2-7 Market Way, Scarborough, North Yorkshire YO11 1HR

Description

Description A freehold commercial investment opportunity comprising 3 ground floor retail units with 3 flats situated on the upper floors.

3 & 7 Market Way, being two of the retail units, are sold with vacant possession; 5 Market Way is let out by way of a premium payment with a term running from 2002 to February 2113 and annual ground rent of £10.

Flats 2 and 4 are sold by way of long leaseholds, which also expire in 2113 and detail an annual rent of £10 each; Flat 6 is sold off on a longer leasehold title with an annual ground rent of £1.

The property offers potential for the rental income to grow substantially via letting of the vacant retail units and will appeal to local and national investors. The property occupies a prominent position on Market Way in Scarborough town centre, close to St Thomas Street and Eastborough.

The surrounding area comprises a mix of retail, leisure and commercial occupiers together with residential accommodation above ground-floor commercial units, generating consistent pedestrian footfall.

Scarborough is a popular North Yorkshire coastal town with a diverse economy centred around tourism, retail, education and healthcare.

The property is within walking distance of Scarborough railway station, with regular services to York and beyond, while the A64 provides the principal road link to York, Leeds and the wider motorway network.

The Market Hall, Brunswick Shopping Centre and the seafront are all nearby, with the central location providing convenient access to local amenities and public transport.

Tenure Freehold Planning For any pre-application advice, interested parties should consult directly with the Local Planning Authority: North Yorkshire Council, Civic Centre, Doncaster Road, Selby, YO8 9FT. Telephone: 0300 131 2131. Occupancy Part Let Part Vacant

Investment Analysis

Investment Snapshot

Underwriting basis. This is an indicative desktop appraisal. GDV is an estimated post-works/open-market value, not a guaranteed valuation. Comparable research is widened from the same street/postcode to the surrounding market up to approximately five miles where necessary.

Market Comparables

• Specialist asset: working market value is estimated from guide, asset type, income/development potential and local market evidence; midpoint £27,500.

HB estimated GDV: £25,000 low / £28,000 base / £30,000 high. The range reflects comparable quality, condition and the fact that auction stock can trade below normal owner-occupier market value.

Proposed Works

The allowance follows the auction description/visible condition and investor-standard refurbishment scope. It is not a structural survey or contractor quotation.

Strategy & Value Analysis

This is not a conventional single-dwelling BRRR/flip asset. The value case should be assessed using the specialist strategy appropriate to the property—income capitalisation, asset management, planning/development or land value—while still using the market-value range above as an indicative exit benchmark.

Key Risks

Confirm legal title/tenure, occupancy, planning/licensing, service charge/ground rent where relevant, structural condition, utilities, abnormal works and finance terms. Market comparables are indicative and should be refreshed immediately before bidding.