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    Key features

    • To be offered on Tuesday 27 February
    • High Yielding Retail Investment
    • Two Retail Units Occupying Prominent Corner Site
    • Part Let - Producing £8,295 per annum
    • Corner Unit of Approx. 4,300 sq ft Vacant
    • Asset Management Potential
    • ERV Approx. £45,000 per annum if Fully Let
    • Development/Conversion Potential (stp)
    • Guide Price Reflects 7.5% Gross Yield
    • ERV Reflects 41% Potential Yield
    • Six Week Completion Available

    Description

    The property comprises a high yielding retail investment occupying a prominent, prime, corner position on the pedestrianised High Street of Chesterfield.

    Arranged as two retail units, the property is part let. The rear unit, known as 9 Irongate, is let to a private individual trading as Cobblers Cafe on a lease expiring 09/01/2028 and producing a rent of £8,295 per annum.

    The unit fronting the High Street is currently vacant and offers approximately 4,300 sq ft of accommodation. The unit occupies a prominent position with a frontage to the pedestrian High Street and a return frontage to Irongate. The property includes some 3,000 sq ft of vacant upper parts which may suit development/conversion to alternative uses (subject to obtaining the requisite consents).

    Alternatively, the unit could be let on a single lease, similar to adjacent properties. We consider the ERV of the unit on this basis to be in the region of £40,000 per annum.

    Chesterfield is a major market town and rail hub, the subject property sits on the prime retail pitch and benefits from a prominent frontage to Market Place.

    Additional information

    Tenure

    Freehold

    Tenancy

    The rear unit, known as 9 Irongate is let to a Private Individual trading as Cobblers Café on a lease expiring 09/01/2028 and producing a rent of £8,295 per annum. The lease is on full repairing and insuring terms.

    Rent

    £8,295 per annum
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      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Local information

      Chesterfield is a major market town and rail hub, the subject property sits on the prime retail pitch and benefits from a prominent frontage to Market Place.

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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