4 Barnsley Road, Hemsworth, Pontefract, West Yorkshire

Key Features

General Description

FOR SALE - HIGH YIELDING REVERSIONARY INVESTMENT

SUMMARY
- Retail unit let on a new 3 year lease at £7,800 pax from February 2024 until February 2027
- 3 x apartments let to Mears Group PLC (national social housing provider) on 5 year internal repairing leases until March/April 2028
- 3 x apartments let on 6 month ASTs
- £41,000 PER ANNUM INCOME
- Potential to increase rent to £43,032 per annum
- Scope to increase residential income further & lease more apartments to Mears Group PLC
- Secure 5 year income via Mears Group with limited landlord liabilities
- Quality, modern apartments finished to a good standard
- Ideal for private investors
- Redeveloped in 2022
- Further development potential via converting the rear of the retail unit

Offers in excess of £360,000 reflecting a gross yield of 11.39%

LOCATION
The property is located on Barnsley Road in Hemsworth, near to the junction of Cross Hill and Market Street, the latter home to the towns Tesco Superstore. Adjacent to the property is Home Bargains and close by is Hemsworth Post Office, making local amenities and public transport options only a short walk away. The property is located within the heart of Hemsworth, the immediate area is a mixed use area. Hemsworth is a town in the City of Wakefield, which is located approximately 9 miles to the north west, Barnsley is located 8 miles to the south west, and Pontefract 7 miles to the north via the A628.

DESCRIPTION
Mixed use investment comprising 6 modern, self contained apartments let on ASTs and a retail unit, extending to 3,024 Sq Ft GIA.
- Apartments x 6
- Each apartment is self contained
- Modern fixtures and fittings
- Converted to a high standard
- Located on the first and second floors
- Off road parking to the rear for 4-5 vehicles

Retail Unit Currently Let to a Local Carpet Shop which benefits from the below specification:
- Kitchenette and W/C facilities
- Security roller shutters

DEVELOPMENT POTENTIAL
There is scope (STP) for further development by splitting the retail unit to create a self contained apartment of circa 500 sq ft to the rear.

TENANCY INFORMATION
- 3 x apartments are all let on 6-month AST agreements at £400pcm.
- 3 x apartments are let on new 5 year leases to MEARS Housing Association at £472.70 pcm. Leases are from March/April 2023 until 2028
- Total residential rent is £31,417 per annum.
- Retail unit let on a 3 year new lease at £7,800 per annum to a local carpet shop.

The total rent is £41,000 per annum.

We understand the landlord has been approached by Mears Group to rent the other 3 apartments on 5 year leases at £472.70 pcm, as and when they become available. This would increase the rent roll and reduce landlord's repair liabilities. The residential rent could increase to £34,034.40 per annum exclusive for the residential element, and £43,034.40 per annum exclusive overall.

This would provide the owner with secure income, with limited landlord liabilities.

Further information is available upon request.

INVESTMENT PROPOSAL
We are inviting offers in excess of £360,000 which reflects a gross yield of 11.23%.

Potential reversionary yield of 11.39% assuming a letting at £470.70 pcm for each of the apartments.

EPC
Ranging from C to E - available upon request.

SERVICES
Mains electric and water are connected . Electric is separately metered throughout.

ANTI MONEY LAUNDERING
The purchaser is required to comply with Anti Money Laundering Regulations.

VAT
There is no VAT payable.

VIEWINGS
By appointment with the agents below:

Ben Flint
E: ben@flintrealestate.co.uk
T: 01302 639838 / 07494735001

Alexandra De Freitas
E: alexandra@flintrealestate.co.uk
T: 01302 639838 / 07538 844869