Summary - 13 OLD MARKET PLACE RIPON HG4 1EQ
1 bed 1 bath Retail Property (high street)
Freehold Ripon investment with immediate income — short lease requires cautious purchase strategy..
- Freehold mid‑terrace retail unit on Ripon Old Market Place
- Current income £12,500 per annum from long‑established tenant
- Approximately 996 sq ft over basement, ground and first floor
- Only three years remain on the tenant’s lease (material risk)
- Mortgage lenders likely to refuse due to short lease term
- High local crime level may affect lettability and insurance
- Electric room heating; no garden or external amenity space
- Prominent shopfront, good pedestrian exposure and on‑street parking
A prominent mid‑terrace retail unit on Ripon’s Old Market Place, offered freehold with a current tenant producing £12,500 pa. The property is arranged over basement, ground and first floors with a display frontage, internal storage basement and ancillary first‑floor accommodation — suited to a compact retail business or as an investment hold.
At the asking price the purchase demonstrates an attractive net initial yield of around 10% based on the current income. The tenant is a long‑established local retailer, providing immediate income and town‑centre footfall exposure. The building is relatively new (constructed 2021) with a solid mid‑terrace Edwardian style façade and standard ceiling heights.
Buyers should note a material shortcoming: only three years remain on the existing lease. Mortgage lenders commonly refuse lending on properties with very short tenant leases, so prospective purchasers should plan for a cash purchase or seek specialist lender advice. The area records higher crime levels which may affect future lettability or insurance costs for some occupiers.
Practical realities: heating is by electric room heaters and main fuel is electricity; there is no external amenity space. Rateable value is shown as £9,600 — interested parties should verify current business rates and any relief entitlement. This is a clear, short‑term income opportunity with scope for reversion and relet in a prominent high‑street position once the lease expires.
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