97 Eastgate Street, Gloucester, Gloucester, GL1 1PN

Guide Price £150,000 - For Sale By Auction - LOT 28

FULLY LET MIXED-USE INVESTMENT PRODUCING £16,560 PER ANNUM

  • For Sale By Public Auction
  • Tuesday 18th June 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 a ground floor retail unit with a well-proportioned two bedroom flat above. The property is fully let producing £16,800 per annum making this an excellent high-yielding investment opportunity. Situated in a central position in Gloucester within close proximity to Gloucester train station.

FOR SALE BY AUCTION -

This property is due to be auctioned on the 18th June 2019 at The Grace Room, The Bristol Pavilion, County Ground, Nevil Road, Bishopston, Bristol at 7pm.

VIEWING -

By appointment

SUMMARY -

FULLY LET MIXED-USE INVESTMENT PRODUCING £16,560 PER ANNUM

DESCRIPTION -

A fantastic freehold investment opportunity comprising a ground floor retail unit which is let on a Full Repairing and Insuring basis producing a rental income of £12,000 per annum. The property further benefits from a well proportioned two bedroom flat above currently let on an Assured Shorthold Tenancy Agreement producing £400 per calendar month.

LOCATION -

The property is situated on Eastgate Street in the centre of Gloucester with a wide range of amenities on the doorstep including Eastgate Shopping Centre. Gloucester railway station is located just 0.3 miles away and excellent transport links are provided to the M5 motorway.

SCHEDULE OF ACCOMMODATION (Approximate Floor Areas - GIA) -

Ground Floor Shop: 1,418 sq ft (131.7 sq m)
Rear Store: 318 sq ft (29.5 sq m)
First Floor Flat (2 Bed): 617 sq ft (57.4 sq m)

FLOOR PLAN -

The floor plan is provided for indicative purposes only and should not be relied upon.

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LEASE DETAILS -

Ground Floor Shop -

Although we understand the tenant is not currently in occupation, the shop is let on an effectively Internal and Insuring basis for a term of 15 years from 25th December 2014. The current passing rent is £12,000 per annum although a rent review is due in December 2019 and 5 yearly thereafter.

First Floor Flat -

We understand that the flat was let on an Assured Shorthold Tenancy from July 2004 and the tenant is still in occupation. The current rent is £400pcm although we estimate the market rent should be in the region of £600pcm.

ENERGY PERFORMANCE CERTIFICATE (EPC) RATINGS -

Ground Floor Shop - E
First Floor Flat - D

SOLICITOR -

Mr S Parker
Barcan + Kirby
199a Whiteladies Road
Clifton
Bristol BS8 2SB
Tel: 0117 905 9786
Email: s.parker@barcankirby.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.