A York pub is up for sale – as part of a £1.3 million ‘development opportunity’.
The Falcon Tap on Micklegate is being marketed both as a bar and as a residential development.
While the ground floor public house is being retained, planning permission has been granted for 11 flats above and behind the licensed premises.
In its brochure for the Falcon Tap, global property company CBRE say it as a chance to pull in a six figure sum in rental income.
Downsizing the bar
The sale follows a successful planning application to downsize the pub.
We reported last July that owner the 2 Pubs Company Limited wanted to cut the floorspace given over to the bar by nearly a half.
Permission has also been granted to create two flats on the upper floors above the bar, to demolish modern extensions behind the Falcon, and to build two residential blocks in their place, consisting of nine flats.
“We believe there is potential to operate the proposed development as serviced apartments,” the sale brochure says.
Assuming a £100 per night per flat, that brings in the gross income of £400K.
We would expect the ground floor A4 unit [the bar] to achieve in the region of £30,000 per annum.
In terms of private residential lettings, we would expect 1 bed studio apartments in this location to achieve in the region of £600 pcm.
Want to buy? They are asking for offers in the region of £1,350,000 plus VAT. You can see the details here.