Fairfax Court 32-36 High St

INVESTMENT SUMMARY
Located in the centre of Yarm, an affluent market town on the banks of the River Tees and close to the North Yorkshire Moors
The subject property is situated in a prime position in the heart of Yarm
Ticketed parking outside the building, free for the first hour
Comprising a well-maintained Grade II Listed Georgian propertyTotal floor area of 16,204 sq ft, with 13,437 sq ft of ground floor accommodation
Total passing rent of £267,250 per annum from 14 tenants
13 parking spaces and additional hardstanding land to the rear of the building
Opportunities to add value to a conservative rent of £281,576 per annum upon re-letting the vacant unit and with some proactive asset management
Personal guarantee from the company director of the highly successful Tomahawk Steakhouse (Newcastle) Limited on 41% of the total income
Yarm School, located close to the subject property, is one of the strongest schools in the region
The prep school has been shortlisted for the Independent Prep School of the year 2023
We are instructed to seek offers in excess of £2,650,000 (Two Million Nine Hundred and Fifty Thousand Pounds) exclusive of VAT. A sale at this level reflects a net initial yield of 9.48% and a reversionary yield of 10% assuming standard purchasers’ costs of 6.44%.
LOCATION
Yarm is an affluent and sought after market town on the banks of the River Tees situated approximately 8 miles east of Darlington, 10 miles west of Stokesley and 16 miles north of Northallerton.
Yarm is well served for transport links across the region with ease of access to the A66 as well as the A19 and A1(M).
The town has a population of over 9,600 residents with a wider population exceeding 1,000,000 across the Tees Valley and North Yorkshire area.
Yarm benefits from a station giving direct services to York, Leeds and Manchester through to Manchester airport. Eaglescliffe station just 2 miles north of Yarm offers direct train services to London in under 3 hours as well as direct services to Newcastle and Sunderland.
The towns historical charm with its riverside location and Georgian architecture attracts many tourists and visitors alike. Yarm also boasts several well-regarded schools and is also considered an attractive location for families.
The renowned High Street incorporates several independent shops, cafes and restaurants creating a vibrant town centre.
SITUATION
The subject property is situated in a prime position in the heart of Yarm’s main shopping street with ticket parking immediately outside the building. Well known national retailers surrounding the building include Vision Express, Card Factory, Waterstones, Boots and other well-known local establishments including Mews, Fourteen Drops, The Keys, The Black Bull, Osbornes among other national and local occupiers.
DESCRIPTION
The property comprises a substantial Grade II Listed building fronting High Street with two ground floor retail stores and offices to the upper floors with access to a large restaurant and boutique retail space accessed between the two ground floor retail units.
The building is four storey with brick elevations under a pitched tiled roof. The front elevation is classically Georgian with traditional sliding sash windows to the upper floors. Both ground floor retail units have wooden framed shop fronts.
Fairfax Court accessed from the centre of the building extending to the rear is a more modern single storey extension with brick elevations under a pitched tile roof.
The building sits on a site of approximately 0.37 acres and incorporates 13 parking spaces and additional hardstanding land to the rear of the building.