Mixed Use
DRAFT DETAILS - An exciting freehold investment opportunity to acquire a substantial mixed commercial/residential property arranged over three floors and with planning permission approved (ERE/0221/10013) for the alterations to create six additional spacious flats to provide seven in total.
To the ground floor is a prominent retail shop (no.59) with large office space above. There is separate access to the rear where there are steps leading to a substantial three bedroomed duplex flat currently let on an assured shorthold tenancy agreement at £450 per calendar month (£5,400 per annum).
If constructed in accordance with the approved plans the ground floor retail unit will mostly remain unchanged however there will be separate independent access to all flats with its own separate entrance lobby, bike store, plant room and staircase to the first floor where there will be 2 x two bedroomed flats and 1 x one bedroomed flat, to the second floor where there will be 1 x two bedroomed flat and 1 x one bedroomed flat and to the third floor there will be a 2 x one bedroomed flats.
When works are completed, the estimated rental income for the two bed flats would be £650 each this equating to £23,000 per annum. The one bedroomed flats at £600 each, this equating to £28,000 per annum and the self-contained shop unit at £9,000 per annum. This will provide a gross rental income of £61,000 per annum. Rental figures have been provided from a local estate agent and further information will be found in the legal pack.
The property enjoys a very prominent position along a busy arterial pedestrianised route along Bath Street in the popular and historic town of Ilkeston which is strategically placed for the cities of Derby, Nottingham and the M1 motorway.
We are informed by the seller that an alternative scheme was also drawn up by the architects for 1 x two bedroomed flat, 1 x 1 bedroomed flat, plus 8 x studio flats that may well also be considered by Erewash council. The seller also informs us that there is strong rental interest in the retail unit as soon as ground floor alternations are complete. The retail unit is located next to HSBC and close to Wilkinson’s. Nearby retailers include Boots, Ladbrokes, Subway and Peacocks.
Part let; part vacant. Please see legal pack for further information.
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.
