442-444 High Street, Cheltenham, Cheltenham, GL50 3JA

Guide Price £100,000 - For Sale By Auction - LOT 1

FREEHOLD INVESTMENT - 2 SHOPS & GROUND RENT PRODUCING £12,300 PA

  • For Sale By Public Auction
  • Tuesday 26th February 2019
  • County Cricket Ground, Bishopston BS7 9EJ
  • Legal Packs via our website

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Telephone: 0117 973 4940

Email: admin@maggsandallen.co.uk

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Property Details

A fantastic freehold investment opportunity comprising two ground floor retail units which are both let on a Full Repairing and Insuring basis producing a combined rental income of £11,500 per annum. The property further benefits from an additional ground rent income of £100 from each of the 8 flats above, which have been sold off on a long leasehold basis (£800 per year in total). In addition, the freeholder has the benefit of managing and insuring the building.

FOR SALE BY AUCTION -

This property is due to be auctioned on the 26th February 2019 at The Grace Room, The Bristol Pavilion, County Ground, Nevil Road, Bishopston, Bristol at 7pm.

VIEWING -

By appointment

SUMMARY -

FREEHOLD INVESTMENT - 2 SHOPS & GROUND RENT PRODUCING £12,300 PA

DESCRIPTION -

A freehold investment opportunity comprising two ground floor shops (442 & 444 High Street) which are let producing £6,000 per annum and £5,500 per annum respectively, both on conventional Full Repairing and Insuring terms until April 2022 and August 2019. The 8 flats above are not included but produce a ground rent income of £100 per annum per flat.

LOCATION -

The premises are located to the lower end of Cheltenham High Street, and are situated at the beginning of a main arterial route into the town centre and form part of Cheltenham's ring road, nearby retailers include Tesco.

ACCOMMODATION -

Please refer to floorplan for approximate room measurements and internal layout.

442 HIGH STREET - Approx. 521 sq ft (48.4 sq m) -

Comprising a main sales area, rear salon and WC.

444 HIGH STREET - Approx. 492 sq ft (45.7 sq m) -

Comprising a barber's shop with rear store room and WC.

LEASE DETAILS -

442 High Street -

Currently let on a Full Repairing and Insuring basis until April 2022 at a passing rent of £6,000 per annum.

444 High Street -

Currently let on a Full Repairing and Insuring basis until August 2019 at a passing rent of £5,500 per annum.

GROUND RENT INCOME -

The property benefits from a ground rent income of £100 from each of the 8 flats above which have been sold off on a long leasehold basis (total annual income of £800).

ENERGY PERFORMANCE CERTIFICATE -

Ratings:
442 High Street - E
444 High Street - C

SOLICITORS -

Ms S Collins
Keith Harvey and Company
43 High Street
Market Harborough
LE16 7AQ
Tel: 01858 464327
Email: sarah@keithharveyandcompany.co.uk

BUYER'S PREMIUM -

Please be advised that all purchasers are subject to a £1,000 plus VAT (£1,200 inc VAT) buyer's premium payable upon exchange of contracts.

*GUIDE PRICE -

Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to Reserve Price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

RESERVE PRICE -

The seller's minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

PROXY BIDDING -

If you are unable to attend the auction then you can submit a proxy bid. This will authorise a representative of Maggs & Allen to bid on your behalf up to a pre-set amount. The proxy bidding form is available to download from our website. The completed form, ID (driving licence or passport and a recent utility bill stating the home address of the purchaser) and 2 cheques (one for the 10% deposit and one for the buyer's premium of £1,200 inc VAT) is required by the auction department no later than 4pm on the day of the auction.

ATTENDING THE AUCTION -

If you are intending to bid and are successful, the following will be required:

* Proof of identity (valid passport or photo driving licence).
* Proof of address (bank statement, recent utility bill, council tax bill or tenancy agreement).
* 10% deposit payment.
* Buyer's premium payment.
* Details of your solicitor.

DEPOSIT & BUYER'S PREMIUM PAYMENTS -

Forms of acceptable payment:

* Cheque
* Bankers Draft
* Debit Card Payment

For card payments:
Please ensure that you advise your bank of the potential payment prior to the auction.

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Maggs & Allen use all reasonable endeavors to supply accurate property information in line with the Consumer Protection from Unfair Trading Regulations 2008. These property details do not constitute any part of the offer or contract and all measurements are approximate.
It should not be assumed that this property has all the necessary Planning, Building Regulation or other consents. Any services, appliances and heating system(s) listed have not been checked or tested. Please note that in some instances the photographs may have been taken using a wide angle lens.
Any site and floor plans provided are for indicative purposes only and should not be relied upon.