3 bedroom retail property (high street) for saleDerby Road, Nottingham, Nottinghamshire, NG9
- Two shops with residential letting above on a busy high street
- One shop recently vacated, the other is let to Kieran Mullin.
- Entire upstairs is let on a regulated protected tenancy.
- Potential income approx. £20,276 pa.
Having been in the same family ownership for over 40 years, we are delighted to be instructed to offer for sale an attractive and prominently situated investment opportunity, comprising two sales shops with residential letting above.
Situated on a busy and established thoroughfare in Stapleford, both lock up shops comprise ground floor retail areas with rear kitchen/preparation rooms/internal toilets. 48 Derby Road was until very recently let at £9,600 per annum as a fruit and vegetable shop and is now vacant, whilst 48A is let out to Kieran Mullin hairdressers on an expired lease at £7,700 per annum. The entire upstairs area across the property is let on a regulated protected tenancy at a current rental of £2,976 per annum. The total potential annual income is therefore around £20,276.
The competitive guide price and reserve clearly demonstrates our client's commitment to the sale and we are confident of high levels of purchaser interest.
SCHEDULE OF TENANCIES AND RENTS PAYABLE:
48 Derby Road Stapleford Nottingham NG9 7AA
Recently vacated by tenants, the property was
Previously let at a rental of £9,600 per annum.
In our opinion the property requires some works
of improvement and refurbishment in order to be
successfully re-let, and therefore offers potential
for buyers either as occupier's or investor's a
blank canvas with which to work.
48A Derby Road Stapleford Nottingham NG9 7AA
The property was let on a five-year lease which
commenced on 2nd November 2009 at a rental
of £7,700 pa exclusive to Kieran Mullin hairdressers
who have a number of salons in the local area.
The rental is paid monthly in advance with no rent
arrears and we understand the tenants wish to remain
in the property for the foreseeable future
48B Derby Road Stapleford Nottingham NG9 7AA
The first floor of the property is let to a single male tenant on a weekly rental of £57.23 under a regulated and protected tenancy. He has been in occupation for around 30 years
VIEWING: The vacant shop at 48 Derby Road can be viewed by appointment with the selling agent, and the tenanted shop at 48A may be available for viewing at the same time, but this would be by courtesy of the existing tenants in place, and dependent upon whether or not they were busy with clients themselves. There will be no viewings of the occupied first floor apartment.
DEPOSITS: There are no deposits retained for either the let shop or flat upstairs.
METHOD OF SALE: The property is to be offered for sale by public auction to be held at the Holiday Inn on Bostocks Lane, Sandiacre, Nottingham, NG10 5NJ on Wednesday 26th October 2016 at 6.30pm prompt. We have received instructions that no offers are to be considered prior to the auction.
Messrs Wace Morgan Solicitors
21 St Mary's Street
Shrewsbury, Shropshire, SY1 1ED
FAO: Diane Packwood
Tel: 01743 280 100
TENURE: The property is to be sold on a freehold basis with part vacant possession of 48 Derby Road, and then subject to the business tenancy of the ground floor shop at 48A Derby Road and the regulated tenancy of the upstairs as described.
NOTES: None of the services, appliances, or heating installations, plumbing or electrical systems have been tested by the agents unless stated, but they are believed to be in working condition.
CONTRACTS & CONDITIONS OF SALE: Contracts and conditions of sale will be available for inspection by all interested parties 7 days prior to the auction date. Prospective purchasers are deemed to buy with full knowledge of the contracts and conditions of sale whether the same have been inspected or not.
AGENTS NOTE: Please note we understand that there is no VAT to be charged in addition to the hammer or sale price of this property. We understand that there are no rent arrears.
BUYERS PREMIUM: The successful purchaser is also to pay the auctioneers administration/document charge of £500 plus VAT on the evening of the sale.
EPC: An Energy Performance Certificate (EPC) is available for each shop and the flat, and is contained within the legal pack of sale along with a copy of the tenancy agreement.
AGENTS NOTE: Please note that the sale details, including prices are subject to change, up to and including the date of the auction. Please check our website www.wallacejones.co.uk for any additional information, or possible alterations.
GUIDE PRICE: This is an indication of the seller's price or range of prices, which are acceptable to them. Please note, like the reserve price, these figures may change up to the date of the auction.
RESERVE PRICE: Is the minimum acceptable price for the seller at auction and usually remains confidential between seller and auctioneer. Although bidding may start below the reserve figure, if this reserve price is not exceeded then the auctioneer is obliged to withdraw the lot. Like the guide prices, the reserve may change up to the date of the auction. Reserves are usually set within 10% of a single price guide or within 10% of the higher guide price figure, if a range of prices have been given.
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*Guide Price: An indication of a seller's minimum expectation at auction and given as a Guide Price or a range of Guide Prices. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.
Reserve Price: Each auction property will be subject to a Reserve Price below which the property cannot be sold at auction. Normally the Reserve Price will be set within the range of Guide Prices or no more than 10% above a single Guide Price.
Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call Wallace Jones, Long Eaton on 0115 946 8946.
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