Mixed-use redevelopment/investment opportunity
Potential combined income once redeveloped £21,000 - £24,000 per annum.
Ground floor studio and 1-bed flat at front, potential to be developed into a single dwelling.
Additional 1-bed flat at rear producing £250 per calendar month.
Rear workshop let to car mechanic producing £500 per month.
Freehold subject to existing tenancies at a guide price of £179,950.
The property is located along Lambert Street in close proximity to Newland Avenue and approximately 1.8 miles north of Hull City Centre. The surrounding area is predominantly residential with local businesses situated nearby on Lambert Street and Newland Avenue. The property is within short walking distance of Hull University.
The property comprises of a end terrace fronting Lambert Street that has for a number of years been configured to provide a ground floor studio apartment and a 1-bed flat upon the first floor. The property requires an extensive refurbishment plan on its current configuration or be redeveloped to deliver a 3-bed house. As the property is in close proximity to Hull University, it could potentially be utilised as a student house or potential for the entire site to be converted for student use subject to planning.
The rear of the property comprises of a workshop premises that has been occupied as a local car mechanic and adjacent to the workshop is a further 1-bed self- contained flat.
It is understood the rear flat is currently achieving £250 per calendar month and the rear workshop is rented at £500 per month. Both units have the potential to increase the rental incomes via brand new tenancy agreements to be negotiated by the new owner.
The total combined income once the front aspect of the property is redeveloped could achieved between £21,000 - £24,000 per annum assuming an uplift on the current rents is realised.
This opportunity will appeal to a private investor seeking redevelopment opportunities to add value and increase the rental income stream.
The freehold interest subject to the existing tenancies is available at a guide price of £179,950.
Viewings to be made strictly through us as sole selling agent.
For further information about this property listing you can download the brochure or contact Jonathan Barker on 07432 534 668 or by emailing jonathan@barkerproperty.uk
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