Mixed Use
The property comprises a brick built two storey building with a pitched roof incorporating two shops and three apartments with access from the ground floor via separate entrances.
The property is fully let with the tenants on a rolling basis. The vendors have not increased the rents for some time, and we feel the full market rent would give a gross annual income of circa £30,000. There is ample free on street parking within the vicinity of the property.
There is also the possibility to convert into a fully residential scheme subject to obtaining appropriate planning consent in the future.
We have been advised the following rents by the vendor and would advise interested parties inspect the legal pack for more information.
180 Southwick Road (Shop) - £400.00 pcm.
180a Southwick Road (Flat) - £390.00 pcm.
182 Southwick Road (Ground Floor Flat) - £390.00 pcm.
182a Southwick Road (First Floor Flat) - £360.00 pcm.
184 Southwick Road (Shop) - £325.00 pcm. (Unwritten periodic tenancy).
The building is located along the Sunderland on the junction with Morgan Street, within an area of commercial and residential dwellings within walking distance to the Stadium of light underground station.
We understand that the property is Freehold and subject leases. We have been advised that one commercial unit is on a rolling lease, one shop on an unwritten periodic tenancy, and the residential dwelling on AST rolling basis. We advise interested parties to inspect the legal pack for more information.
We understand that VAT will not be chargeable on this transaction
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.
