17 Norfolk Street, Wisbech, Cambridgeshire, PE13 2LF

Guide Price £140,000 * Plus 5% Buyers Premium + VAT
For sale by unconditional online auction, registration is now open. 30/11/2023 10:00 30/11/2023 12:15

For sale by online auction on 25th January 2024
Bidding opens at 10:00am and closes from 12:00 noon
Mixed use premises
Ground floor retail shop unit - tenanted
HMO for 7 people - all rooms are tenanted
HMO element is band A council tax
Current annual income of £24,960
Georgian market town location

Also known as 2 Norwich Street, PE13 2LE.

A split-use premises situated in the Georgian Town of Wisbech.
The ground floor shop has a tenant in place paying £6000 per annum and the 5 bedroom HMO is bringing in current annual income of £24,960.
Total annual income £30,960. Which equates to an annual yield of 22.11% based on this guide price.

The remainder of the building has appropriate facilities for the HMO use. This includes a laundry room, store room, shower rooms, and kitchen to serve 5 Rooms (The relevant planning applications for reference are F/YR/7/0362/F and F/YR/7/3109).

The HMO is currently licensed for 7 x people. Current room rates are as follows:

Room 1 - 110 per week.
Room 2 - 80 per week.
Room 3 - 110 per week.
Room 4 - 80 per week.
Room 5 - 100 per week.

The vendor believes there to be potential to increase room rates as reviews have not been carried out.

Lease information -

Ground Floor Shop
From Rateable Value information:
Net Internal area 290 sq.ft (26.94 sq.m)

The location is the secondary shopping area within Wisbech. It is a vibrant area with many independent businesses. The majority of the commercial premises in this area have residential units above and as such, the HMO element of this site, fits in well to the surrounding area.

The auctioneers have not inspected this property.

Terms

Legal Pack

To review the legal documents and to view the auction information click on the buttons at the bottom of this advert or visit our website tcpa.co.uk

UNCONDITIONAL LOT
Exchange and administration fee information: (plus fees)
Buyers Premium Applies upon the fall of the hammer, the Purchaser shall pay a 10% deposit (subject to minimum of £5,000, whichever is the greater) and a 5%+VAT (subject to a minimum of £5,000+VAT) buyers premium and contracts are exchanged. The purchaser is legally bound to buy and the vendor is legally bound to sell the Property/Lot. The auction conditions require a full legal completion 28 days following the auction (unless otherwise stated in the legal pack or on the sales details).
In addition to the purchase price, buyers may be required to pay additional fees, costs and charges - please refer to the legal pack.


Registration Process
To register to bid on the property, find the property on the Town & Country Property Auctions website. Click onto the property, follow the link to “Log in/ register to bid”. You will then be directed to create an auction passport account with our online-bidding platform provider Essential Information Group.