Commercial Property
An excellent freehold investment opportunity to acquire a very imposing former Restaurant and Hotel set well back from the road on a deep plot extending to approximately 0.55 acres. The property sits on a slightly elevated position on a broadly rectangular and level site, offering redevelopment potential, subject to the usual planning consent. The property has a wide, rendered frontage with accommodation arranged over two floors and is in need of full renovation, however does benefit from 48 car parking spaces. Most recently used as a Hotel and Restaurant, we are informed the property comprises twenty bedrooms (mostly en-suite), as well as two restaurants (with potential for around 150 covers combined), two lounges, kitchen, ancillary preparation area (with cold room and staff areas), bar and wcs, office and conference room. The believe the Total Gross Internal Area is approximately 1,200 sqm (12,924 sqft).
The auctioneers have not inspected the property but believe it to comprise:
Main two storey property 851.5 sqm (9,166 sq ft)
Single storey annex 100.7 sqm (1,083 sq ft)
First floor link 60.3 sqm (649 sq ft)
Coach house 188.2 sqm (2,026 sq ft)
Gross Internal Floor Area 1,200.7 sqm (12,924 sq ft)
Total Site Area 0.222 hectares (0.55 acres)
The property is situated on the South-western side of Osmaston Road (A514) close to its junction with Grange Street. Located approximately 1 mile south of Derby City Centre the property benefits from easy access to and from the city centre. The M1 is only 9 miles to the east. Osmaston Road provides a mix of uses including residential, commercial as well as a Community Hospital. The open spaces of Derby Arboretum, the first public park in Britain, is close by.
The property benefits from the potential for a range of uses given its location and site area. Interested parties should make their enquiries of Derby City Council. Derby.gov.uk/planning
We are informed that VAT is not applicable.
Derby City Council deem the property beyond Economic Repair.
The buyers fee on this lot is £2,400 inc VAT
Freehold.
Auction Details:
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Fixed Fee.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions’ Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees:
The following deposits and non- refundable auctioneer’s fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyer’s Fee of £1,500 inc. VAT
The Buyer’s Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information:
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions’ home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
