Sold STC

BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU

£570,000

Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU

Typical monthly mortgage repayment with Mortgage Advice Bureau: £1780.05

About The Property

A PRIME MIXED USE INVESTMENT OPPORTUNITY - in a prominent location within the centre of Wakefield with potential GROSS YIELD of over 8.45%. Premises comprise 6 x 1 bed apartments and 2x commercial units. FULLY LET

Key Features

  • FANTASTIC INVESTMENT OPPORTUNITY
  • CITY CENTRE LOCATION
  • FULLY LET
  • OVER 3,450SQFT IN TOTAL
  • COMMERCIAL AND RESIDENTIAL MIXED USE
  • BUY TO LET
  • REPRESENTING A GROSS YIELD OF OVER 8.45%
  • £48,160 P.A

Description
An exciting opportunity to acquire a prime mixed use investment property in a prominent location within the centre of Wakefield. The property currently comprises:
A. Residential apartments:
Ap# Floor Bedrooms GIA m2 GIA ft2 Rent PCM Rent P.A.

1 First 1 25.10 270 £ 420.00 £ 5,040.00
2 First 1 36.04 388 £ 450.00 £ 5,400.00
3 First 1 30.97 333 £ 420.00 £ 5,040.00
4 Second 1 30.32 326 £ 420.00 £ 5,040.00
5 Second 1 36.00 388 £ 475.00 £ 5,700.00
6 Second 1 40.00 431 £ 495.00 £ 5,940.00
Totals 198.43 2,136 £ 2,680.00 £ 32,160.00

Refurbished to a high standard in 2005 and designed by top architect A2B to maximise all available space, the property has been very well maintained. Void periods have been minimal in all units. All units are let on an AST basis. Apartment 6 benefits from a mezzanine floor and all second floor apartments feature interesting open beams detail. A full list of tenant details including start dates, deposits held and furnishing levels, is available on request. Floor plans of all units are also available. A typical floor plan is shown in the attached photos.
B. Commercial Ground floor Units:
Commercial Type GIAm2 GIA ft2 Rent P.A Term w.e.f

140 Kirkgate Salon 72.00 775 £ 8,000.00 8 Years 1.10.13
138 Kirkgate Barbers 51.40 553 £ 8,000.00 7 Years 15.08.18
Totals 123.40 1328 £ 16,000.00

A new 7 year FRI lease has recently been agreed with a rent review at the 5th year point for the Barbers shop at 138 Kirkgate. An 8 year lease commenced 1st October 2013 for the beauty salon at 140 Kirkgate. A rent review is currently being negotiated with the salon.
The property is subject to a Right of Way from Kirkgate to the land at the rear. Details on Title are available. There is parking at the rear of the property for 2 vehicles.
Location
The property is located at the south end of Kirkgate, opposite Wilko and close to the A61. This area has seen some public sector investment in infrastructure recently and it is benefitting from this improvement. The property is within an established, thriving, mixed use area.
Wakefield itself is a busy city which has seen much regeneration and development in recent years. The Trinity Shopping Centre is just a few minutes walk away, the central square at the Bull Ring has been redesigned and The Ridings Shopping Centre has undergone refurbishment. Wakefield Westgate Station goods yard and land on Westgate and Balne Lane have been developed to create retail, residential and commercial space including new offices, a multi-storey carpark serving the station, plus a hotel. Developments by the river and canal, the "Wakefield Waterfront", include the refurbishment of the Grade II listed Navigation Warehouse, office, retail, restaurant and cafe units and is home to The Hepworth art gallery. This imaginative mix of development also offers with residential units and public open space and has greatly contributed to the economic growth and diversification of Wakefield.
With excellent transport links provided by the A61 to the M1/M62 interchange and in close proximity to Wakefield Kirkgate Railway Station, Bank House is ideally situated. Wakefield bus station is a 1 minute walk and Leeds/Bradford airport is just 9 Miles from the property.
Tenure
The property is available to purchase on a freehold basis, subject to the current tenancies. Offers in the region of £570,000 are invited for consideration.
Services

All mains services including electric, water and broadband fibre are believed to be connected on this site; however, interested parties are to make their own enquiries and satisfy themselves before entering a contract to purchase.
VAT
The vendor has elected not to charge VAT.
Rateable Value
Rateable value of commercial units: £13,700
Uniform Business Rate for 2017/18: £0.479

Plans, areas and measurements
All plans used in these particulars are for identification purposes only. All boundaries, dimensions and areas are approximate and subject to verification in the title documents.
Costs
Unless expressly stated all parties will be responsible for their own legal costs in connection with this transaction.
EPC Ratings
Ap# Floor Rating
1 First B81
2 First B85
3 First B83
4 Second B81
5 Second C79
6 Second C74
Commercial
140 Ground D92
138 Ground D81

Copies of the certificates are available upon request.

Viewing
To arrange viewing, please contact David Reeves or Alison Demaine-Grieve in our Land and New Homes department on 01764 690219 or email at Alisondg@linleyandsimpson.co.uk . The property can be seen directly from Kirkgate.

Photos

A PRIME MIXED USE INVESTMENT OPPORTUNITY - in a prominent location within the centre of Wakefield with potential GROSS YIELD of over 8.45%. Premises comprise 6 x 1 bed apartments and 2x commercial units. FULLY LET

Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Photo of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU

Floorplans

Floorplan of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU
Floorplan of BANK HOUSE, 138-140 KIRKGATE, WAKEFIELD WF1 1TU

Location

Map of location

Local Information

Interested in this property?

Call our Wakefield office:

Viewing / Enquire
The Property Ombudsman
Association of Residential Letting Agents
Association of Residential Letting Agents
On the Market January 2015
Safe Agent Logo
Martin House Logo