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Crossways, Nelson Place, Newcastle Under Lyme, ST5 1EB

Lot no: 136 Sold at Auction for £200,000
 

Guide Price £180,000+ plus fees

Unconditional with Variable FeeOn the fall of the hammer, the successful bidder will be legally bound to purchase the property. The successful bidder must immediately exchange contracts, pay a 5% deposit (subject to a minimum of £5,000) along with a non-refundable Buyer’s Fee of either 4.8% of the final sale price of the property up to and including £250,000, or 3.6% if the final sale price is over £250,000. The Buyer’s Fee is subject to a minimum of £6,000. Completion must take place usually within 20 business days unless the Special Conditions of Sale state otherwise.

Thursday 29th April 2021

10.00am
Key Features
  • Former bar extending to approx 2,800 sq.ft
  • Prominent three storey property
  • Would suit a variety of alternative uses (stpc)
  • Excellent opportunity
  • EPC Rating: D
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Sold at Auction for £200,000

Commercial Development

Property Description:

A prominent three storey property with basement and a range of first and second floor offices. Formerly used as a licenced bar/club (A4). We feel the property would suit a variety of alternative uses such as an office, restaurant or part residential development, subject to obtaining the appropriate planning consent.

ACCOMMODATION:
Ground Floor bar/Sales Area: approx. 1,458 sq. ft.

The premises currently has a U shaped retail area accessible from all three elevations. There is a central serving bar and to the rear are the ladies and gents toilets, and access to the basement. A side entrance from Ryecroft provides pedestrian access to the rear, which in turn allows access to an external store (previously toilets) and a fire escape.

First Floor:

Extends to approximately 857 sq. ft. and consists of four rooms with a wc. Would suit use as offices, kitchen or living accommodation (subject to planning consent).

Second Floor:

Extends ro approximately. 411 sq. ft. and consists of three further rooms which could be used as further offices, stores or living accommodation (subject to planning consent).

Cellar:

Housing all the barrels and lines with barrel drop located off Queens Parade.

LOCATION:

The property occupies a prominent position overlooking Nelson Place round-a-bout which connects the major road network in Newcastle-under-Lyme. The property is located on the corner of the Irn market and Ryecroft Ring Road, forming part of the town centre conservation area. Newcastle is currently undergoing significant investment with the development of the new Civic Offices located within 50 yards which is adjacent to Queens Gardens. A mixed-use retail and student accommodation development is proposed for the former Sainsbury’s site and the former public baths on the opposite site of Nelson Place and currently being developed to create a 276 student bed accommodation.

VAT:

We understand that VAT is not chargeable on the purchase price.

Occupancy

Vacant.

Tenure:

Freehold.


Auction Method:

The auction for this property will take place as an “Auction Event” behind closed doors with a live auctioneer and will be streamed online in real-time. The property will be sold alongside several other lots. Bids must be placed remotely- please see the below section on “Registration Process”. The auction can be watched in real-time on the auction date on our home page: https://www.sdlauctions.co.uk/

The auction date applicable for the property is displayed on this page. It is not possible to provide a precise timeslot when this property will be auctioned on the day, because there are other lots being sold.

You are required to undertake identity checks before you can be authorised to bid. You must also provide your payment details. If you do not provide this information, your registration will not be processed.

When you place your bid, you are deemed to have agreed to SDL Auctions’ Buyers Terms (England & Wales).

Auction Type – Unconditional with Variable Fee

If you are the highest bidder, you must exchange legally binding contracts for the sale when the auction for the property comes to an end. You must then pay the applicable fees and deposit. You must complete the sale within 20 business days unless the Special Conditions of Sale contained within the Legal Pack state otherwise.

Auction Fees

The following non-refundable fees apply:

  • Buyer’s Fee- payable on exchange of contracts. This is calculated as a percentage of the actual purchase price of the property. Either:

(a) 4.8% (including VAT) of the purchase price, for properties up to and including £250,000

(b) 3.6% (including VAT) of the purchase price for properties sold for over £250,000

The Buyer’s Fee is subject always to a minimum of £6,000 (including VAT). The Buyer’s Fee does not contribute to the purchase price.

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 Special Conditions carefully before bidding. Any additional fees are included at the seller’s discretion, not on the instruction of SDL Auctions, and will be in addition to any fees payable to us. SDL Auctions has limited control over the content of the Special Conditions of Sale.

Deposit

On exchange of contracts, you must pay a non-refundable deposit equal to 5% of the actual purchase price of the property, subject to a minimum of £5,000. The deposit contributes towards the purchase price.

Payment Method:

Applicable fees/deposit must be paid immediately after a winning bid has been placed. We do not accept payment by cash or cheque. Prior to the auction, we will email you to register your card details with our third-party provider, Stripe. Your card details will be stored on their secure online payment platform. Payment will only be taken from you in the event of a winning bid. In this case, you will be contacted by one of our representatives to make payment. If we cannot make contact with you within 24 hours after the auction ends, we reserve the right to charge your card if you do not respond to this email.

Legal Pack

Before bidding, you must view the legal pack for the property. This is the collection of legal documents that apply to the sale. The documents will include but are not limited to: Special Conditions of Sale, title documents from the Land Registry and Energy Performance Certificate.

The legal pack can be viewed against the property details, where there is a sub-heading “Legal Packs”. Follow this link, and you will then be directed to create an account with Auction Passport to view the documents.

The legal pack can change at any time up until the auction starts so you must check for the most recent version of the legal pack. An addendum may be issued outlining any late changes. At the point of placing your bid, you are deemed to have read the legal pack in its entirety, including any changes. Failure to check for changes to the legal pack will not be a valid reason for withdrawing from the sale.

It is strongly recommended that you instruct a qualified professional to review the legal pack and raise any necessary enquiries before bidding.

Special Conditions of Sale

The property is sold subject to any Special Conditions of Sale. These are contractual conditions that are included by the seller of the property – they are not part of SDL Auctions’ terms and conditions. The Special Conditions of Sale are legally binding. You are taken to have read and accepted these at the point of bidding, even if you have not done so. The Special Conditions of Sale are available to read in the legal pack.

Energy Performance Certificate

The EPC for this property can be viewed in full at the top of this page or in the legal pack.

Registration Process:

To register to bid on the property, you must submit your remote bid here: https://www.sdlauctions.co.uk/remote-telephone-proxy-bidding/. There is also a link to register on the property details page, where you will also be able to find the lot number for the property. Prospective buyers must register no later than 12pm the day before the auction date. If you register after the cut off, it cannot be guaranteed that your registration will be processed.

Guide Price & Reserve Price

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.