Home > Auctions > June 2023 21 June 2023 - 9:00am > Lot 47

June 2023: Wednesday 21 June 2023 - 9:00am
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    Key features

    • High Yielding Mixed Use Investment
    • Commercial element let on new lease
    • Producing £32,700 per annum
    • ERV £41,400 per annum
    • 2,035 sq ft (189.1 sq m)
    • Asset Management Potential
    • Conversion/Development Potential (subject to planning)
    • Of Interest to Investors and Developers

    Description

    The property comprises a mixed use retail/residential property arranged over ground, first and second floors.

    The ground floor comprises a double fronted retail unit, currently trading as a tea room. There is a customer seating area to the front with a kitchen to the rear within a ground floor extension. The cafe is considered a local hub, generating significant levels of footfall throughout the week.

    The first floor, which was formerly a flat, was leased by the retail tenant to use as additional seating, which was required as the business grew. The first floor has a separate access to the ground floor retail space which is shared with the residential units.

    The second floor comprises two, one bedroom, flats, with one at the front and another at the rear.

    Additional information

    Tenure

    Freehold.

    Tenancy

    The ground and first floors are let on a new six year lease, producing an annual rent of £24,000. The lease is outside the security of tenure provisions of the Landlord and Tenant 1954 Act and includes a Landlord only break clause in the 3rd year.


    Flat B on on the second floor is let on an AST producing £8,700 per annum, whilst Flat C is currently vacant.


    Planning

    We envisage that the first floor accommodation could be converted back to residential accommodation, subject to obtaining the necessary consents and vacant possession.

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        Local information

        The property is located in Newmarket, an affluent market town in Suffolk known for its pedigree in horse racing. The town falls within the ARC belt of investment and has seen significant funds (both public and private) invested over recent years.

        The property is situated with a frontage to Old Station Road and forms part of a parade of retail units that immediately adjoin the High Street.

        The surrounding area is characterised by a mix of local and national occupiers, with the area noted for having a very low level of retail vacancy.

        Transport

        Road

        • Cambridge - 15 miles
        • London - 61 miles

        Rail

        • Cambridge - 22 mins
        • Ipswich 54 mins

        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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