Log In/Sign up
Your email has been sent.
21-23 Friar Gate 6,323 sq ft Retail Property Derby DE1 1BX £1,050,000 (£166.06/sq ft) 8.50% Net Initial Yield
Investment Highlights
- Opposite University College of Law & New Business.
- 8.5% Net Initial Yield after 5.75% purchaser costs.
- 7 resi units on AST's were producing £75,840 p.a. Gross.
- Tenants unaffected.
- Previously Let @ £124,540 p.a. (c£100,000 net).
- Pub on effective FRI lease to 2039 @ £47,500 p.a.
- 3 cluster rooms recently vacated, if not let vendor will underwrite rent 3x months.
Executive Summary
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.
Property Facts
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Bar
Property Size
6,323 sq ft
Costar Property Class
B
Year Built
1902
Price
£1,050,000
Price per sq ft
£166.06
Yield
8.50%
NOI
£89,250
Tenancy
Single
Number of Floors
1
Amenities
- 24 Hour Access
- Bus Route
- EPC - D
1 1
Nearby Major Retailers
1 of 25
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
21-23 Friar Gate
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.
Your message has been sent!
Activate your LoopNet account now to track properties, get real-time alerts, save time on future inquiries, and more.