Queen Street, Ripon

£275,000
Retail and Residential Investment in heart of Ripon town centre
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  • Ref: 73524
  • Type: Retail
  • Availability: Under Offer
1,599 sq.ft.

Property Features

  • Prominent town centre retail premises with residential flats above
  • 2 residential flats with separate access on two separate floors
  • Retail income: £14,250 residential flats income: £10,200

Full Details

The property comprises the whole of a mid-terrace, three-storey building under a pitched tiled roof. The property comprises a ground floor shop which is let to Ramsdens Jewellers. There is separate access to the side which provides access to a one bedroom first floor flat and a one bedroom second floor flat which are let on separate AST’s.

Location
The subject property is situated with frontage to the desirable west side of Queen Street opposite its junction with Victoria Grove, immediately to the north of the central Market Place and occupies a well-established and good secondary pitch. Queen Street is a popular secondary retailing pitch within the town with nearby occupiers including Ramsdens Jewellery, Hunters, Leeds Building Society and Dacre’s Estate Agents.

Ripon is a cathedral city, market town and parish in the Borough of Harrogate. Ripon is located approximately 12 miles north of Harrogate, 25 miles north-west of York, 13 miles south-west of Thirsk and approximately 28 miles north of Leeds (distances by car). Ripon is well connected by good road transport links as it is accessible from the North and South via the A1M which connects to the city by the B6265.

Terms
The property is to be sold freehold subject to the Assured Shorthold Tenancy Agreements on the flats subject to the occupational lease on the retail unit.
The retail unit is currently let to Ramsdens Financial Ltd on an effective FRI lease for 25 years wef 29th March 1999 (expiry 2024) at a rental of £14,250. The AST rentals are £450 and £400 p.c.m. (£10,200 p.a.).

VAT
We understand that the property is not elected for VAT and so no VAT is currently payable.

Legal
Each party is to be responsible for their own legal costs incurred in this transaction.