Commercial Property
A City Centre Commercial Investment with an enviable yearly income of £65k per year with further potential to increase with the development of the 2 upper floors and ground floor kiosk.
The 1st floor is suitable for a tenant looking for office, retail or hospitality space. The top floor currently has planning for 5x duplex 1 bedroom apartments and additional planning pending as an alternative, for a 7 bedroom HMO.
Located in the heart of Derby City Centre the current tenant has been in situ since 2008 on a 25 year lease and is currently paying £65k a year. The investment opportunity could generate a yearly income in the region of £150k per year once the upper floors are developed and or let.
With a substantial increase in short term lets in city centres with some quite incredible returns, 10-12 Victoria Street is definitely worth registering to bid on, couple this with the current demand for office space as well and this property will be a superb investment for the forward thinking investor.
Current return on investment against our guide price is close to an 11% yield and this is without any further development or additional tenants. A worthy and prestigious investment indeed, Iconic Building and City Centre location.
Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.
Freehold. Part let/part vacant.
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.
