Falsgrave Road, Scarborough Guide price £550,000

An excellent opportunity to acquire a substantial freehold mixed-use investment property situated on Falsgrave Road, Scarborough. The property comprises a ground-floor commercial unit, currently operating as a fish & chip shop (business unaffected), together with seven one bedroom residential flats, all of which are currently occupied on long-term lets and six are on fully repairing leases.

The building currently produces a combined rental income of approximately £57,000 per annum, providing an established income stream from both the commercial and residential elements. Of particular interest to investors and developers is the potential to create additional residential accommodation within the building, subject to obtaining all necessary planning permissions, Building Regulations approval, licensing and other relevant consents.

INVESTMENT OPPORTUNITY
The combination of an existing commercial tenant/use and seven one bedroom occupied residential units makes this an attractive proposition for purchasers seeking a multi-income freehold investment. At the stated income of £57,000 per annum, the property currently generates approximately £4,750 per calendar month gross. Prospective purchasers should satisfy themselves as to the individual rents, tenancy terms, commercial lease arrangements and all associated running costs.

The building also offers an opportunity to explore further residential conversion or reconfiguration, potentially increasing the number of letting units and overall rental income. Any such works would be subject to the appropriate planning, Building Regulations, fire safety, licensing and other statutory requirements.

IMPORTANT INFORMATION
The rental figure of £57,000 per annum is the combined current rental income as supplied by the vendor. Full tenancy schedules, lease details and supporting documentation should be verified by the purchaser and their legal advisers.
Any reference to the possibility of creating additional flats is intended only to highlight the property’s potential. No representation is made that planning permission or other necessary approvals have been granted, and interested parties should make their own enquiries with the relevant authorities before relying upon any proposed development or conversion.

EPC FOR FLATS & COMMERCIAL UNIT
Flat 1: C
Flat 2: C
Flat 3: C
Flat 4: C
Flat 5: C
Flat 6: C
Flat 7: C
Commercial Unit: D

COUNCIL TAX BAND FOR FLATS
Flat 1: A
Flat 2: A
Flat 3: A
Flat 4: A
Flat 5: A
Flat 6: A
Flat 7: A