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ONLINE AUCTION from 8th NOVEMBER-10th NOVEMBER
A three storey, mixed use development located in the town of Porth.
The ground floor is comprised of two commercial units, these being a café and barber shop. Both of the tenants have been residing at the property for approximately 10 years and are paying a monthly rental of £300 each. Based on our guide price, this provides a 6% yield.
There are three two bedroom flats located above the retail units, the current vendor has started renovation work however further work is required. The flats are accessed via a separate entrance on Porth Street. It is anticipated that these flats will each achieve £500 per month rental income once fully refurbished.
Once the property has been refurbished it is anticipated that the property will achieve £2,100 per month rental income, therefore providing a 21% yield based on our guide price.
|Ground Floor||Cafe||£300 pcm|
|Ground Floor||Barber||£300 pcm|
|First Floor - Flat 1||Kitchen/living room, 2 bedrooms, bathroom||£500 pcm (predicted)|
|First Floor - Flat 2||Kitchen, living room, bathroom, 2 bedrooms||£500 pcm (predicted)|
|Second Floor - Flat 3||Kitchen/living room, 2 bedrooms, bathroom||£500 pcm (predicted)|
|Total||£25,200 pa (predicted)|
Commercial Unit 1: Barber shop, tenanted on a gentleman’s agreement, £300 pcm, occupancy
Commercial Unit 2: Café, tenanted on a gentleman’s agreement, £300 pcm, occupancy
Flat 1: Vacant
Flat 2: Vacant
Flat 3: Vacant
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/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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