ONLINE AUCTION from 7th DECEMBER-9th DECEMBER
Situated on a bustling high street, this property is ideally located within close proximity to the local school and bus station.
The top floor of the property briefly comprises of a four bedroom HMO on the first floor, with potential for a further two bedsits, along with a shared bathroom and kitchenette. There is also a large roof space above which may be suitable for further development (subject to necessary planning consents). There is currently one communal kitchen and one communal bathroom with separate wc. All tenants have a periodic AST agreement and have a good rental history at the property. All rooms are large doubles with a living area, kitchenette and bed area.
The ground floor is comprised of three commercial units: a hairdressers, post office/lifestyle shop, and a sewing and repairs shop. To the rear of the sewing shop is a vacant premises which the current vendor previously leased as a two bedroom flat, although due to the layout of the property it maybe more appropriately used as a one bedroom flat.
The property generates an annual income of £40,860, based on the guide price, this provides a rental yield of 10.9%. At present, however there is scope with renovation to increase the annual income.
The property benefits from on street parking to the front and a garden to the rear.
Please note: There is no floor plan for the Post Office but we believe the size to be 18.2m x 5.7m
We have been advised that the tenancy schedule is as follows:
|Unit||Tenancy Start||Tenancy End||Monthly Rent (£)|
|Hairdresser||April 2016||Statutory Periodic||£650|
|Post Office/Lifestyle Shop||September 2017||September 2032||£700|
|Sewing Shop||December 2011||Statutory Periodic (tenant is reportedly due to give notice shortly)||£425|
|Room 1||March 2020||Statutory Periodic||£400|
|Room 2||July 2021||Statutory Periodic||£400|
|Room 3||April 2021||Statutory Periodic||£400|
|Room 4||September 2020||Statutory Periodic||£430|
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 £975) 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. 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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