Parliament Street, Harrogate, HG1 2QZ
£1,695,000

LOCATION
Parliament Street is considered a niche and prominent retail area within Harrogate town centre. The property location is on one of the most visited streets in Harrogate and will produce good investment returns for many years to come.

DESCRIPTION
A superb opportunity to acquire the freehold of this attractive, architectural, landmark Harrogate town centre building providing an excellent mixed commercial and residential let investment.

The property has an impressive net internal area of 4,366 sq ft and when fully let will deliver an annual gross rental income of £103,780. The property is currently divided into a ground and part first floor commercial unit leased by Bayfields Opticians, plus two, two bedroom apartments and one single bedroom apartment. All in good condition.

The property was extensively refurbished and modernised around 14 years ago and remains in good order, there are opportunities for a new purchaser to enhance the rental return through further modernisation or marketing of the residential apartments either via short term holiday rentals or Airbnb.

This property was in the late 19th century occupied as a coffee and tea kiosk under the ownership of the famous Taylors family who subsequently opened the Betty's tea rooms.

This provides an excellent investment opportunity, the property location is on one of the most visited streets in Harrogate and will produce good investment returns for many years to come.

Bayfields Opticians - Ground floor showroom and part first floor workshop and office space let to Bayfields Opticians a national well resourced brand with 26 practices across the UK at an annual rent of £73,000. Lease commenced 14th July 2016 for a term of 15 years with five year upward only rent reviews. Tenant responsible for 59% of building maintenance and insurance costs and 100% of internal repair liabilities.

Apartment A: currently let at £785.00 per calendar month.

Apartment B: currently vacant but marketed at £885.00 per calendar month.

Apartment C: let from 24 July 2021 for 12 months rental of £885.00 per calendar month.

SERVICES
Electric and water are connected to the property.

TERMS
Freehold but subject to the existing tenancies.

OUTGOINGS
Rateable Value: £46,750.
Uniform Business Rate for 2022/23: £0.512.
Small business rate relief may be available to some occupiers. Further enquiries should be directed to HBC 01423 500600.

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
Strictly by appointment with the agent Tel: 01423 501211.