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ONLINE AUCTION from 7th NOVEMBER-9th NOVEMBER
A three storey commercial premises comprising of five commercial units, a bike repairs store/storage facility, boxing gym and residential flat.
The property is partially tenanted and is currently achieving a rental income of £1,541 per month, although as there are three vacant units there is potential to increase this to approximately £2,441 per month. Based on our guide price this suggests a potential yield of 27.12% yield.
Subject to the relevant consents this property may be suitable for further development.
Prominently positioned in the main shopping thoroughfare of the town of Port Talbot, this property gains plenty of footfall. The property is situated on the main high street, amongst a number of independent and national retailers including Peacocks, JD Wetherspoon, Nationwide and HSBC.
The property benefits from gas (disconnected) , water and electric (not tested).
We have been advised that no Vat is due on the sale of this property.
|Floor||Description||Area Sq Ft||Area Sq M|
|Ground Floor||Unit 1||301.38||28.0|
|Basement||Bike Repairs/Storage Unit||Not measured||Not measured|
|First Floor||Boxing Club||1322.02||122.82|
|Flat||Not measured||Not measured|
|Tenant||Tenancy Type||Start Date / End Date||Tenancy Term||Rental Amount|
|Unit 1 (Ground Floor)||TBC||31/10/2023 been in situ since Jan 2023||5 years||£400 pcm|
|Unit 2 (Ground Floor)||Vacant||Vacant||1 year||£300 pcm|
|Unit 3 (Ground Floor)||Vacant||Vacant||Vacant||Vacant|
|Unit 4 (Ground Floor)||Vacant||Vacant||Vacant||Vacant|
|Unit 5 (Ground Floor)||Vacant||Vacant||Vacant||Vacant|
|Boxing Club (First Floor)||TBC||31/10/2023 been in situ approx. 5 years||5 years||£325 pcm|
|Flat 1 (First Floor)||Occupational Tenancy||31/10/2023 been in situ approx. 2 years||1 year||£346 pcm|
|Bike Repairs/Storage Unit (Basement)||TBC||31/10/2023 been in situ Jan 2023||5 years||£170 pcm|
Advised Freehold - to be verified by solicitor
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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