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Commercial Property
York House is a very imposing brick built former Council offices, located in the heart of the Historic market town of Chesterfield, sitting just beneath the famous Crooked Spire. This building is arranged over three floors, offering well equipped and maintained accommodation with a serviced lift (not tested) and totals an impressive 1,298 sq m2 (12,109 sqft) floor area.
The ground and first floor has been occupied for many years as bar and restaurant (formerly Baracuda) and is now benefitting from vacant possession(previously let at £50,000 per annum).
The second floor, known as York House Chambers, is let on a nine year FRI from 2019 at £20,000 per annum with a rent review due in October 2022. Potentially, if the property were to be fully let at the previous rent for the ground and first floor, this combined income would produce £70,000 per annum which, based on the guide price, represents an impressive 12.7% return, which will surely appeal to local and national investors. Thought suitable as a potential residential or mixed used conversion subject to usual planning consents. Prospective buyers must make all necessary independent enquiries in this respect for their specific, intended use prior to placing their bid, as this will be binding.
York House, is positioned next to the Vicar Lane Shopping Centre, where there is a multi-storey carpark along with well-known shops nearby including, H and M and M and S, Boots, Pandora and Cafes such as Caffe Nero and Costa Coffee. Chesterfield town centre has an attractive range of period properties along with superb road network connections providing swift access onto the M1 Motorway and the cities of Sheffield (11 miles north) and Derby (24 miles south).
There is a large bar area, dance floor, raised floor level, dumb waiter, bottle store, separate fire door access to all floors, outside courtyard with access to the cellar and staircase to first floor.
A luxury second floor accommodation with mostly original polished herringbone parque flooring, with reception area, large open plan with a number of separate rooms, kitchen, staff room and ladies and gents toilets. Separate street access and currently tenanted on a nine year FRI from 2019 at £20,000 per annum with a rent review due in October 2022.
All measurements are approximate. Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.
The premises are currently split on the Valuation Office website as:<br>Ground and first floor:<br>RV £47,250 per annum
All prices premiums and rents are quoted exclusive of VAT at the prevailing rent.
Freehold. Part let/part vacant.
Viewings:
To book a viewing, please contact SDL Property Auctions to arrange.
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 through SDL Property Auctions’ website on their home page.
The auction date applicable for the property is displayed underneath the property description. 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 Property Auctions’ Buyers Terms (England & Wales) which are available on SDL Property Auctions website.
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 15 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 fee of £6,000 (including VAT). The Buyer’s Fee does not contribute to the purchase price and will be considered as part of the chargeable consideration for the property in the calculation of stamp duty liability.
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 Property Auctions, and will be in addition to any fees payable to us. SDL Property 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 must be paid immediately after a winning bid has been placed. Payment by cash or cheque will not be accepted. Prior to the auction, you will receive an email from the auctioneer to register your card details with 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 a representative of the auctioneer to make payment. If you cannot be contacted within 24 hours after the auction ends, the auctioneer reserves the right to charge your card.
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 on SDL Property Auctions website by searching for the property. On the property details page 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 Property 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.
Registration Process:
To register to bid on the property, visit the SDL Property Auctions’ website and submit your remote bid. The lot number can be found against the Lot Details of 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.
