607-609 Ecclesall Road

Key Points

• Located on Ecclesall Road in south west Sheffield
• Fully let with a current gross income of £80,560.31 pa
• Ground floor restaurant let to Damrong Thai Ltd (with guarantor) t/a 'Patoo Thai'
• Upper floors (4 x studio flats) let on separate AST agreements
• Busy suburban location nearby Nonna's Sheffield, Sainsburys, Mowgli, Lost & Found, The Beer House, etc

Description

The property is comprised of two units constructed around the early 20th century, which would have originally been substantial dwelling houses. The property has been converted and extended to provide a restaurant premises to the ground floor and flats to the upper floors.

The ground floor is comprised of a large Thai restaurant with kitchen and toilet accommodation. The two upper floors have been converted to provide four flats. The refurbishment works were undertaken in approximately 2010.

There is a separate access via a corridor to the four apartments. Flats 2 and 3 are bedsits with fully fitted kitchens and a separate shower room/WC. Flats 1 and 2 are duplex apartments. Flat 1 has a kitchen at first floor level and a bedroom/living room plus a shower room/WC at first floor level. Flat 2 has a bedroom on first floor level with a landing and kitchen/living room plus a shower room/WC.

Location

The property has direct frontage onto Ecclesall Road (A625) close to Hunters Bar in south west Sheffield. The location is approximately 1.5 miles southwest of Sheffield City Centre. The property is adjacent to the former Heritage Museum. There are several other restaurant and bar users nearby. These include the Mowgli, Nonnas, The Beer House, The Porter Brook public house and others. There are also a number of leisure uses including Trib3 gym. Sainsburys Local is also located a short distance away.

Tenure

The property is offered for sale on a Freehold basis subject to the current tenancies stated within these details.

Freehold - Title Numbers SYK520796 and SYK274804

Tenancy Details

The ground floor at 607-609 Ecclesall Road is let on the following basis:

Lease Dated: 26th April 2010
Tenant: Damrong Thai Ltd
Guarantor: Mayuree Musigapong
Term: 15 years from 26th April 2010
Rent: £55,000 pa
Tenant Repair Covenant: Effectively FRI

The four studio flats at first and second floor level at 607-609 Ecclesall Road are let on assured shorthold tenancies (ASTs) producing a total income of £25,560.31 pa.

The total current approximate income is £80,560.31 pa. Further details are available by request.

Price

£995,000, subject to contract, reflecting a gross yield of 8.10% and net initial yield of 7.66%, assuming usual purchaser’s costs.

We understand VAT is not payable on the purchase price.

Legal Costs

Each party to bear their own legal costs incurred in this transaction.

Viewing Arrangements

For further information or accompanied viewings, please contact the agent:
Francois Neyerlin
Telephone: 0114 281 2183
Email: francois.neyerlin@smcommercial.co.uk

Viewings strictly via appointment with the agent only.