Property Brief
Rare opportunity to purchase a mixed residential/commercial block near Hull's sought-after Fruit Market. The Oberon is situated on Queen Street, located conveniently near Hull Marina and so benefits from an array of local shops, bars and other amenities.

The building consists of nine one-bed apartments (seven of which are tenanted), a tenanted art gallery and a vacant ground-floor commercial unit with utilities. There is also a cellar which is currently being used for storage.

Sale Structure
There are two vendors and so the purchase would be split into two separate purchases. The first of which is the freeholder of the entire building and outright owns the art gallery and nine apartments. The second vendor owns the leasehold to the ground-floor commercial unit and basement storage (there is a peppercorn lease in please with a term of 999 years as of 1st August 2008).

Whilst an offer for the whole building is preferable, both vendors are open to offers on either all or part of the building.

The nine apartments and art gallery make up £700,000 of the value with the office space accounting for the remaining £150,000.

Condition Report
The property overall appears to be structurally sound. The ground-floor commercial unit is vacant and requires minimal works - potentially painting and new carpets. Two of the apartments have new boilers. One of the vacant apartments (no. 4) currently has a boiler issue and so may need replacing. There is also a small leak coming from above which would need to be looked into further.

Few other smaller issues across some of the apartments but no major works required.

Rental Information
Current rents:

Apartment 1 - Vacant (listed for £525pcm)
Apartment 2 - £505 pcm
Apartment 3 - £525 pcm
Apartment 4 - Vacant (listed for £525 pcm)
Apartment 5 - £475 pcm
Apartment 6 - £505 pcm
Apartment 7 - £505 pcm
Apartment 8 - £570 pcm
Apartment 9 - £525 pcm

Art Gallery - £175 pcm

Commercial unit - Vacant (market rent £1,250 pcm)

Total rent when fully tenanted £6,050 pcm or £72,600 per annum (8.5% yield)

Compliance
All units within the building are fully compliant with relevant gas/electric certificates and valid EPCs for each. Available upon request.  

Buyer Disclaimer - https://bit.ly/3CzncNu