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    Key features

    • High Yielding Mixed-Use Investment Opportunity
    • Retail Unit with Two Residential Units
    • Multi-Let to Three Tenants
    • Asset Management Potential
    • Prominent and Popular Location
    • VAT-Free Investment
    • Investment Let at £47,940 p.a. (8.87% GIY on Guide Price)

    Description

    The property comprises a high yielding, mixed-use, investment opportunity let to three separate tenants.

    Arranged as a ground floor retail unit with a maisonette to the upper parts and further residential unit to the rear, the property is fully let to three tenants producing £47,940 per annum.

    The ground floor comprises a retail unit and is let to a private individual trading as Anna's Hair Salon on a lease expiring 12/03/2034 and paying £10,500 per annum.

    The first and second floors comprise a single 3 bed maisonette which is let to a private individual on an Assured Shorthold Tenancy (AST) which expired 06/12/2024 (tenant currently holding over) and paying £21,840 per annum.

    2 Cromer Road is a further residential unit to the rear of the property and accessed from Cromer Road. The unit is let to a private individual on an AST expiring 25/01/2026 and paying £15,600 per annum.

    We consider the property may have asset management potential via renewal of the tenancy to the upper parts, there may also be opportunities to sub divide to provide additional units (subject to the existing leases and any requisite consents).

    The property is situated in an established mixed-use area with the retail accommodation forming part of the principal local retail amenity.

    Additional information

    Tenure

    Freehold

    Tenancy

    Please see the below tenancy schedule for more information.

    Rent

    £47,940 per annum

    Notes

    The property is not elected for VAT.

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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

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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.

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      Accommodation / Tenancy Schedule

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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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