A freehold mixed-use investment property comprising a ground floor retail unit with a large single storey two-bedroom flat to the rear. The property is situated in a prominent position on Gloucester Road and offers excellent rental potential as an ongoing investment. Alternatively, the shop and flat could be split and sold off separately. The shop is currently let producing £5,100 per annum, which is below market level and the flat is to be sold with vacant possession.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 29th July 2021 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
FREEHOLD MIXED-USE INVESTMENT - SHOP & REAR FLAT
A freehold mixed-use investment comprising a ground floor shop with a large 2-bedroom flat to the rear that is in need of modernisation. The shop is currently let at £5,100 per annum and the rear flat is to be sold with vacant possession. Full planning consent has been granted for internal alterations to the rear flat which includes incorporating the rear store room that currently serves the shop, into the rear flat.
Please note that the first floor flat has been sold off on a long leasehold basis and is not included in the sale.
The property is situated in a prominent position on Gloucester Road and benefits from excellent transport links to the City Centre. The rear flat is accessed via a pedestrian footpath to the rear off Rudthorpe Road.
Please refer to floorplan for approximate room measurements and internal layout.
GROUND FLOOR SHOP -
Currently trading as a computer repairs shop and comprising a main retail area, rear shop, store and WC.
GROUND FLOOR FLAT -
Accessed at the rear, the flat comprises a lounge, kitchen, two bedrooms and a shower room. Full planning consent has been granted for internal alterations to the rear flat which includes incorporating the rear store room that currently serves the shop, into the rear flat.
Full planning consent was granted on 29 March 2021 for a change of use of part of the ground floor from commercial to residential under application no. 21/00276/F. We understand from the vendor that the shop tenant has agreed to a 25% reduction in the current rent in order to release the rear store from his demise.
TENANCY DETAILS -
We understand from the vendor that the ground floor shop is let until August 2022 at a passing rent of £5,100 per annum, although a 25% reduction has been agreed in order to release the rear store room from the shop demise so that it can be incorporated into the rear flat.
POTENTIAL MARKET RENTS -
Once the rear store has been released from the demise of the shop and the flat has been refurbished as per the approved plans, we would anticipate the following market rental figures:
Shop: £10,000 per annum.
Flat: £12,000 per annum.
Alternatively, the flat may be suitable for a serviced accommodation and the vendor has been advised that £120 per night could be achieved. A 70% occupancy rate would generate an income in excess of £2,500 pcm.
ENERGY PERFORMANCE CERTIFICATE (EPCs) -
Ground Floor Shop: C
Ground Floor Flat: F
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, TELEPHONE & ONLINE REMOTE BIDDING -
The auction will be held online via live video stream with buyers able to bid via telephone, online or by submitting a proxy bid. You will need to complete our remote bidding form, which 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 a cheque/bank transfer for the Preliminary Deposit must be received no later than 24 hours before the date of the auction.
PRELIMINARY DEPOSITS -
The Preliminary Deposit required for each lot you wish to bid for will be calculated based upon the Guide Price as follows:
£1,000 - £50,000: £2,000
£51,000 - £150,000: £5,000
£151,000 and above: £10,000
If your bid is successful, the balance of the deposit monies and Buyer's Premium (£1,200 inc VAT) must be transferred to our client account within 24 hours of the auction sale. If you are unsuccessful at the auction, your Preliminary Deposit will be returned to you.
Maggs & Allen use all reasonable endeavours 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.