***ATTENTION INVESTORS*** Its all about the yield! On current gross income of approx £23,180 this equates to well over 7% yield.
A unique opportunity to purchase a strong investment property. To the ground floor COMMERCIAL SPACE/ SHOP and basement is currently trading as a cafe signed lease on the ground floor commercial unit through to 16th November 2021, the rent is £12,000 per annum. To the first and second floors the apartments are accessed via secure gates to the communal door through a vestibule onto the entrance door to the apartments.
The first floor apartment provides a spacious living/kitchen area and bedroom with shower room and was previously rented for £105 per week equating to £5460 per annum.
To the second floor the apartment is currently let for £110 per week equating to £5720 per annum, this apartment is offered with a current long term tenant in situ.
Additionally a potential fourth revenue is available with town centre parking to the rear of the property.
Chestergate is a bustling, pedestrianised commercial corridor that serves the town's residents and visitors and provides an excellent position for potential trade with a high level of footfall throughout the year. If purchased around the £300k mark and assuming that it is based on the figures included within the details, this would provide a potential yield well in excess of 7%. This DOES NOT include further potential revenue from the on-site parking. Both apartments have EPC Grade C.
*Please note this property is subject to an undisclosed reserve price which is generally no more than 10% in excess of the starting bid, both the starting bid and reserve price can be subject to change. Terms and conditions apply to the Modern Method of Auction, which is powered by IAM Sold.
This property is for sale by the Modern Method of Auction which is not to be confused with traditional auction. The Modern Method of Auction is a flexible buyer friendly method of purchase. We do not require the buyer to exchange contracts immediately; however, from the date the draft contract for sale is received by the Buyer's solicitor, the buyer has 56 DAYS in which to complete the transaction; whilst using every endeavour to exchange contracts within the first 28 days. Allowing the additional time to exchange contracts means interested parties can proceed with traditional residential finance. Upon close of a successful auction, or if the vendor accepts an offer during the auction, the buyer will be required to make payment of:
Energy Performance Certificates (EPCs) give information on how to make your home more energy efficient and reduce your energy costs. All homes bought, sold or rented require an EPC. EPCs carry ratings that compare the current energy efficiency and estimated costs of energy use with potential figures that your home could achieve. Potential figures are calculated by estimating what the energy efficiency and energy costs could be if energy saving measures were put in place. The rating measures the energy efficiency of your home using a grade from ‘A’ to ‘G’. An ‘A’ rating is the most efficient, while ‘G’ is the least efficient. The average efficiency grade to date is ‘D’. All homes are measured using the same calculations, so you can compare the energy efficiency of different properties.
COMMERCIAL PREMISES TO GROUND FLOOR Customer Seating Area Measuring in excess of 35ft by 13ft. Glazed window to front elevation with glazed door with upper and side lights. Rear Hall / Corridor Door leading to external yard. Kitchen and WC's off. Kitchen 14' 7" x 5' 11" (4.44m x 1.8m ) A range of wall, drawer and base units with roll top preparation surface. Stainless steel sink. Corner wall mounted wash basin. Service hatch. Male And Female WC's Hand wash area leading onto two separate cubicles with close coupled WCs. Wooden panelling to half height. Corner wall mounted wash basin with chrome mixer tap. Recessed down lights. Basement Preparation Area 9' 8" (Maximum) x 12' 7" (Maximum) (2.95m (Maximum) x 3.84m (Maximum) ) Power and lighting. Storage Area 16' 10" x 12' 4" (5.13m x 3.76m ) Power and lighting. APARTMENT TO FIRST FLOOR Entrance Hall Door to front elevation. Opening onto living area. Bedroom off. Open Plan Living Room / Kitchen 20' 11" x 13' 8" (6.38m x 4.17m ) Two Georgian style sash windows to front elevation. Two electric panel heaters. The open plan kitchen area consists of a range of wall, drawer and base units with roll top preparation surface incorporating a stainless steel sink and peninsula breakfast bar. Integrated electric oven with four ring 'touch' control hob and stainless steel extraction hood. Defined space for washing machine and tall fridge freezer. Partially tiled splash back and wall. Bedroom 10' 4" x 7' 4" (3.15m x 2.24m ) Electric panel heater. Understairs storage area. En-Suite Suite comprising of tiled shower enclosure with folding door and 'Triton' electric shower, wash basin with chrome mixer tap inset to vanity cupboard and close coupled WC. Extraction. APARTMENT TO SECOND FLOOR Entrance Hall Details to be confirmed. Open Plan Living Room / Kitchen Details to be confirmed. Bedroom Details to be confirmed. En-Suite Details to be confirmed. Outside Small yard area to rear. PARKING
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This property is sold subject to payment of a non-refundable reservation fee of 4.2% to a minimum of £6,000.00 including VAT.
Any successful purchaser will pay this to secure the sale. The reservation fee is in addition to the purchase price. Please take this into account when bidding.
A reservation fee is payable by the buyer only when the seller pays no fees to sell. As sellers pay no fees to sell, this is usually taken into account with a lower reserve price.
This property is being sold under the Modern Method of Auction, which requires the completion of the purchase to be within 56 days, although all reasonable endeavours must be made to exchange contracts within 28 days following the Draft Contract being received by the Buyer's Solicitor.
A non-refundable Reservation fee must be paid by the buyer within 2 hours following the conclusion of the auction or acceptance of an offer. This must be paid by cleared funds to the auctioneer who will issue an acknowledgement of reservation and purchase agreement In the 28 day period following the auction or the date of acceptance of the offer.
If the Buyer Information Pack has been produced and provided by IAM Sold any successful purchaser will be required to pay £200.00 (including VAT) towards the cost of the preparation of the pack. These can then be used by your solicitor to progress the sale.
There are no other fees or charges payable to the Auctioneer however, there are other costs to consider such as:
For further information or to speak to one of our team, please call 0151 230 8489.
These particulars, whilst believed to be accurate are set out as a general outline only for guidance and do not constitute any part of an offer or contract. Intending purchasers should not rely on them as statements of representation of fact, but must satisfy themselves by inspection or otherwise as to their accuracy. No person in this firms employment has the authority to make or give any representation or warranty in respect of the property.