Castlegate, Malton

£150,000

LOCATION
The property is centrally located in the market town of Malton. It is approximately 24 miles south-west of Scarborough and approximately 18 miles north-east of York. The property occupies a prominent position on an end of terrace plot in the heart of Malton.

DESCRIPTION
A unique opportunity to purchase a freehold retail unit with additional storage on the first floor, currently let out to Malton Spice with a passing rent of £15,000 per annum. The property offers an ideal investment producing an attractive 10% yield based on asking price, but also has significant potential for development subject to necessary planning permission.

The premises are situated in the historic market town of Malton and sits amongst a vast amount of retailers on a thriving high street.

The current tenants hold a 20 year FRI lease dated from November 1999.

ACCOMMODATION
None.

SERVICES
All mains services are connected to the property.

TERMS
The property is available to purchase freehold, with the benefit of an income of £15,000 per annum from the current tenants.

OUTGOINGS
Rateable Value: £8,900
Uniform Business Rate for 2018/19: £0.480
Small business rate relief may be available to some occupiers. Further enquiries should be directed to the local council.

VAT
All figures quoted are deemed exclusive of VAT where applicable.

LEGAL COSTS
Unless expressly stated all parties will be responsible for their own legal costs in connection with this transaction.

PLANNING
Interested parties are advised to make their own enquiries of the local planning authority in respect of planning proposals if any change of use is envisaged.

VIEWING
If you would like to view this property, please contact FSS on 01423 501211 and we will be pleased to make an appointment.

Our next auction is on 1st October 2019

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