Commercial Property
The property comprises a prominent two storey brick built building located on Market Street on the corner with Chapel Street. The premises benefits from large glass frontage comprising three retail units with a two bedroomed flat above, currently let to long standing tenants. There is also potential scope for rental increase should the apartment be let out separately. The current gross income is £14,120 per annum, however, we have been informed a gross income of £32,120 per annum could be achieved once fully let.
The Auctioneers have not inspected or measured the properties but we have been informed they comprise:
Currently trading as a herbal remedy store with approximate internal area of 1,100 sq feet.
Currently trading as a beautician/tanning salon with approximate internal area of 430 sq feet.
Previously trading and set up as a restaurant with approximate internal area of 1,800 sq feet along with a function room. Above the restaurant is a two bedroomed apartment to the first floor with separate access, both were occupied as part of the same tenancy.
The property is located at the junction with Market Street (A547) and Chapel Street (A458) within Abergele town centre which lies approximately 5 miles West of Rhyl and 7 Miles East of Colwyn Bay town centres.
We understand the property is freehold subject to the following tenancies:
25 Market Street - let on a 15 year FRI lease from 29/06/2013 at a rent of £11,000 per annum.
1 Chapel Street (tenancy agreement refers to 1A)- let on a 3 year FRI Lease from 01/08/2019 to at a rent of £3,120 per annum.
2/3 Chapel Street - This is currently vacant. This unit could be rented in three separate components comprising a restaurant, takeaway and apartment, which has its own entrance. The tenant has not been in occupation for some time and the lease has come to and end. The registered leasehold title is historical and the sellers solicitors are closing the title at the Land Registry.
The Auctioneers have not had not verified these tenancy agreements and further details will be provided with the legal pack.
We understand that VAT will be chargeable on this transaction.
Freehold.
Auction Details:
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Fixed Fee.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions’ Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees:
The following deposits and non- refundable auctioneer’s fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyer’s Fee of £1,500 inc. VAT
The Buyer’s Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information:
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions’ home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve
Each property sold is subject to a Reserve Price. The Reserve Price 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. A full definition can be found within the Buyers Terms.
