Guide Price: £350,000 to £400,000.
• Grade II Listed Building. • Yore Mill Craft Shop, Gallery And Owners Accom & Mill Race Teashop. • Investment Opportunity, With Two Business Tenancies Rental Yield, In Total Of £30,288 Per Annum (Aprox 8% Yield) • Very Popular Tourist Location, Looking Onto The Aysgarth Falls. • 10 Year Business Leases. • Rent Rises Linked To RPI. • Landlord Maintains Roof & Main Structure.
Aysgarth Yore Mill Craft Shop and Gallery & Mill Race teashop presents a unique opportunity to purchase an investment property in the Heart of the Yorkshire Dales.
Aysgarth Falls has attracted visitors for over 200 years. William Wordsworth, John Ruskin and J M W Turner have all recognised The Falls' outstanding beauty. More recently The Falls were used as a location in the Kevin Costner film Robin Hood, Prince of Thieves. It is undoubtedly a 'tourist hotspot'. They are located in close proximity to the busy A684 tourist road in a central position between Leyburn and Hawes.
The Village of Aysgarth itself is a popular village with an excellent range of amenities. It has 2 pubs, a shop and garage, church, chapel, doctors and village hall. There are excellent walks in all directions including The Pennine Way, Coast to Coast and The Dales Way. The popular Herriot Way walking route starts in Aysgarth.
Yore Mill, built in 1784, was previously used as a cotton, woollen and corn mill. The building is ideally positioned on the bridge overlooking the upper falls, providing a fantastic setting and excellent location. Over the years, the building has been split into two commercial parts, each having excellent tenants and each with a recently renewed ten-year lease. Together the leases offer an existing income of £30,288 per annum.
The Mill Race Teashop itself has a wealth of character with fantastic, exposed beams and stone archway. The ground floor offers a spacious shop/tearoom, along with a catering kitchen. To the lower ground floor there is a large storeroom and toilets.
The current tenants of the Teashop pay a rent of £13,953 per annum, on a newly 10-year drawn up lease.
Yore Mill Craft Shop, Gallery and owners accommodation is also tenanted, they pay a rent of £16,335 per annum, on a newly 10-year drawn up lease. These are RPI linked increasing every year and apply from June 15th 2023 to June 14th 2024.
The shop comprises 4 internal shop rooms as the main trading areas for the business and a lower ground floor storeroom.
Above the shop is a 3 bedroom flat, which provides living accommodation for the business owners. There is also a 1 bedroom cottage, which the current leaseholders run as a successful holiday let.
Externally, there is off road parking for 2 cars, and a single garage with power and light, up and over door and a separate personnel door.
Yore Mill Craft Shop and Gallery & Mill Race Teashop is an ideal investment opportunity.
Landlords Repairing Covenant
Landlord repairs roof, main walls, timbers and main structure, excluding parts tenant is liable to repair. They are also responsible for keeping electrical installation reports up to date, which they are.
Tenants are responsible for building insurance, which the landlord organises.
1 Bedroom holiday let, ran by the Craft Shop tenants. Accessed via external stairs to the rear.
TEA ROOM 13.10m x 4.32m (43' x 14'2")
Off road parking for 2/3 cars.
GARAGE 6.83m x 4.50m (22'5" x 14'9")
Large garage space with power and light. Up and overdoor. Personnel door. 2 windows to the rear.
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