548-550 Langsett Road, Hillsborough, S6 2LX

Summary

Substantial Retail & Residential Investment located in Hillsborough Centre

Location

The subject property is located on Langsett Road in the suburb of Hillsborough which is approximately 3 miles North of Sheffield City

Centre. Langsett Road and Middlewood Road provide a good local shopping centre for the surrounding residential area. Occupiers

within the area include Costa Coffee, Wetherspoon, Fellas hairdressing, South Yorkshire PTE, Morrisons and Subway. In addition to this there are also various local traders, bars, restaurants and take way outlets in the area.

Description

The property is a three storey inner terrace building of traditional construction. The property is comprised of separarte commercial and residential parts.

The commercial part includes a ground floor shop with double frontage providing excellent visibility. There is also basement storage, kitchen and WC facilities on the ground floor.

There are two flats located on the upper floors which can be accessed via a rear external staircase. This includes one 2 bed and one 3 bed flat.

Accommodation

The shop provides the following approximate net internal areas:

Ground Floor Sales: 84 sq m (904 sq ft)

Kitchen 6 sq m (54 sq ft)

Basement Store: 56 sq m (603 sq ft)

At first and second floors there is one two bedroom flat and one three bedroom flat. The two bedroom flat comprises of a bathroom, WC, kitchen and lounge at first floor level and two bedrooms at second floor level. The three bedroom flat comprises of bathroom, WC, bedroom, and open plan lounge/kitchen at first floor level and two bedrooms at second floor level. Both flats are accessed via a rear external staircase and separate from the commercial part of the property.

Tenure

Long Leasehold, 800 years from 29th September 1896 - Title number SYK408083

Tenancy Information

Investment with the premises being let as follows:

1.) Ground Floor and basement shop is let Mr Omid, on the basis of 10 year lease from 1st October 2018 with a tenant option to break of 1st April 2021. The passing rent is £15,000 per annum, however the landlord has provided a temporary concession, equating to a collected rent of £12,000 per annum.

2.) The two bedroom flat is let at £460pcm on an AST.

3.) The three bedroom flat is let at £475pcm on an AST.

Therefore the total current income is £23,220 per annum allowing for the current temporary landlord concession, rising to £26,220 per annum.

Prices

Offers in the region of £257,500 for the freehold interest. We are informed VAT is not payable on the purchase price or the rent.

Shop is let at £15,000 per annum (temporary landlord concession to £12,000 per annum)

Two residential flats above let out on new AST at combined income of £11,220 pa

Located in a very busy shopping area in the centre of Hillsborough

Current total income is £26,220 pa (currently £23,220 pa received)