Sold

Hull – Freehold High Yielding City Centre Investment with Significant Redevelopment Potential

Grand Buildings, Jameson Street, Hull, HU1 3JX

Offers in excess of £3,550,000

Property Type:
Commercial
Sub Type:
Retail
Tenure:
Freehold
Net Initial Yield:
15.00%

Income

£567,000 pa

Description

  • Highly prominent City Centre site with excellent frontage on to Jameson Street, a key arterial link from Hull Rail Station
  • Fully pedestrianised pitch with attractive tree lined avenue and excellent public realm facilities
  • Located on the corner of the main southern entrance to the Prospect Shopping Centre
  • Total area of 52,766 sq ft arranged over three stories on a 0.8 acre site
  • Let to six individual tenants with national brands including Lloyds Bank, HSBC, Halifax, Slater Menswear, Blacks Outdoor and Waterstones
  • Total Contracted Rent of £567,000 per annum, reflecting a low rental rate of £11.60 psf on let accommodation
  • Net Operating Income of £532,676 per annum
  • Weighted Average Unexpired Lease Term (WAULT) of 3.50 years to expiry (2.90 to breaks)
  • Excellent tenant retention during lockdown with Halifax recently extending their lease and Slaters break option removal in negotiation now
  • 2 vacant units totalling a limited 12% of the total area present immediate letting potential
  • Significant potential for alternative uses in the medium term, subject to vacant possession and necessary consents