 

The premises provide the following approx. floor areas:

RATING

A search of the Valuation Office website reveals that the property has the following Rateable Values:

Ground floor

Rateable Value:                                             £7,100

Rates Payable (approx.):                               £2,940

Parties are advised to check with the local Rating Authority as to the precise current rates liability. 

The occupiers of the HMO accommodation are responsible for payment of their own Council Tax. 

LEASE / TENANCY DETAILS

The ground floor barbers is let on a 5 year Lease from 2023 (approx. 4 years unexpired) at a rental of £12,000 pa plus a fixed contribution of £100 pcm towards the heating, totalling £13,200 pa. 

The HMOs are let by way of various Tenancy Agreements at a gross income of £24,000 pa, with the rent being inclusive of electricity, gas and water charges.  

The total gross income received is therefore £37,200 pa. 

SALE  PRICE

Offers in the region of £299,950 are sought for the freehold interest subject to the existing Lease and Tenancy Agreements.  

A purchase at this level shows a gross yield of 12.4%. 

DATA ROOM

Copies of the HMO License, Tenancy Agreements, Leases etc. are available to all seriously interested parties once they have viewed the premises.

LEGAL COSTS

Each party to be responsible for their own legal costs in this transaction. 

VAT

Our clients advise that VAT will not be chargeable upon the sale price, although they reserve the right to do so, if appropriate. 

ENERGY PERFORMANCE CERTIFICATE

The Energy Performance Rating for the ground floor shop is B, and the upper floors are rated D.  A copy of the Certificate and Report is available upon request.