For Sale

21-23 Friar Gate, Derby, DE1 1BX

Overview

Residential
Property Type

9029
sqft

Description

Location

Description

Highly prominent mixed use investment. Was producing £123,220 p.a. (c£100,000 after costs). Popular Irish Pub with live music tenanted to 2038 with fixed increase to £55,000 p.a. in 2029 and a further Index Linked review in 2034. + 7 residential Lets fully refurbished in 2021. Comprising 2x apartments, 4 x studios & a 4-bed HMO. Tenanted furnished on standard AST's. Ideal location for Air BnB.

There are two entrances to the residential; one off Ford Street to 5 Flats, and one off Friar Gate to 2 Flats, limiting common areas for reduced maintenance costs.

Viewing

Please contact us or visit the OMEETO website for full details and a virtual tour. Physical viewings with proceedable parties can be arranged on request by contacting our commercial property agents. OMEETO do not take any responsibility for any loss or injury caused whilst carrying out a site visit.

VAT

All figures are quoted exclusive of VAT. We are advised the Pub (the commercial element) is registered for VAT. VAT will be applicable at the prevailing rate, however subject to the qualifying criteria being met the parties may treat the purchase TOGC.

EPC

Pub D(95), Flat A C(71), Flat B C(70), Flat C C(78), Flat D C(76), The Cluster D(67), Apt 1 and Apt 2 C(72).

Summary

Key points

Opposite University College of Law & New Business
Previously Let @ £124,540 p.a. (c£100,000 net)
8.5% Net Initial Yield after 5.75% purchaser costs
Pub on effective FRI lease to 2039 @ £47,500 p.a.
7 resi units on AST's were producing £75,840 p.a. Gross
3 cluster rooms recently vacated, if not let vendor will underwrite rent 3x months
Tenants unaffected