10 - 12 Victoria Street, Derby DE1 1EQ
- SIZE
Ask agent
- SECTOR
Commercial property for sale
Key features
- Freehold Building with Commercial and Residential development potential
- City Centre Location within Derbys Leisure Quarter
- Planning approval for 5x duplex 1 Bed Apartments. Planning is also pending for a 7 bed HMO as an alternative to apartments (positive feedback from council) (4th Floor)
- Part tenanted since 2008 paying £65k per year until 2033 (no break clause) Achieving a yield of circa 11% against guide price
- 5,225 SQ FT of Commercial Space
- Third Floor would be suited for offices/retail/workspace. Ground floor Kiosk would be suitable for potential take away coffee shop/sweets/drinks/vape/confectionery
- Potential total income in excess of £150k pa once vacant parts have been converted
Description
Sold prior to the auction on 25 April 2024 for an undisclosed amount.
On behalf of One Click Finance
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.
Accommodation:
Basement - (Cellar/Ancillary) - 43.19sq m (465sq ft)
Part Ground Floor - (Nightclub / Ancillary) - 175.8sq m (1,892sq ft)
Mezzanine - (Nightclub / Ancillary) - 30.6 sq m (330sq ft)
Part First Floor - (Nightclub / Ancillary) - 18.6sq m (200sq ft)
Part First Floor - (Residential) - 3 Room Apartment
Part Ground Floor - (Retail / Kiosk) - 11sq m (120sq ft)
2nd Floor - (Showroom / Ancillary) - 110.5 sq m (1,190 sq ft)
3rd Floor - (Residential) - Six Room Flat - 100sq m (1,076 sq ft)
Total Commercial Area - 490SQ M (5,225 SQ FT)
Note Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.
Tenure: Freehold
EPC Rating: D and G
Terms:
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.
10 - 12 Victoria Street, Derby DE1 1EQ
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Derby Station0.7 miles
- Peartree Station1.7 miles
- Spondon Station2.9 miles
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Notes
Disclaimer - Property reference 202402150950sq_gdrn. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by SDL Property Auctions - Commercial, Nationwide. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
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 SDL Property Auctions - Commercial, Nationwide on 08000 465454.
*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.
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