81 York Road, Hartlepool, Cleveland, TS26 8AH
Guide Price* : £160,000
- Mixed Use Investment Opportunity
- Let to Coral Racing Limited expiring 27/02/27
- Producing £23,506 per annum (Tenant is currently not in occupation)
- An attractive Net Initial Yield of 14.69%
- Multiple Asset Management Opportunities
- Potential for Conversion (Subject to Planning)
The property comprises a mixed use opportunity consisting of three ground floor retail units and two residential units to the upper parts. Set within an end of terrace building that benefits from a frontage onto York Road and a return frontage facing onto Elliott Street. The property is also accessed by a small yard to the rear.
The property is let in it's entirety to Coral Racing Limited, who are not in occupation. The ground floor comprises three retail units one of which fronts York Road and was formerly occupied by Coral with a further two retail units fronting Elliot Street, these units are also leased to Coral and are also not occupied.
The first floor comprises two residential units arranged over first and second floors that are accessed from the rear of the property at Dent Street. These units have not been occupied for the duration of the lease to Coral.
We consider that the property provides multiple asset management opportunities including development/conversion potential, subject to planning.
The property is located in Hartlepool, a seaside and port town in the County of Durham.
The property is situated just outside of the centre of Hartlepool and near to the end of the High Street. Therefore, the property is surrounded by local amenities and attractions such as Middleton Grange Shopping Centre and Suits Direct Stadium, home to the local football team, Hartlepool United.
The property has good transport links with Hartlepool Railway Station within ten minute walking distance and A Bus Station directly outside that provides connections to the rest of Hartlepool. In addition, the A689, is only a few minutes drive which leads onto the A1 that connects you across England.
The property is currently let to Coral Racing Limited on a lease expiring 27/02/27 and paying a rent of £23,506 per annum. The tenant is not currently in occupation.
The property is not elected for VAT
Please note, the current photographs are historic and will be updated in due course.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton December 2023
Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any (“LSH”) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
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