Guide price
£500,000
(£149.57/sq. ft)
Retail premises for saleWheelgate, Malton YO17
3,343 sq. ft
About this property
Established Market Town
Prominent position next to Costa Coffee
Strong charity shop covenant
Close to rail and bus stations
10 year Fri lease to St Leonards Hospice
Rental of £35,000 per annum
Net initial yield of 6.69%
Location
This property is situated in a very prominent position on Wheelgate the main shopping street in Malton town centre. Other occupiers nearby include Costa Coffee, Heron Foods, Cooplands, Boots and tg Jones.
Malton and Norton are attractive market towns that sit adjacent to each other alongside the A64 trunk road offering excellent road links to the east coast and west to York, Leeds and the A1 motorway.
Malton is the largest town and the administrative headquarters for Ryedale. It has a dependent catchment that relies on local shopping with the nearest large towns and cities being at least 30 minutes’ drive away.
Malton and Norton benefit from very good public transport links, with rail and bus connections to the east and west including the Trans-Pennine rail service to Leeds, Manchester and Liverpool which connects at York to the East Coast main line, with London being reached within two hours 30 minutes.
The subject premises are within easy walking distance of all the other amenities and services of Malton town centre.
Description
The subject property forms part of a terrace of buildings of differing ages and construction. We believe the property to be of pre-cast concrete panel construction with a pitched pantile roof. There is a double fronted glazed retail frontage.
Internally the property is laid out with an open plan sales floor at ground floor level. There is a rear lobby and door to a shared rear loading yard. A staircase provides access to first floor storage and staff kitchen and WCs.
The Landlord has recently undertaken a scheme of external repairs and maintenance works.
The lease
The property is let to St Leonards Hospice on a 10 year Fri lease with effect from 28th March 2024 with a break clause or rent review at the end of the 5th year of the term.
The headline rent is £35,000 per annum. The Tenant is benefitted from a discounted rent equating to £17,500 per annum payable from 28th June until 17th December 2024.
Price
£500,000 representing a net initial yield of 6.69% after purchase costs of 4.7%
This property is situated in a very prominent position on Wheelgate the main shopping street in Malton town centre. Other occupiers nearby include Costa Coffee, Heron Foods, Cooplands, Boots and tg Jones.
Malton and Norton are attractive market towns that sit adjacent to each other alongside the A64 trunk road offering excellent road links to the east coast and west to York, Leeds and the A1 motorway.
Malton is the largest town and the administrative headquarters for Ryedale. It has a dependent catchment that relies on local shopping with the nearest large towns and cities being at least 30 minutes’ drive away.
Malton and Norton benefit from very good public transport links, with rail and bus connections to the east and west including the Trans-Pennine rail service to Leeds, Manchester and Liverpool which connects at York to the East Coast main line, with London being reached within two hours 30 minutes.
The subject premises are within easy walking distance of all the other amenities and services of Malton town centre.
Description
The subject property forms part of a terrace of buildings of differing ages and construction. We believe the property to be of pre-cast concrete panel construction with a pitched pantile roof. There is a double fronted glazed retail frontage.
Internally the property is laid out with an open plan sales floor at ground floor level. There is a rear lobby and door to a shared rear loading yard. A staircase provides access to first floor storage and staff kitchen and WCs.
The Landlord has recently undertaken a scheme of external repairs and maintenance works.
The lease
The property is let to St Leonards Hospice on a 10 year Fri lease with effect from 28th March 2024 with a break clause or rent review at the end of the 5th year of the term.
The headline rent is £35,000 per annum. The Tenant is benefitted from a discounted rent equating to £17,500 per annum payable from 28th June until 17th December 2024.
Price
£500,000 representing a net initial yield of 6.69% after purchase costs of 4.7%
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Monthly repayment
£2,501 per month
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