3-5, Worcester Street, , Gloucester, GL1 3AJ

Auction Guide £365,000 - For Sale

  • For Sale By LIVE ONLINE AUCTION
  • Thursday 4th August 2022
  • Substantial pair of adjoining Grade II listed buildings
  • Planning pending for 2 x shops and 4 x flats
  • EXISTING BUSINESS UNAFFECTED

EXISTING BUSINESS UNAFFECTED
A substantial pair of mixed-use Grade II listed buildings, currently arranged to provide a double retail unit with two self-contained flats and various ancillary office accommodation on the two floors above. A full planning and listed building consent application has been submitted for the reconfiguration and conversion of the property to provide two smaller shop units and 4 residential flats (1 x 1-bedroom flat, 1 x 1-bedroom maisonette, 1 x 2-bedroom flat and a 3-bedroom maisonette). The property will be sold with 'Andrews' in occupation of the left hand ground floor shop (3 Worcester Street) at a rent of £18,000 per annum. The right hand shop (5 Worcester Street) and ancillary office accommodation will be sold vacant and the two existing flats are currently let at £525 pcm and £595 pcm respectively.

FOR SALE BY AUCTION -

This property is due to feature in our online auction on 4 August 2022 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.

VIEWINGS -

Strictly by Appointment with Maggs and Allen.

SUMMARY -

4TH AUGUST AUCTION - SUBSTANTIAL PAIR OF MIXED-USE PROPERTIES - 2 SHOPS WITH PLANNING PENDING FOR CONVERSION OF UPPER FLOORS TO 4 FLATS

DESCRIPTION -

A pair of three storey Grade II Listed buildings that are partially let producing £31,440 per annum (one shop and two flats) with an additional vacant shop unit and vacant ancillary office accommodation. A full planning application and listed building consent application has been submitted to convert the rear of the ground floor and vacant offices to provide two additional residential flats. If approved and converted, the property would comprise of two ground floor shop units and four self-contained flats, capable of producing circa £54,700 per annum. A superb investment/development opportunity.

LOCATION -

The property is situated in a highly prominent position on Worcester Street in the centre of Gloucester. A wide range of amenities are available in Gloucester city centre and Gloucester train station and Kingsholm Rugby Stadium are both within easy reach.

EXISTING ACCOMMODATION -

Please refer to floorplan for the existing internal layout.

GROUND FLOOR -

Currently arranged to provide a large double retail unit with kitchen, staff room and toilet facilities.

FIRST FLOOR -

Currently arranged to provide a self-contained 2-bedroom flat, two vacant offices and toilet facilities.

SECOND FLOOR -

Currently arranged to provide a self-contained 1-bedroom flat and four vacant offices.

PLANNING -

A full planning application and listed building consent application have been submitted and are currently pending consideration for alterations to the ground floor layout and conversion of the vacant offices to create two separate shop units and two additional residential flats. Details of the planning applications will be included in the online legal pack. PLANNING & LISTED BUILDING CONSENT WILL BE REQUIRED TO IMPLEMENT THIS SCHEME.

CURRENT RENTAL DETAILS -

Ground Floor Shop (3 Worcester Street) - Let to Andrews estate agents on a new 10 year lease at £18,000 per annum
Ground Floor Shop (5 Worcester Street) - Vacant
First Floor Flat (2-Bedroom) - Let at £595 pcm
Second Floor Flat (1-Bedroom) - Let at £525 pcm
Ground, First and Second Floor Offices - Vacant

CURRENT TOTAL RENT: £31,440 per annum

POTENTIAL RENTAL INCOME FOLLOWING CONVERSION -

If the current planning application is granted and the conversion works are carried out, we would anticipate the following rental figures:

Ground Floor Shop (3 Worcester Street) - Let to Andrews estate agents on a new 10 year lease at £18,000 per annum
Ground Floor Shop (5 Worcester Street) - £8,000 per annum
Ground, First and Second Floor Maisonette (3-Bedroom) - £700 pcm
First Floor Flat (2-Bedroom) - Let at £595 pcm
Second Floor Flat (1-Bedroom) - Let at £525 pcm
First & Second Floor Maisonette (1-Bedroom) - £575 pcm

POTENTIAL TOTAL RENT: £54,740 per annum

NOTES -

Please note that the seller will erect the wall to the rear of the ground floor shop (3 Worcester Street) including making access through to the kitchen and WC, as well as erecting the wall to separate the two commercial premises. These works will completed within 12 weeks of legal completion or earlier by agreement.

ENERGY PERFORMANCE CERTIFICATE -

Rating: TBC

BUYER'S PREMIUM -

Please be advised that all purchasers are subject to a £1,200 plus VAT (£1,440 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 (£1,440 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.

Floorplan for Worcester Street, Gloucester