The property is located in the popular seaside town of Withernsea situated approximately 18 miles east of Hull. The property is adjacent to the Aldi supermarket within the centre of Withernsea and is within walking distance of all local amenities including Withernsea Central Promenade beach front.
The property comprises of a large ground retail unit formerly used as Withernsea Indoor Market Centre with the potential to accommodate 2-3 occupiers. Currently the property is 1/3 occupied and producing £23k per annum by way of licence agreements with scope to see the entire income once fully let and occupied to be in the region of £45k per annum. The remaining available space has potential to appeal to a variety of retail and leisure users including light industrial uses subject to planning.
The property also has access and use of the car parking fronting the Aldi supermarket with the added benefit of rear parking and access from Piggy Lane. The entire property is of interest to investors seeking to grow and enhance the income potential and additionally the property could appeal to developers who may seek to transform the future use of the site as there has been a previous planning application to convert to residential.
Offers are invited in the region of £450,000 for the freehold interest. Based on the estimated income once fully let, a purchase at his level could produce a net initial yield of 9.63% assuming acquisition costs of 3.8%.
Viewings to be made by prior appointment through us as sole selling agent.
For further information about this property listing you can download the brochure or contact Jonathan Barker on 07432 534668 or by emailing jonathan@barkerproperty.uk
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