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Beverley Road, Hull, HU5 1LG Residential Investment and Development Opportunity 313-319 (odd) Beverley Road, Hull, HU5 1LG Fully Let Unbroken Freehold Comprising 17 self-contained flats And extensive land to the rear with development potential Investment Considerations . Unbroken Freehold Residential Investment Opportunity . Well located, providing flatted accommodation for various different tenant types, with the potential to significantly increase income through . Four neighbouring terraced houses interconnected internally, refurbishment and/or re-development comprising 17 self-contained flats containing . Located on Beverley Road, equidistant from both The University of Hull, in . 11x one bed the north, and the City Centre of Hull, in the south. Approximately 1.1 mile . 6x two beds from both . Fully let, producing £74,000 per annum, providing an attractive . Extensive land to the rear of the property for development subject to Gross Yield of 9.86% gaining the necessary planning consent Location The subject is located on Beverley Road in Hull, East Riding of Yorkshire. Hull lies alongside the Humber estuary, and is positioned approximately 25 km (16 miles) inland of the east coast of England. The city is well connected via the A63 linking to the M62 Motorway, providing routes to Leeds, Sheffield, York and the The University A1 Motorway in the west. Hull Train Station provides a number of direct trains to of Hull London with journey times of 3 hours and regular links to Leeds and York within 1 hour. Hull was awarded the UK Capital of Culture for 2017, proving highly beneficial to the city. By the end of the first week of the year, the BBC reported that in excess of 340,000 visitors had attended Capital of Culture events. By the end of the year Hull attracted 3.5 million visitors and in excess of 50 new businesses opened. Hull City Centre is currently undergoing a £250 million transformation including investment in public spaces, retail and leisure as well as attracting 100 The Subject new businesses to the city. The refurbishment of the city centre landmark Property ‘Europa House’ has recently been approved, set to bring approximately 600 new jobs to the city. The University of Hull is approximately 1.1 mile to the north of the subject. The University currently has a student population of 16,532, receiving 5 applications per place. The University established a strategic plan for 2016-2020, focusing on investing in research and enterprise. A £300 million transformation of the city campus is well underway, with the most recent opening being the £25 million Allam medical building. Situation The subject, situated on Beverley Road, is 1.1 mile from central Hull. Beverley Road is one of the major A roads connecting the city centre to the northern part of Hull and is therefore a major thoroughfare between the city and the University. Both Beverley Road and nearby Newland Avenue provide many shops and Hull City Centre amenities, with the more extensive amenities to the south of the properties in the city centre, including the Train Station and various high street shops. Hull Train Station Tenure Freehold. Description The subject comprises four neighbouring terraced houses, which are brick built and arranged over ground, first and second floors (including eaves). The houses have been converted internally to provide a total of 17 self-contained flats, arranged to provide the following accommodation: . 11 x one bedroom flats . 6 x two bedroom flats Externally, there are two lock up garages to the rear of the properties, and off street parking is available to both the front and rear. Rent Reserved The property is currently fully let, subject to Assured Shorthold Tenancies, producing a gross rental income of £74,000 per annum. The property is currently let and managed by Loc8me. The current managing agent has carried out a rental appraisal on the subject, based upon a full refurbishment programme to provide high quality student accommodation. They are of the view an Estimated Rental Value in the region of £165,000 per annum could be achieved, subject to the right level of refurbishment. We are also of the view the property provides a good opportunity to increase rents through a light refurbishment programme. Potential Development The subject sits on a plot which is approximately 0.429 acres (0.174 ha) in total. To the front, the property benefits from off-street parking, whilst to the rear there is extensive brownfield land. This land has independent access from Queens Road. The land at the rear equates to approximately 0.15 acres. A pre-application has been submitted to Hull City Council for the construction of 6 two bedroom dwellings. Documents associated with this pre-application can be viewed / downloaded on the data room. Planning Hull City Council The Guildhall Alfred Gelder Street Hull HU1 2AA 01482 300 300 http://www.hull.gov.uk/planning/planning-applications/planning-applications We understand the subject sits within the Beverley Road Conservation Area. Additional Information Beverley Road Additional information can be found via the following data room: Hull, HU5 1LG https://datarooms.allsop.co.uk/register/Beverleyroad . Method of Sale The subject is for sale by way of Private Treaty; however we reserve the right to conclude the marketing by an Informal Tender process. Contacts For further information, please Viewing Information contact: The properties will be subject to block viewing arrangements Vicky Bingham and will not be available for viewing internally outside of these +44 (0)7557 969622 times. [email protected] Please contact the office to register your interest. Jack Robson +44 (0)7899 895262 Energy Performance Certificates [email protected] EPC’s can be viewed / downloaded on the data room. Current EPC ratings are as follows: C x 2 D x 9 E x 6 Proposal Unconditional offers are invited in excess of £750,000, subject to existing tenancies, subject to contract.. Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective allsop.co.uk purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP..
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