- INVESTMENT BLOCK +
- LARGE GROUND FLOOR RESTAURANT +
- 4 ONE BEDROOM FLATS +
- 2 TWO BEDROOM FLATS +
- REAR DEVELOPMENT OPPORTUNITY +
- £46,380 YEARLY INCOME +
- GAS CENTRAL HEATING +
- TOWN CENTRE LOCATION +
- NEW REAR WINDOWS +
- RECENT ROOF WORKS UNDERTAKEN +
Situated on Queen Street, this block of Six 1 & 2 Bedroom Flats, along with a large ground floor restaurant (Currently on a long lease).
The property boasts a substantial yearly income of £46,380, highlighting its potential as a lucrative investment. There is a further development opportunity to the rear of the property, allowing for potential expansion for a 2 bed, 2 bathroom, 3 storey conversion , which could significantly increase its value and income potential.
In summary, this block of flats on Queen Street is not only a well-structured property with ample living space but also a promising investment with the potential for further development. Whether you are an experienced investor or looking to enter the property market, this opportunity should not be overlooked.
Queen Street lies within the heart of Scarborough town centre and links Castle Road to Newborough and is a mixed use locality with a number of commercial operators such as Boyes Superstore, Scarborough Snooker Centre and The Lanterna Restaurant being located within the vicinity. Scarborough's famous South Bay is a 5 minute walk from the subject premises.
Description & Accommodation: - The property comprises a mid terrace, brick constructed block currently laid out as large restaurant, six flats, arranged over, ground, first, second floors, being held under a pitched and slated roof. The flats are accessed via a communal entrance door from Queen Street.
Current Rental figures
Restaurant £1,200 p.c.m - 5 years remaining
Flat 1 - £425 p.c.m EPC - C
Flat 2 - £475 p.c.m EPC - C
Flat 3 - £425 p.c.m EPC - C
Flat 4 - £495 p.c.m EPC - C
Flat 5 - £420 p.c.m EPC - D
Flat 6 - £425 p.c.m EPC - C
All let on shorthold assured leases