Commercial Development
The property comprises of a part Grade II listed building now offered as a covered shopping centre with further retail and office space, offering a combined area of 58,000 sq.ft.
Grantham is a Market town situated 25 miles from Nottingham, 35 miles from Peterborough and 40 miles from Leicester.
Situated on High Street but with additional frontages to Guildhall Street and Westgate which form part of the primary shopping facilities in the town. The centre benefits from a strong pedestrian foot flow.
The centre is offered part let / part vacant.
Current rental income on around 50% occupancy is £142,000 per annum.
The site offers scope for further increase in rent by letting out the vacant units.
There is even more scope to convert the first and second floor space into residential units (stpc) with room for an estimated 40 flats and move all of the retail to the ground floor.
A fantastic investment opportunity with huge scope to develop further, subject to planning and significantly increase the rental income.
Scope to potentially increase rental income to circa £400,000 with re-development.
A fully tenancy schedule and breakdown will be included within the legal pack.
VAT at the current rate will be applicable on the purchase price.
See Legal Pack.
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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