10 Samman Rd 1,145 SF Retail Building Beverley HU17 0BS $289,635 CAD ($252.96 CAD/SF) 7.56% Cap Rate

Investment Consideration:
Gross Initial Yield: 7.56%
Rental Income: £11,725 p.a.
VAT is NOT applicable to this property
Comprises ground floor retail shop t/a William Hill
Let until January 2038. Rent review and tenant break option in 2033.
Occupiers close by include Lloyds Pharmacy, One Stop and a number of local retailers serving a predominantly residential area.
Property Description:
Comprises end-of-terrace ground floor shop with double frontage currently t/a William Hill betting shop, providing the following accommodation and dimensions:
Ground Floor: 106.40 sq m (1,145 sq ft)
Open plan retail, kitchen, office, wc
Tenancy:
The property is at present let to William Hill Organization Ltd for a term of 15 years from 10th January 2023 at a current rent of £11,725* p.a. and the lease contains full repairing and insuring covenants. Rent review in January 2033 open market upward only. Tenant option to determine in January 2033 with min 6 months notice.
* Tenant currently pays rent of £10,000 p.a. CPI linked rent review 10.01.28 (annualised). Approximate rental increase to £11,725 p.a. Vendor will top up rent so the buyer receives the equivalent to £11,725 p.a. from sale completion.
Tenure:
Long leasehold. Held on a lease for a term of years from 29th February 1995 expiring 17th January 2113 at a current ground rent of £10 per annum.
Location:
Beverley is an attractive market town which is famous for its 15th Century Minster and Racecourse and is located 8 miles north of Hull. There are good road communications being located at the junction of the A164 and A1035 some 11 miles to the north-east of the M62 (Junction 38). The property is situated on the north of Samman Road between its junctions with Coltman Avenue and Wilberforce Crescent. Occupiers close by include Lloyds Pharmacy, One Stop and a number of local retailers serving a predominantly residential area.