31st July 2019
Pub and chip shop among commercial opportunities for property investors at Nottingham auction
A series of commercial property investments including a bar in Long Eaton are highlighted in the latest auction catalogue from SDL Auctions Graham Penny.
The catalogue, which features 31 lots to be sold at the company’s fourth Nottingham auction of the year at Nottingham Racecourse on Friday 9 August, as well as lots being sold by online auction. They include houses, flats, commercial properties and land.
Among them will be Stage One, 45 Derby Road, Long Eaton, a public house and function room which offers the opportunity to continue letting the property as it is, or potentially convert the building to residential accommodation, as a pre-application enquiry has been made for 10 apartments.
As it stands, the pub is currently let at £13,000 per year, increasing to £18,200 in March 2020.
The property has a *guide price of £185,000+ and commercial valuer Nick Trow believes it would make an excellent buy for an investor.
“Whether you keep it as a bar or develop the site, there is the opportunity for a good return on this investment. If the site is developed, subject to planning permission of course, it is in an excellent position to appeal to renters as it is within walking distance of Long Eaton town centre and has excellent transport links.”
Another excellent investment and development opportunity is a Bulwell convenience store with planning permission to create an additional three bedroomed dwelling.
With a guide price of £190,000+, 230 Highbury Road, Bulwell, has been modernised by the seller, is currently let at £9,600 per year for the retail area and has a vacant two bedroomed flat above with the potential to realise around £500 per calendar month. To the rear of the property is a two-storey workshop.
Nick added: “This is a fantastic property with the potential for excellent returns. As well as the rental income from the shop, there’s the chance to let the apartment above and the opportunity to develop the workshop into a third lettable unit. This really is an investment opportunity not to be missed.”
A second good investment property in Bulwell has a retail area and two apartments. Close to Bulwell Market Place, 265 Main Street, which has a guide price of £180,000+, is believed to achieve an annual income of £18,200.
The ground floor retail area, which has a prominent frontage onto Main Street, is currently let to a charitable trust at £8,000 per year.
On the first and second floors are two one bedroomed apartments with separate access, both of which have been decorated to a high standard. There are two parking spaces for the flats at the rear of the property.
Further north near Mansfield, 39 and 39a Preston Road, Rainworth is a former chip shop with residential accommodation above. With a guide price of £73,000+, the vacant three-storey semi-detached property was previously let on a long lease at £1,080 per calendar month but, once renovated, has the potential to achieve a higher income.
The ground floor retail area still has its original serving counter and fryers, with a preparation kitchen, small store and separate staff WC. At the rear of the property is a large store and covered outdoor area providing further storage space or off-street parking.
The residential accommodation is spread across two floors and comprises a hallway, living room, kitchen, three bedrooms and a bathroom.
Nick said: “This property would be ideal for anyone wanting to run a business and live on site, or would make a great addition to a letting portfolio. There is also the option to convert to a family home, with the opportunity to extend, too, subject to the necessary planning permissions.”
For details of any of the properties in the catalogue, please click here, where you can also find information on bidding by phone, proxy or online.