Retail Property (High Street)
Impressive 16.7% return based on guide price.
A superb opportunity to acquire this mixed residential/commercial high yield investment property comprising three units and two flats, occupying a corner position in the heart of the town centre. The commercial units are let on full repairing and the first floor flats are also let which comprise two 2- bedroom units with a gross rental income of £29,350 per annum.
The property benefits from Cressy Road to Hall Street leading to the 24 hour Tesco super store. Nearby retails include Tesco, Birds, Bon Marche, Boots the Chemist, Costa Coffee, William Hill.
Currently let at £7,500 per annum.
With Kitchenette and WC off.
Two first floor residential flats currently let. 39 - £475 per calendar month and 40 - £450 per calendar month. Access is provided off Cressy adjacent to Katie Abey with communal hallway, with storage cupboard housing the utility meters and post box.
Containing a range of wall and base units, rolled edge work surface, stainless steel inset sink unit and gas central heating boiler.
Velux roof light, fitted storage cupboard with shelving.
Containing a three piece suite comprising: bath and wash hand basin, low flush WC and storage cupboard with shelving.
Currently let on a 6-month tenancy agreement commencing 27th April 2023.
Comprising lounge, kitchen, two bedrooms and bathroom. Some of the measurements have been requested and are not yet available.
The property is fully let and viewing will be available externally from the road frontage.
Freehold. Subject to tenancy.
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 auctioneers fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyers Fee of £1,500 inc. VAT
The Buyers 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 Price
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.
