Lot 10 - 20 - 25 Hannah Street, Porth, CF39 9RB

  • Unconditional Online Auction Sale
  • Guide Price* : £225,000+
  • Bedrooms: 0

Lot 10 - Fully Tenanted Mixed Use Investment – Six Shops, Two Flats, One Gym , One Bar and Lapsed Planning for Residential Flats

Description

ONLINE AUCTION from 3rd OCTOBER-5th OCTOBER

A three storey, mixed use development comprising of six retail units to the ground floor, and a gym, sports bar and two residential flats on the upper floors.

The property is fully tenanted and is achieving an annual income of £39,507, based on the guide price this is a 17.56% yield. Ground floor retailers include an independent nail bar, tattooist, discount shop, butchers and therapist. Additionally national clothing retailer New Look.

We have been advised that the majority of tenants are long standing tenants who have been on statutory periodic tenancy agreements for a number of years, they have recently signed fixed term tenancies for their own security in anticipation of the sale. Rent schedule and evidence of rental payment included in the legal pack.

The property has been in the vendors family for approximately 38 years, the vendor is now selling as wishes to retire.

Location
Located in a prominent high street position this property is ideally situated on the main shopping thoroughfare in the town of Porth. The street stretches approximately 400 metres with an eclectic mix of retailers, cafes, hair salons and banks. The street benefits from plenty of footfall as well as free 1 hour on street parking.

The town of Porth is situated approximately 15 miles north of Cardiff and the M4 motorway. The property is located within close proximity to local bus routes, and Porth train station is approximately a 10 minute walk. The area is currently undertaking a regeneration program which includes providing a transport hub for the town which aims to improve connectivity to the centre.

Planning Permission
Previous planning consent for four apartments and two bedsits - Ref: 10/1060/10. This has now lapsed. Please contact Rhondda Cynon Taf county council for further information.

We have been advised that grants may be available for this property. Please contact the local council for further information.

Services
The property benefits from water, gas combi boilers and electric (not tested).

VAT
We have been advised that no VAT is applicable for this sale.

Accommodation

Floor Description Area Sq Ft Area Sq M
Ground Floor - Retail Units No.20 - C & E Discounts 801 74.41
No. 21 - Fatcat Tattoos 505 46.94
No.22 - Thiens Nail Bar 575.78 62.78
No.23 - New Look 1,152.31 107.05
No.24 - Marks Butchers 760.60 70.66
No.25 - Wendy's Complimentary Therapy 215.61 20.03
Rear Cellar Part of Snooker Club 389.24 36.16
First Floor - Snooker Hall Main Bar 1,415.29 131.48
Bar (inc cellar) 433.69 40.29
Snooker Room 1 365.77 33.98
Snooker Room 2 838.21 77.87
Pool Room (inc storage) 608.93 56.57
WC & Hallway 376.10 34.94
First Floor - Living Accommodation Lounge 106.88 9.93
Kitchen 93.97 8.73
Bedroom 84.93 7.89
Bathroom 41.23 3.83
Second Floor Gym/ boxing room 660.28 61.34
Gym/ boxing room 660.93 61.40

Tenancy

Tenant Tenancy Type Start Date / End Date Tenancy Term Rental Amount
Apollo Sports MMA Internal Repairs 12.08.2022 12 month role over £1,440 per annum
Nedda's Bar Internal Repairs 01.08.2023 10 years £2,400 per annum
Flat 1 Statutory Periodic 01.08.2023 Periodic £3,600 per annum
Flat 2 Statutory Periodic 01.08.2023 Periodic £3,000 per annum
Unit No.20 - C & E Discounts Internal Repairs 01.08.2023 5 years £4,784 per annum
Unit No.21 - Fatcat Tattoos Internal Repairs 01.08.2023 3 years £5,083 per annum
Unit No.22 - Thiens Nail Bar Internal Repairs 16.02.2022 10 years £4,800 per annum
Unit No.23 - New Look Internal Repairs 05.05.2021/27.02.2025 4 years £6,000 per annum
Unit No.24 - Mark's Butchers Internal Repairs 01.08.2023 2 years £5,400 per annum
Unit No.25 - Wendy's Complimentary Therapy Internal Repairs Edit 12 months role over £2,400 per annum

Auction Fees And Additional Costs

Auction fees: The sale of each lot is subject to a buyer’s premium of 1.2% of the purchase price (subject to a minimum of £1,200) including VAT unless otherwise stated.

Additional costs: The purchase of the property may be subject to (but are not limited to), VAT (if applicable), reimbursement of the seller’s search fees, reimbursement of seller’s legal and/or sales costs, stamp duty/land transaction tax (LTT). Please check accompanying legal pack for further details.

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (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.

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Paul Fosh Auctions
01633 254044

Office Contact

Debra Bisley

Documents

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