Commercial
Guide Price: £350,000+
For sale by auction – Thursday 2nd October 2014
At Leicester City Football Club, King Power Stadium, Filbert Street,
Leicester LE2 7FL
Commencing at 11.30 am
Brief Description
Large ground floor retail unit of approx. 2500 sq feet with a spacious basement offering further scope to develop. Planning permission to convert the upper floors into 8 flats.
The property is located on Church Gate which is a bustling street in the City Centre close to the Clock Tower and next to the Highcross Shopping Centre.
Church Gate has a high rate of pedestrian footfall and is close to the Cities public transport links.
Planning permission
Planning was granted in September 2012 to convert the first and second floors in to 8, self contained, apartments.
6 x One bedroom apartments
2 x Two bedroom apartments
Planning Application Number 20120487
There is scope to possible change the planning to provide a larger amount of Studio Apartments.
The cellar covers the whole of the ground floor and offers either excellent storage space for the shop premises or has the possibility of being developed further subject to the usual permissions.
Estimated full rental income once developed would be around £70,000 per annum.
Comprising-
8 Flats lets at £50,000 per annum.
Shop and Cellar let at £20,000 per annum.
Tenure
Freehold.
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Prospective purchasers are advised to check with the auctioneers before the sale that the property is neither sold nor withdrawn.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.
*Guide Prices and Reserve Prices
Each property sold is subject to a Reserve Price. The Reserve Price, which is agreed between the seller and the auctioneer just prior to the auction, would ordinarily 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. Both the Guide Price and the Reserve Price can be subject to change up to and including the day of the auction. For a full definition of Guide Price and Reserve Price go to www.grahampennyauctions.com/glossary
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 fee of £750 (including VAT) payable on the fall of the hammer.
Freehold Residential Development Opportunity
Approx 2500 Sq Ft Sales Shop
Planning For 8 Flats Above
Large Basement With Further Scope To Develop
EPC TBC
