Mixed Use
Located along one of the main arterial roads through Burton is a double fronted commercial premises with two bedroomed flat above currently let to Coral Racing Limited on an FRI lease for a term of 10 years from 29th September 2012 grossing an initial yield of 9.1%.
The ground floor commercial unit extends to 75 sq.m (812 sq.ft) accommodation with a vacant two bedroomed flat above and once refurbished could produce a rental income of approximately £450 per calendar month (£5,400 per annum), this extending the combined income to approximately £15,900 per annum.
The property is located in an established location of the west side of Horninglow Road with an extensive range of shopping facilities available at the Octagon Shopping Centre and the nearby Queens Hospital. Burton is located just off the A38 which provides swift access onto the A50, Toyota, cities of Derby, Birmingham and further regional business centres.
The property offers potential to extend to the rear subject to the necessary planning consents. VAT is not applicable to this lot.
Please Note: The auctioneers have not inspected the property.
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.
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