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Mixed Use in Nottingham

8 Market Place, Long Eaton, Nottingham, NG10 1LS

Lot no: 19 Property type: Mixed Use Auction type: Unconditional with Fixed FeeWhere exchange occurs immediately on the fall of the gavel. The successful bidder will be legally obliged to exchange contracts, pay a 10% deposit (subject to a minimum of £5,000) together with the buyers fee of £1074 and complete within a set time period.

Guide Price* £150,000+plus fees Result Withdrawn Post



Three storey retail unit with full planning permission to convert the upper two floors into four apartments

Property Description

DRAFT DETAILS Superb opportunity to acquire a three storey retail unit, situated within the heart of the thriving Long Eaton town centre which offers an excellent range of amenities, ideally situated close to the A52 and M1 motorway and having easy access to Derby and Nottingham. The property has the benefit of full Planning Permission to convert the two upper floors into 3 x 1 bedroom apartments and 1 x 2 bedroomed apartment. Ideal investment opportunity. We are led to believe that the property may generate a gross annual income circa £39,000 gross when fully let. Planning permission was granted by Erewash Borough Council on 20th September 2018 under Reference: ERE/0718/0055 for change of use of the 2nd and 3rd floors from storage space above an existing retail unit to residential apartments (class C3 usage) and external alterations. We have been informed by the vendor that two flats have been planned on permitted development and two via the normal planning route, giving four flats in total. The accommodation currently briefly comprises:

Ground Floor
Downstairs Retail Unit

50ft 4 x 12ft 1

Rear Store Room

12ft 2 x 8ft 1

First Floor:
Landing
Open Plan Room

37ft 4 x 13ft 4

Further Room

12ft 8 x 12ft 4

Separate WC
Third Floor:

The auctioneers did not gain access to this floor.

Tenure

Freehold. Vacant possession upon completion.


Conditions of Sale
The Conditions of Sale will be deposited at the offices of the auctioneers and vendors solicitors/licensed conveyancers prior to the auction and the purchaser shall be deemed to have knowledge of same whether inspected or not. Any questions relating to them must be raised prior to the auction. Prospective purchasers are advised to check with the auctioneers before the sale that the property is neither sold nor withdrawn.

The purchaser will also be deemed to have read and understood the auction conduct notes printed within the sale catalogue.

A 10% deposit is payable on the fall of the gavel, subject to a minimum of £5,000.

*Guide Prices and Reserve Prices
Each property sold is subject to a Reserve Price. The Reserve Price, which is agreed between the seller and the auctioneer just prior to the auction, will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. Both the Guide Price and the Reserve Price can be subject to change up to and including the day of the auction. For a full definition of the Guide Price and the Reserve Price click here.

Energy Performance Certificates
EPCs can be viewed in full in the lot information section at the top of this page or in the legal pack.

Note
Prospective purchasers will need to register within the auction room before the sale commences. Two items of identity will be required together with an indication of how a contractual deposit will be paid. We do not take cash or cheque deposits. Remote bidding facilities are also available.

Auction Fees
The sale of each lot is subject to a buyer’s fee of £1,074 inc VAT (£895 + VAT) (unless otherwise stated in the important notices), payable on the fall of the hammer.

The purchase of this property may include associated fees not listed here. Any additional fees will be confirmed in the legal pack which can be downloaded from our website from the lot information section above. Or to find out more about any additional fees associated with this property please contact the auction office.