Commercial Property
***High yielding commercial investment property producing an impressive 10% return based on the guide price***
This is a fantastic opportunity to acquire, a rarely available investment property generating a valuable income stream. The ground and first floor accommodation have recently been refurbished with the Coffee Spaniel Company signing a new 5 year full repairing and insuring lease at a passing rent of £15,000 per annum in 2022.
The retail space to the ground floor currently trading as Mad Dog Coffee Bar has been well fitted out with wooden panel flooring, painted plaster walls and ceilings with new shop signage. To the rear, the property also includes additional store room and WC facilities. Additionally there is a shared rear yard with access to the first floor apartment which is held under the same 5 year lease and includes a kitchen / lounge area, bathroom and two bedrooms fitted to a modern standard.
Ilkeston is a Derbyshire market town situated approximately 10 miles to the north east of Derby city centre and just 7.5 miles to the west of Nottingham. The town boasts good transport links with the M1 motorway close by and the recent opening of Ilkeston train station improving the towns connectivity. The subject property is located on Bath Street which serves as the towns primary high street. Other well known retailers and businesses on the high street include Lloyds Bank, William Hill and Timpsons.
We understand the property has the benefits of planning consent for use class E (formerly A3 restaurant and café) and use class C3 (dwelling houses)
We understand that all main services are available to the property.
The property is listed on the Valuation Office website as having the following rateable value. Café and premises £5,900 In respect of the flat we understand the council tax banding is listed as A.
These sales details are awaiting vendor approval.
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 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.
