Kirkgate, Otley, LS21
Mixed Use Income Producing Opportunity
The property comprises a three storey stone built building with rendered elevations. The ground floor is made up of two ground floor retail units accessed from Kirkgate. Each unit benefits from significant and prominent roadside frontage providing a large area for display together with retail and storage accommodation with separate WC facilities. Unit 11 also benefits from basement space.
The upper floor accommodation is again accessed off Kirkgate and provides three 1 bedroom apartments. These apartments are let on Assured Shorthold Tenancies with detailed information on the income received available on request.
To the side elevation of the property is access to the substantial rear yard. This is currently let for car parking purposes producing an income of £2,250 per annum.
The commercial units located on the ground floor provide versatile retail accommodation with Unit No. 13 let to the Cutting Crew at a rent of £10,000 per annum, whilst the neighbouring Unit No. 11 is available to let.
The current income received from the residential apartments totals £14,700 per annum, which when considered with the current income from both the retail unit and car parking, totals circa £27,000 per annum. This can be increased further by the letting of No. 11 which, as advised, is currently on the market for £9,250 per annum.
The property is available to purchase on a freehold basis, subject to existing tenants, at a quoting price of £415,000, subject to VAT (if applicable).
Energy Performance Certificates
Energy Performance Certificates are available upon request.
The property is located in a prominent position on Kirkgate, not too far from the main cross road within Otley, segmenting Boroughgate, Kirkgate, Westgate and Manor Square. As a result of its prominent location, there are a number of national and local retailers in close proximity.
Otley is a market town in the county of West Yorkshire, located approximately 5 miles south east of Ilkley and approximately 12 miles from the centre of Leeds.