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Commercial Property
***High yield commercial investment properties producing an impressive 11.3% return based on the guide price***
This is a great opportunity to acquire two recently constructed ground floor retail units, within Ilkeston town centre, which both comprise an open plan retail area along with kitchen and WC facilities.
Unit 1 (currently occupied by Hair By Megan) has committed to a 5 year internal repairing and insuring lease from the 11th March 2022 at a passing rent of £10,400 pax.
Unit 2 (recently occupied by a local nail salon) have recently committed to a new 10 year lease from 17th October 2023 at a passing rent of £6,000 pax on an internal repairing and insuring lease with rent reviews at the 3rd and 6th anniversary with no breaks included.
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 that both properties fall within use class E but may be suitable for alternative uses subject to the necessary planning consents. All planning information should be confirmed with the local authority.
The property is currently listed on the valuation office website as having the following rateable values Unit 1 - £3,300 Unit 2: - £4,200
Any ground rent and service charge review periods will be confirmed in the lease documents within the legal pack.
These sales details are awaiting vendor approval.
Leasehold. Subject to lease.
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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.
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