Mixed Use
A mixed-use investment opportunity comprising five residential units, one commercial unit and storage space. Current annual income £58,140 per annum.
The property is held on a 900-year lease with peppercorn rent. We have been advised the commercial unit received a full refurbishment in 2019 with the apartments being converted in 2017. The building we feel poses a low-risk investment opportunity that won’t require major works or upgrades.
The residential apartments all feature Howdens Kitchens with electric appliances, electric heating and hot water to reduce long term ownership expense. Interested parties are advised to inspect the legal pack for more information.
The retail unit is let to a charity and has been in occupation for existing tenant in situ for over 30 years with current rent of £16,000 per annum and is leased until 2033 with rent review/break in 2028 and comprises main trading area, rear prep/kitchen area and WC.
Rent Roll -
Apartment 1: £7,800pa AST 1 Bed
Apartment 2: £7,800pa AST 1 Bed
Apartment 3: £8,340pa AST 1 Bed
Apartment 4: £8,100pa AST 1 Bed
Apartment 5: £8,700pa AST 2 Bed
Retail Unit Lease: £16,000pa Until Set 2033
Cellar / Storage Licence: £1,400pa
Total income £58,140pa
The property is located along the High Street benefiting from passing trade. Local retailers include Next, Pure Gym, M and S Food and Costa Coffee. Glossop is connected by rail to Manchester Piccadilly, some 35 minutes away and also has a thriving local and tourist economy.
The vendor currently employs Simple Lettings to mange the building meaning this is a hands off investment. Interested parties can contact Simple Lettings for more information as to their management fee should they decide to continue to use their services.
Any ground rent and service charge review periods will be confirmed in the lease documents within the legal pack.
Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.
Please note the plans provided are illustration purposes only, with the measurements etc being very approximate. The seller has informed us further plans are to follow.
These sales details are awaiting vendor approval.
We believe that this property may be of a type that qualifies for Stamp Duty Land Tax/Land and Buildings Transaction Tax/Land Transaction Tax relief (as applicable). We work with a tax consultancy who can provide expert tax advice in this regard. Free consultations are available. You will only be charged a fee for this service based on any actual tax savings made, on a percentage basis. We in turn will receive a fee from the provider in exchange for referring you. Please contact us if you are interested for further details.
Leasehold. 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 Variable Fee (England and Wales).
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 fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyers Fee of 4.8% of the purchase price for properties sold for up to £250,000, or 3.6% of the purchase price for properties sold for over £250,000 (in all cases, subject to a minimum of £6,000 inc. VAT). For worked examples please refer to the Auction Conduct Guide.
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.
