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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.
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 |
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: 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.
As a trusted partner of Paul Fosh Auctions, Together could offer the auction finance you need, when you need it. Visit togethermoney.com for more information.
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