***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 Unconditional Method of Auction, which is powered by IAM Sold.
This property is for sale under Traditional Auction terms. Should you view, offer or bid on the property, your information will be shared with the Auctioneer, iamsold.
With this auction method, an immediate exchange of contracts takes place with completion of the purchase required to take place within 28 days from the date of exchange of contracts.
On exchange of contracts, the buyer is required to make a payment of a 10% deposit, sign a reservation agreement and make payment of a non-refundable Reservation Fee of 4.2% of the final agreed sale price including VAT, subject to a minimum of £6,000.00 including VAT. The Reservation Fee is paid in addition to the agreed purchase price and is considered as part of the chargeable consideration for the property in the calculation for stamp duty liability.
Buyers will be required to go through an identification verification process with iamsold and provide proof of how the purchase would be funded.
This property has a Buyer Information Pack which is a collection of documents in relation to the property. The documents may not tell you everything you need to know about the property, so you are required to complete your own due diligence before bidding. A sample copy of the Reservation Agreement and terms and conditions are also contained within this pack.
The buyer will also make payment of £300.00 including VAT towards the preparation cost of the pack, where it has been provided by iamsold.
The property is subject to an undisclosed Reserve Price with both the Reserve Price and Starting Bid being subject to change.
The Partner Agent and Auctioneer may recommend the services of third parties to you. Whilst these services are recommended as it is believed they will be of benefit; you are under no obligation to use any of these services and you should always consider your options before services are accepted.
Where services are accepted the Auctioneer or Partner Agent may receive payment for the recommendation and you will be informed of any referral arrangement and payment prior to any services being taken by you.
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
Please complete the form below to receive full details about the property you are looking at.
This property is sold unconditionally with the successful purchaser required to place a 10% non refundable deposit and exchange immediately after the auction.
A reservation fee of 4.2% to minimum of £6,000.00 including VAT is also required under this method.
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 Traditional Method of Auction, which requires immediate exchange of contracts and allows a further 28 days for completion.
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.
Where the auction is ran online, as part of the bidder registration process, a bidder security deposit of £40,770.00 is required to be pre-authorised from the Bidder's debit or credit card, through the payment facilities on the website when registering to bid.
The pre-authorisation payment will only be captured from the successful bidder on acceptance of their bid.
Once a bid is accepted the Bidder Security Deposit will form part of the non-refundable payment deposit, reservation deposit or reservation fee (as applicable to the lot).
Any balance of the deposit, reservation deposit or reservation fee, must be paid by the successful bidder to iamsold within 2 hours of acceptance of their bid.
The outstanding balance can be paid by same day Bank Transfer to iamsold's client account, or over the phone by debit or credit card.
All unsuccessful bidders will have their pre-authorisations released 7 days from the initial authorisation refunded within 5 working days of conclusion of the auction or from when iamsold is provided with the correct bank account details for the return payment.
If the Buyer Information Pack has been produced and provided by iamsold any successful purchaser will be required to pay £300.00 (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.