Commercial Property
A three storey commercial premises centrally located currently generating £11,600pa with scope for future change of use to HMO/Student accommodation subject to planning.
Ground floor self-contained retail space with small basement currently occupied by a well-established and respected florist.
The ground floor is held on a 10-year term commencing 1st December 2018 with a current rent passing of £8,000 pa on an IRI basis. Interested parties are advised to inspect the lease within the legal pack for more information.
Upper Floors
The 1st and 2nd floors are currently occupied for commercial use with the tenant holding over. Current rent passing of £3600pa. We note that due to the layout of the upper floors each floor being a single room with self-contained access from the side its likely suitable to conversion for student accommodation/HMO subject to any planning required.
The property is centrally located along Lad Lane within an area of both national and local retailers. We note the development of the adjacent York Place is proposed to commence at the end of the year which will provide public space next to the property, as well as new developed retail units and offices within the locality.
May be suitable for alternative uses, subject to obtaining the necessary 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.
Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.
These sales details are awaiting vendor approval.
Freehold. Subject to tenancy.
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 Variable Fee (England and Wales).
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 auctioneers fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyers Fee of 4.8% of the purchase price for properties sold for up to £250,000, or 3.6% of the purchase price for properties sold for over £250,000 (in all cases, subject to a minimum of £6,000 inc. VAT). For worked examples please refer to the Auction Conduct Guide.
The Buyers 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 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.
