74, 76 & 78 Southgate Street, Gloucester, Gloucester, GL1 2DX

Guide Price £295,000 - For Sale By Auction - LOT 9

3x GRADE II LISTED PROPERTIES PARTIALLY TENANTED OFFERING POTENTIAL FOR REDEVELOPMENT

  • For Sale By Public Auction
  • Thursday 25th July 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

Investment/Potential Development comprising 3x substantial three storey Grade II listed properties with additional rear annexe (in total approximately 5,500sqft). The ground floor provides three shops (a micropub, nail salon and tailors) let at a total rent of £31,800pa. The upper parts and annexe are vacant and offer potential for redevelopment subject to obtaining all necessary consents.

FOR SALE BY AUCTION -

This property is due to be auctioned on the 25th July 2019 at The Grace Room, The Bristol Pavilion, County Ground, Nevil Road, Bishopston, Bristol at 7pm.

VIEWING -

By appointment

SUMMARY -

3x GRADE II LISTED PROPERTIES PARTIALLY TENANTED OFFERING POTENTIAL FOR REDEVELOPMENT

DESCRIPTION -

3x Substantial Grade II Listed properties arranged as three ground floor shops with additional accommodation above and behind. The shops are let at £31,800pa whilst the upper parts and annexe are offered for sale with vacant possession, offering potential for redevelopment subject to obtaining the necessary consents. Assuming planning consent for residential/shared accommodation could be obtained, we would suggest the property offers the potential to produce a gross rent in the region of £65,000pa.

LOCATION -

Situated on the pedestrianised end of Southgate Street close to the junction with Commercial Road, the properties are located a short distance from the Gloucester Quays

ACCOMMODATION -

Please refer to floor plan for approximate room measurements and internal layout. The floor plan and aerial image is provided purely for indicative purposes only and should not be relied on. We advice all interested parties to refer to the legal pack for details of the title boundary.

74 SOUTHGATE STREET -

The ground floor is let to a Tailors, the upper parts are accessed via the first floor of No. 76.

76 SOUTHGATE STREET -

Arranged as a ground floor Micropub with additional store rooms and toilets which are located behind No. 74.
To the rear of the pub is a stairwell providing access to the first floor.
The first and second floors extend above No. 74 & No. 76.

78 SOUTHGATE STREET -

The ground floor is occupied by a Nail Salon. To the rear is an enclosed courtyard benefitting from pedestrian rear access leading to a rear annexe and a stairwell providing access to the upper parts.
Further accommodation is located to the first and second floor.

LEASE INFORMATION -

78 Southgate Street (Nail Salon): Let at £12,000pa on a 10 year lease from 1st June 2017 subject to a 3 year rent review.

76 Southgate Street (Bar): Let at £10,200pa on a 5 year lease from 16th October 2017.

74 Southgate Street (Tailor): Let at £9,600pa on a 5 year lease from 29 February 2015.

Upper Parts/Annexe: Currently vacant,

ENERGY PERFORMANCE CERTIFICATES -

Ratings:
74-76 - D
78 - F

SOLICITOR -

Mr L Lucas, Tayntons
Tel: 01452 222430
Email: laurence.lucas@tayntons.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.