A substantial mixed-use investment property in St Pauls that is currently fully let producing £42,000 per annum. The property comprises a ground floor restaurant/takeaway with a first floor self-contained 2-bedroom flat above and a 4-bedroom house to the rear. The commercial premises are let on a 20 year lease from April 2018 and the flat and house are let on ASTs. A superb mixed-use investment in a central location with possible further potential to create additional residential units above the exist first floor, subject to consents. 8 WEEK COMPLETION AVAILABLE
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 4th November 2021 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
SUBSTANTIAL MIXED-USE INVESTMENT PRODUCING £42,000PA IN CENTRAL LOCATION
A substantial mixed-use investment property in a fantastic location in St Pauls. The property is fully let producing £42,000 per annum and may qualify for further residential development (additional storeys) above the existing first floor under recently amended permitted development rights. Interested parties should make their own enquiries with the Local Authority in this respect. The existing accommodation is well-presented throughout and offers a superb investment yield.
8 WEEK COMPLETION AVAILABLE
Situated in a popular location on the corner of Newfoundland Road and St Nicholas Road in St Pauls. There are immediate connections to the M32 motorway and further into the city centre. The area is currently undergoing high levels of residential redevelopment with several schemes of flats/houses being created locally.
Please refer to floorplan for approximate room measurements and internal layout.
RESTAURANT / TAKEAWAY -
Comprising an open plan kitchen/service area, WC and outside seating area.
FIRST FLOOR FLAT -
Comprising a kitchen/lounge/diner, shower room with WC and two bedrooms.
Comprising a kitchen with open-plan lounge/diner, shower room with WC, bedroom and utility room on the ground floor. The first floor comprises 3 bedrooms and a shower room with WC.
LEASE / TENANCY DETAILS -
Ground Floor Restaurant/Takeaway -
Let on a 20 Year lease from 2018 producing £7,800 per annum, subject to 5 yearly rent reviews and break clauses.
2-Bedroom First Floor Flat -
Let on an Assured Shorthold Tenancy agreement at £950 pcm (£11,400 per annum).
4-Bedroom House -
Let on an Assured Shorthold Tenancy agreement producing £1,900 pcm (£22,800 per annum).
ENERGY PERFORMANCE CERTIFICATE -
Ground Floor Restaurant: C
First Floor Flat: D
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.