Regent Street, Hinckley
- Popular town centre location
- Gross passing rent £50,940 per annum
- Estimated rental value £90,000 per annum
- Comprising four one bedroom flats and four 'HMO' letting rooms
- Planning granted for an additional five ground floor flats (Ref 21/01386/FUL)
Investment
For Sale: £600,000
8 Bedrooms
Description
The subject property comprises a mid terrace property which currently provides ground floor commercial accommodation fronting Regent Street, along with four flats to the first and second floors above the same. To the rear, accessed from Blockley's Yard, there is a four bedroom HMO.
The property benefits from planning permission (Reference 21/01386/FUL with Hinckley & Bosworth Borough Council) for the conversion of bar/nightclub into 5 no. studio apartments including the demolition of an area of flat roof to create a courtyard and the insertion of a new stair to the upper floor. Creation of a small retail unit (approx. 55 sq m) to the front of the building at ground floor. Plans are available from our offices upon request.
Location
The subject property is situated fronting on to Regent Street in the town centre, opposite to the junction with George Street and close to The Crescent shopping centre. There are a variety of public pay and display car parks within walking distance of the property.
Hinckley is a market town with a population in the order of 55,000 (Local Authority 112,000) lying approximately 13 miles to the south west of Leicester. The town enjoys good motorway communications with Junction 1 of the M69 Motorway being located on the south eastern fringe of the conurbation approximately 2 miles from the town centre. Hinckley railway station provides regular commuter services to Birmingham New Street and Leicester.
Services
We understand all mains services are connected to or available to the subject property.
Tenure
The Freehold interest in the subject property is available, subject to the occupational agreements currently in place, at an asking price of £600,000. A purchase at this price reflects an attractive gross yield of approximately 8.5%.
We are advised that the gross passing rentals are as follows:
Regent Street flats -
A - £500 pcm
B - £540 pcm
C - £475 pcm
D - £560 pcm
Blockleys Yard HMO - Inclusive rents (Landlord pays council tax and utilities)
1 - £640 pcm
2 - £430 pcm
3 - £500 pcm
4 - £600 pcm
Legal Costs
Each party to bear their own legal costs.
Energy Performance Certificate
Commercial EPC - to be supplied
Flat A - C(69)
Flat B - D(68)
Flat C - C(72)
Flat D - E(53)
2 Blockleys Yard - E(48)