ONLINE AUCTION from 17th MAY-19th MAY
A substantial freehold building currently comprising a ground floor retail until and 5 flats. The property offers scope to improve in its current form or potential to reconfigure into 6 residential units with one commercial unit. There have been some initial works commenced in readiness for a proposed lease to the council however due to a change in the vendors circumstances the property is sold now with potential to improve and finish and fully let.
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Ground Floor: Retail/office, rear office, w/c, kitchen
Ground Floor: Communal access to flats
Flat 1:- Entrance, lounge/kitchen, bedroom, shower room/WC
Flat 2:- Lounge/kitchen, bedroom, shower room/WC
Flat 3:- Room with space for lounge/kitchen/bedroom & shower room/WC
Flat 4: Lounge/kitchen, bedroom, Shower room
Flat 5: Kitchen area, bedroom/lounge area off bathroom
Outside: Rear garden area
Flat 2 is currently let on AST at £400 pcm (£4,800 p/a) with tenant keen to remain
The remainder of the building is vacant.
If rented out in its currrent arrangement (5 x £400 plus £550 for the commercial) produces a potential income of £30,600 p/a
The potential projected income when fully let is £40,200 p/a (7 x £400 plus £550)
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 £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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