Fully-let modern office building in established office area
Approximately 4,900 sq ft with parking
Asset management opportunities including future potential to convert to residential (subject to leases and consents)
City Centre office location
New hotel, apartments, restaurant and gym being developed at Kingston House near entrance to The Maltings
Lot 58
Auction 19th October 2017
Rent £41,000 per Annum Exclusive
Status Sold
Price £350,000
Sector Office
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
9 miles south-east of Beverley
37 miles south-east of York
60 miles east of Leeds
Roads
A63, A165, A1079
Rail
Hull Paragon Interchange Railway Station
Air
Humberside Airport
Situation
The property is situated in the established Maltings office village in Hull City Centre. The complex is accessed from Jarrett Street and Silvester Street and has been developed to attract a wide range of national, regional and local companies. Nearby occupiers include Westcot Credit Services, SGS and Randsted, with the City's retail offering and the main bus and railway station only a short walk away.
Tenure
Freehold.
Location
Miles
9 miles south-east of Beverley
37 miles south-east of York
60 miles east of Leeds
Roads
A63, A165, A1079
Rail
Hull Paragon Interchange Railway Station
Air
Humberside Airport
Situation
The property is situated in the established Maltings office village in Hull City Centre. The complex is accessed from Jarrett Street and Silvester Street and has been developed to attract a wide range of national, regional and local companies. Nearby occupiers include Westcot Credit Services, SGS and Randsted, with the City's retail offering and the main bus and railway station only a short walk away.
Tenure
Freehold.
Description
The property, which is Grade II listed, comprises a modern office building arranged over three floors with three frontages ensuring a high level of natural light. The offices have suspended ceilings, fitted lighting and cable trunking and the first and second floors benefit from air conditioning. The property benefits from six private car parking spaces.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property, which is Grade II listed, comprises a modern office building arranged over three floors with three frontages ensuring a high level of natural light. The offices have suspended ceilings, fitted lighting and cable trunking and the first and second floors benefit from air conditioning. The property benefits from six private car parking spaces.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Ground
Office
140.75 sq m
(1,515 sq ft)
OUGHTRED AND HARRISON LIMITED (1)
3 years from 24/07/2017
£10,000 rising to £12,500 in July 2018
First
Office
163.70 sq m
(1,762 sq ft)
HUGH RICE LIMITED (2)
5 years from 12/05/2014
£16,000
Second
Office
150.78 sq m
(1,623 sq ft)
HUGH RICE LIMITED (2)
5 years from 12/05/2014
£15,000
Total
455.23 sq m
(4,900 sq ft)
£41,000 rising to £43,500 in July 2018
(1) Oughtred and Harrison Limited form part of the larger O & H Group which was established in 1919 and is one of Hull's long established companies (Source: www.ohgroup.co.uk 06/09/2017). (2) Hugh Rice operate as jewellers with stores trading as Pandora, Hugh Rice and Luxe. Having been founded in 1971, they now have 14 stores in locations including Hull, Bradford, Sheffield, Leeds, Beverley, Harrogate, Hartlepool, Wakefield and Darlington. For the year ending 31st March 2016, Hugh Rice Limited reported a turnover of £9,596,278 and pre-tax profits of £491,566 (Sources: www.hughrice.co.uk and Experian Group 06/09/2017). NB: Please note that all leases are contracted out of the Security of Tenure provisions of the Landlord & Tenant Act 1954.
