54-56 King Edward Street and 31-33 Waltham Street Kingston upon Hull East Riding of Yorkshire HU1 3SQ

54-56 King Edward Street and 31-33 Waltham Street
Kingston upon Hull
East Riding of Yorkshire
HU1 3SQ

Freehold City Centre Retail Investment with Development Potential

Includes 2 Retail Units with Vacant Upper Parts
Let to Cash Converters Yorkshire Limited with Guarantee and Home for Tea Limited
Potential for Residential Development of Vacant Uppers (subject to consents)
Opposite the Prospect Shopping Centre and close to the Albion Square Redevelopment
Nearby Occupiers include Home Bargains, Savers, McDonald's, KFC, Tesco, Iceland, B&M and Costa Coffee
VAT-Free Investment

Lot
28
Auction
27th March 2024
Rent
£35,200 per Annum Exclusive
Status
Sold
Price
£350,000
Auction Venue
Live Streamed Auction

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Freehold City Centre Retail Investment with Development Potential

Includes 2 Retail Units with Vacant Upper Parts
Let to Cash Converters Yorkshire Limited with Guarantee and Home for Tea Limited
Potential for Residential Development of Vacant Uppers (subject to consents)
Opposite the Prospect Shopping Centre and close to the Albion Square Redevelopment
Nearby Occupiers include Home Bargains, Savers, McDonald's, KFC, Tesco, Iceland, B&M and Costa Coffee
VAT-Free Investment

Lot 28
Auction 27th March 2024
Rent £35,200 per Annum Exclusive
Status Sold
Price £350,000
Sector
High Street Retail
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 38 miles south east of York, 58 miles east of Leeds
Roads: A63, A165
Rail: Kingston-upon-Hull Railway Station
Air: Doncaster/Sheffield Robin Hood Airport

Situation

The property is situated in the City Centre occupying a prominent position on the east side of King Edward Street, with Kingston-upon-Hull Railway Station 300m away.

Prospect Shopping Centre is opposite the property with occupiers including Savers, B&M, H. Samuel, Iceland and WH Smith. Other nearby occupiers include Home Bargains, Lush, McDonald's, KFC, Tesco and Costa Coffee. Albion Square's £96m development project is also very close to the property paving the way for 226 new homes, office and retail space, an urban park and a multi-storey car park.

Tenure

Freehold.

Location

Miles: 38 miles south east of York, 58 miles east of Leeds
Roads: A63, A165
Rail: Kingston-upon-Hull Railway Station
Air: Doncaster/Sheffield Robin Hood Airport

Situation

Tenure

Freehold.

Description

The self contained upper parts may be suitable for residential conversion subject to consents. The property comprises a self-contained retail unit fronting King Edward Street with accommodation on the ground, basement and part-first floors and self-contained upper parts with vacant possession. The property also benefits from a second ground floor shop unit fronting Waltham Street.

VAT

VAT is not applicable to this lot.

Planning

Planning permission has been granted on 18th November 2016 (now lapsed) for a change of use of the vacant upper floors to 6 self-contained flats, installation of new windows and new entrance door on the ground floor. For more information see ref: 16/01387/COU at www.hull.gov.uk

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is not applicable to this lot.

Planning

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Address	Floor	Use	Floor Areas Approx sq m	Floor Areas Approx sq ft	Tenant	Term	Rent p.a.x.	Reversion
54-56 King Edward Street	Ground Basement Part-First	Retail Ancillary Ancillary	117.60 105.40 44.00	(1,265) (1,134) (474)	CASH CONVERTERS YORKSHIRE LIMITED (CRN: 06347684) guaranteed by JBG HOLDINGS LIMITED (CRN: 06866012)	5 years from 31/10/2021	£30,000	30/10/2026
54-56 King Edward Street (1)	Part-first Second Third	Ancillary Ancillary Ancillary	71.50 190.50 90.50	(770) (2,051) (974)	VACANT POSSESSION	-	-	-
31-33 Waltham Street	Ground	Retail	61.00	(657)	HOME FOR TEA LTD (CRN: 13185010)	15 years from 13/12/2010 (2)	£5,200	12/12/2025
Total Approximate Floor Area			680.50	(7,325)			£35,200

(1) As to the vacant upper parts of 54-56 King Edward Street, the floor areas stated above are the areas stated in the planning application number: 16/01387/COU (www.hull.gov.uk).
(2) As to 31-33 Waltham Street, the lease is outside of the security of tenure provisions of the Landlord and Tenant Act 1954.

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.