275 OTLEY ROAD, LEEDS, LS16 5LN – Retail & Residential Investment Opportunity
275 OTLEY ROAD
FREEHOLD SHOP INVESTMENT WITH LARGE VACANT FLAT OVER
RETAIL UNIT PRODUCING £15,000 PER ANNUM WITH SEPARATE LARGE VACANT FLAT OVER
- RARE FREEHOLD INVESTMENT
- EXCELLENT PROMINENT LOCATION IN HIGH VALUE RESIDENTIAL AREA
- CONVENIENT LOCATION CLOSE TO RING ROAD
- SHOP PRODUCING £15,000 PER ANNUM WITH TENANT HOLDING OVER
- RESIDENTIAL FLAT OVER WITH SELF-CONTAINED ACCESS
The property is located in West Park, a prosperous and sought after residential area approximately 3 miles north west of Leeds city centre.
West Park lies on the course of the A660 Otley Road and a short distance south of its intersection with the A6210 North Leeds Ring Road.
Headingley lies approximately 1 mile to the south east. Immediately opposite, on the east side of Otley Road, are both the Weetwood Hall Hotel and conferencing complex and the Village Hotel and leisure complex. Leeds Beckett University’s main Headingley campus lies just to the south and with the University of Leeds Weetwood Sports Park just to the east.
275 Otley Road lies at the corner of Weetwood Grange Grove.
275 Otley Road comprises a large semi-detached commercial and residential property dating from the early part of the twentieth century.
Built of brick, it sits under a hipped pitched roof covered with tiles but benefitting from a side dormer adding additional accommodation to the second floor flat.
The ground floor of the property is let to a takeaway – Spice Fusion. Beyond the retail window is an open-plan waiting and counter area. Set to the rear are kitchens and storerooms.
A separate independent door in the front elevation provides access to the flat over. Beyond the front door is a staircase to the first floor which comprises a large kitchen / living room with two en-suite bedrooms.
A staircase leads to a second floor divided into two rooms, one also benefitting from an en-suite bathroom.
Externally, the property is set back from Otley Road with a tarmacadammed forecourt for parking. Being situated as a semi on a corner, the unit particularly benefits from good visibility to passing traffic.
The property is divided to provide the following approximate areas:
|NET INTERNAL AREA (SQ M)||NET INTERNAL AREA (SQ FT)|
|Rear stores and kitchen||24.06||259|
The ground floor shop is let as a hot food takeaway. The rent passing is £15,000 per annum, although the existing 10 year lease expired approximately 1 year ago. Negotiations have not opened for a lease renewal.
The residential flat, made up of four bedrooms, is currently vacant. It benefits from planning permission for occupation by three or more occupants (under an Article 4 Directive).
EPC & SERVICES
An EPC is available upon request. We are advised the shop and flat are separately metered for electricity, gas and water services.
TENURE AND TERMS
The freehold interest in the property is offered for sale subject to the ground floor tenancy outlined above and with vacant possession of the flat.
Offers are invited in the region of £400,000 subject to contract.
VIEWING AND FURTHER INFORMATION
For further information and to make arrangements to view, please contact
Tapp Chartered Surveyors on 0113 243 0920.
SUBJECT TO CONTRACT
Details prepared January 2022