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Commercial Property for sale

Unit 1, 2 and 3, 1 & 2 Ermington Terrace, Mutley, Plymouth, Devon

Guide Price* £345,000

Property Description

Key features

  • For Sale by Public Auction at The St Mellion International Resort
  • Auction Date : 08 February 2018
  • Lot Number : 107
  • Freehold Triple Component Commercial Investment With Development Potential
  • Commercial Investment
  • Freehold
  • Current Rental : 33,200 Per Annum
  • *Guide Price : 345,000 - 375,000 + Fees

Full description

An excellent opportunity to acquire a high yielding commercial investment that, due to its location, has potential for residential re-development (perhaps Student Accommodation), in part or as a whole, whether new-build or conversion or a combination of the two, subject to all necessary consents being obtainable. Interested applicants are advised to make their own enquiries with the Local Planning Authority, the Plymouth City Council: Tel: 01752 668000. Website: plymouth.gov.uk.

The setting is immediately adjacent to Mutley Plain towards the City Centre/University end, within only a few paces of the multi-storey Mutley Plain Car Park which is particularly handy for patrons of the three businesses that form the investment elements of the property.

Unit 1
Ground Floor
Reception area, gym floor, treatment room, office, storerooms plus ladies and gents changing rooms and W.C.s.

Tenancy
Let on a 10 year lease from 10th August 2017 at a current rental of £11,600 for year one, rising by way of pre-ordained increments to £18,000 in year 8.

Auctioneer’s Note
The initially discounted first year rental terms for Unit 1 have now expired and the rent passing is £1,200 per calendar month.

Unit 2
Ground Floor
Entrance lobby.
First Floor
Combat space, sparring ring, changing rooms, office, kitchen and refreshment area with creche corner.
Tenancy
Let on a 10 year lease from 10th August 2017 at a current rental of £12,000 for year one, rising by way of pre-ordained increments to £15,000 in year 7.

Unit 3
Ground Floor
Reception, dance studio floorspace, office, storage, changing room and W.C.
Tenancy
Let on a 10 year lease from 10th August 2017 at a current rental of £9,600 for year one, rising by way of pre-ordained increments to £10,800 in year 7.

Commercial EPC: E

Important:
All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on the Auction Day.


Price Information
*Guides are provided as an indication of each Seller's minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction). We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at www.cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.

*An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer. All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to www.cliveemson.co.uk/buyers-fees/


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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 Clive Emson Auctioneers, Maidstone on 0345 8500333.


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