property
Guide Price: £110,000 - £120,000
Mixed use investment property producing £28,400 p.a
Ground floor retail unit
Two self-contained first floor flats
Two garages to rear
Excellent investment opportunity generating £28,400 per annum
A two storey building of traditional construction providing a ground floor convenience store with two self contained flats above. There are two garages to the rear also included in the sale.
Location
Ipswich, the county town of Suffolk, is situated on the River Orwell some 75 miles north-east of London at the junction of the A12 and A14 trunk roads and serves a population of some 130,000. The road communications are supplemented by rail links to London and East Anglia whilst the busy port facilities at both Felixstowe and Harwich are close by.
The residential suburb of Whitton lies approximately 1.5 miles north-west of the town centre. The property lies at the junction of McCauley Road with Homer Close.
Tenancy details:
The ground floor convenience store is let on a 10 year lease from November 2011 (no breaks) at a rent of £20,000 per annum. The lease contains full repairing and insuring covenants by way of service charge.
The two first floor flats are let on Assured Shorthold Tenancy Agreements at £350 pcm each. We are informed that both are long standing tenants.
VAT is not applicable to this property.
Tenure
Leasehold for a term of 75 years from 31st January 1964. Subject to tenancies.
Conditions Of Sale
The Conditions of Sale will be deposited at the offices of the auctioneers and vendors solicitors/licensed conveyancers seven days prior to sale and the purchaser shall be deemed to have knowledge of same whether inspected or not. Any questions relating to them must be raised prior to 11.30 am. Prospective purchasers are advised to check with the auctioneers before the sale that the property is neither sold nor withdrawn.
The purchaser will also be deemed to have read and understood the auction conduct notes printed within the sale catalogue.
Note
Prospective purchasers will need to register within the auction room before the sale commences. Two items of identity will be required together with an indication of how a contractual deposit will be paid. We do not take cash or credit card deposits.
The sale of each lot is subject to a buyers contract handling fee of £495 (inc VAT) payable on the fall of the hammer.
For Sale By Auction - Tuesday 11th December 2012
At Nottingham Racecourse, Colwick Park, Nottingham NG2 4BE
Commencing at 11.30 am
