Lot 35 - 85 Bailey Street, Brynmawr, Ebbw Vale, NP23 4AW

  • Unconditional Online Auction Sale
  • Guide Price* : £57,000+
  • Bedrooms: 4

Addendum

The ground floor is tenanted and the upper floor is vacant.

Lot 35 - Mixed Use Property

Description

ONLINE AUCTION from 10th DECEMBER-12th DECEMBER

Situated in the heart of Brynmawr square is this excellent mixed use commercial residential property in need of renovation. This corner plot has a huge amount of potential. The ground floor of the property is tenanted and is achieving a monthly rental of £425. Homestead cafe have been in situ for 18 years and are looking to continue with their lease. The ground floor has a large open space with kitchen and toilet.

The upper floors are accessed via a separate entrance and are comprised of a large four bedroom flat. The first floor comprises of a large living room, kitchen, bathroom and two bedrooms. The top floor offers a further two bedrooms. The property is in need of a full refurbishment and is an ideal purchase for an investor looking for a project as a long term investment.

Subject to relevant consents there may be potential to convert the upper floors into two separate flats. Grants maybe available for the renovation of the property, contact Blaenau Gwent Council.

Location
Homestead cafe is positioned in the centre of Brynmawr, with a mix of shopping, cafes and pubs with excellent bus links in and out of the town. The area containing Bailey Street, Brynmawr, Ebbw Vale, Wales contains a higher than average level of rented housing (excluding social housing) - 46% of household spaces. This contrasts with the national average of just over 19.5%. There is a shortage of good rental property and Bailey street flat would be an excellent investment for rental. NP23 is perfectly situated to experience the best of Newport. It is within easy reach of the city centre and is close to the beach, the M4 motorway and the Brecon Beacons National Park. It is a popular area for families and young professionals alike, and has a friendly local community.

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

VAT
We have been advised that no VAT is due on the sale of this property. 

Accommodation

Floor Description Area Sq Ft Area Sq M
Ground Floor Cafe 412.47 38.32
First Floor Flat Kitchen 253.60 23.56
Living Room 264.90 24.61
Bedroom 3 127.23 11.82
Bedroom 4 80.84 7.51
Bathroom 36.81 3.42
Top Floor Bedroom 1 183.20 17.02
Bedroom 2 70.40 6.54

Tenancy

Tenant Tenancy Type Start Date / End Date Tenancy Term Rental Amount
Homestead Cafe Statutory Periodic 2006/Current Statutory Periodic £425 pcm
Flat Vacant Vacant Vacant Vacant

Tenancies

Homestead cafe has been in situ for 18 years on a rolling contract, they have indicated that they would like to stay and currently pay £425 per calendar month.
Flat is vacant.

Tenure

Advised Freehold - to be verified by solicitor

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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