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MapGuide price
£80,000Shop for sale
7 Freeman Street, Grimsby, South Humberside, DN32 7AB
Virtual tour
Auction
Shop
3 beds
947 sq ft / 88 sq m
EPC rating: E
Features and description
- Tenure: Freehold
- Commercial Unit and 3 Bed Apartment
- Potential to achieve a 10% Yield
- Town Centre Location
Freehold Mixed Commercial and Residential investment opportunity
Guide Price: £80,000+
For sale by online auction on 08/05/2023 12:00, ending on 08/05/2023 17:50.
UK Property Group are pleased to offer this Mixed Commercial and Residential investment opportunity located in Grimsby.
PROPERTY PARTICULARS
Commercial Shop unit
3 Bed Apartment
COMMERCIAL UNIT
Ground Floor Space
Shop Space 4.57M X 9M currently used as a cycle repair shop. Wooden flooring throughout
Kitchen Space 2.97M X 3.51M The kitchen has a range of base and wall units, this could easily be converted to a commercial kitchen if required.
Utility/ Storage Room 3M X 2.56M ideal space to extend kitchen or for additional storage space.
W/C 1.113M X 1.25M Self contained WC and Pedestal Sink
Stairs to Upstairs residential accommodation.
RESIDENTIAL ACCOMODATION
Landing leading on to Kitchen, Lounge, two bedrooms, Family bathroom, Stairs to 2nd Floor Master bedroom.
FIRST FLOOR ACCOMODATION
Kitchen 2.68M X 2.96M - Comprises of a range of wall and base units, Double Sink, UPVC Window.
Bathroom 1.92M X 1.99M Bathroom comprises of white bathroom suite, including bath, sink and WC
Bedroom 1 - 2.88M X 3.94M A good sized room with alcove features. UPVC window overlooking the rear yard.
Bedroom 2 1.97M X 3.21M A good sized bedroom currently utilised as a single bedroom with UPVC Window.
Lounge 2.97m x 4.27M A spacious lounge with UPVC window over looking the front of the property
Landing area benefits from additional storage space
Stairs to 2nd Floor Master Bedroom
SECOND FLOOR ACCOMODATION
Master Bedroom 2.43M X 4.81M stairs leading up into a good sized bedroom.
PROPERTY CONDITION
The property would benefit from refurbishment throughout which it is understood the current tenant has been doing some decorating themselves.
INCOME
The commercial unit is achieving a rental income of £400PCM on a 3 year lease - Other retail premises in the area are achieving in the region of £400- £550 PCM
The Residential Apartment is currently let on a 6month Rolling AST Achieving a rental income of £400PCM
Upon obtaining a tenant for the Shop based upon a rental amount of £400would bring the Combined rental income of £800.00pcm and £9600.00pa giving this property a 10% yield.
LOCATION
Property is ideally located in a popular town centre location with excellent transport links. Property is close to all local amenities including schools and Grimsby College.
Terms of Sale
Property is for sale by the modern method of auction. This is an unconditional sale. The Purchaser shall pay a 5% deposit (subject to a minimum of £5,000) upon the fall of the hammer. In addition, a 3% Buyers Premium, Subject to a minimum £6000 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).
Pre Auction Offers
Some vendors will accept offers prior to auction, however these must be above the guide price to be considered. If any such offer is accepted the property will still be sold under auction terms and conditions.
General
While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact Uk Property and we will be pleased to check the position for you.
The Agent has not tested the utilities, appliances, or inspected the roof space. The floor plans and dimensions are for guidance only.
Services
Please note we have not tested the services or any of the equipment or appliances in this property, accordingly we strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.
Anti-Money Laundering Regulations:
In line with anti-money Laundering regulations Intending purchasers will be asked to produce identification documentation and maybe proof of funds when submitting an offer to purchase the property.
Particulars
These particulars are issued in good faith but do not constitute representations of fact or form part of any offer or contract. The matters referred to in these particulars should be independently verified by prospective buyers. Neither UK Property Group or any of its employees or agents has any authority to make or give any representation or warranty in relation to this property.
Guide Price: £80,000+
For sale by online auction on 08/05/2023 12:00, ending on 08/05/2023 17:50.
UK Property Group are pleased to offer this Mixed Commercial and Residential investment opportunity located in Grimsby.
PROPERTY PARTICULARS
Commercial Shop unit
3 Bed Apartment
COMMERCIAL UNIT
Ground Floor Space
Shop Space 4.57M X 9M currently used as a cycle repair shop. Wooden flooring throughout
Kitchen Space 2.97M X 3.51M The kitchen has a range of base and wall units, this could easily be converted to a commercial kitchen if required.
Utility/ Storage Room 3M X 2.56M ideal space to extend kitchen or for additional storage space.
W/C 1.113M X 1.25M Self contained WC and Pedestal Sink
Stairs to Upstairs residential accommodation.
RESIDENTIAL ACCOMODATION
Landing leading on to Kitchen, Lounge, two bedrooms, Family bathroom, Stairs to 2nd Floor Master bedroom.
FIRST FLOOR ACCOMODATION
Kitchen 2.68M X 2.96M - Comprises of a range of wall and base units, Double Sink, UPVC Window.
Bathroom 1.92M X 1.99M Bathroom comprises of white bathroom suite, including bath, sink and WC
Bedroom 1 - 2.88M X 3.94M A good sized room with alcove features. UPVC window overlooking the rear yard.
Bedroom 2 1.97M X 3.21M A good sized bedroom currently utilised as a single bedroom with UPVC Window.
Lounge 2.97m x 4.27M A spacious lounge with UPVC window over looking the front of the property
Landing area benefits from additional storage space
Stairs to 2nd Floor Master Bedroom
SECOND FLOOR ACCOMODATION
Master Bedroom 2.43M X 4.81M stairs leading up into a good sized bedroom.
PROPERTY CONDITION
The property would benefit from refurbishment throughout which it is understood the current tenant has been doing some decorating themselves.
INCOME
The commercial unit is achieving a rental income of £400PCM on a 3 year lease - Other retail premises in the area are achieving in the region of £400- £550 PCM
The Residential Apartment is currently let on a 6month Rolling AST Achieving a rental income of £400PCM
Upon obtaining a tenant for the Shop based upon a rental amount of £400would bring the Combined rental income of £800.00pcm and £9600.00pa giving this property a 10% yield.
LOCATION
Property is ideally located in a popular town centre location with excellent transport links. Property is close to all local amenities including schools and Grimsby College.
Terms of Sale
Property is for sale by the modern method of auction. This is an unconditional sale. The Purchaser shall pay a 5% deposit (subject to a minimum of £5,000) upon the fall of the hammer. In addition, a 3% Buyers Premium, Subject to a minimum £6000 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).
Pre Auction Offers
Some vendors will accept offers prior to auction, however these must be above the guide price to be considered. If any such offer is accepted the property will still be sold under auction terms and conditions.
General
While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact Uk Property and we will be pleased to check the position for you.
The Agent has not tested the utilities, appliances, or inspected the roof space. The floor plans and dimensions are for guidance only.
Services
Please note we have not tested the services or any of the equipment or appliances in this property, accordingly we strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.
Anti-Money Laundering Regulations:
In line with anti-money Laundering regulations Intending purchasers will be asked to produce identification documentation and maybe proof of funds when submitting an offer to purchase the property.
Particulars
These particulars are issued in good faith but do not constitute representations of fact or form part of any offer or contract. The matters referred to in these particulars should be independently verified by prospective buyers. Neither UK Property Group or any of its employees or agents has any authority to make or give any representation or warranty in relation to this property.
About this agent
UK Property Auctions - Melton Mowbray
The Croft Melton Road
Hickling Pastures, Melton Mowbray
LE14 3QG
0161 506 5453UK Property Auctions are specialised national property auctioneers in UK, who handle sales throughout the year on a broad selection of residential homes and commercial property, land, Mobile homes, Boats and investments. We are different from national auction houses and small family- run businesses in that we are an independent, with our main focus as local, regional and National experts, covering the whole of UK. Clients’ range from private individuals, investors, trustees, solicitors, housing associations, local authorities and charities to other highly regarded corporate organisations. We also often act in conjunction with residential and commercial estate and letting agents as ‘joint auctioneers’. UK Property Auctions offer decades of property, sales and marketing experience. We provide a comprehensive and transparent service to maximise property values within the competitive bidding environment of an auction room, by drawing upon buyers from across the UK and abroad. We provide other services in conjunction to Auctions, Sales, Lettings, Conveyancing, Free Legal Packs, Wills, Trusts & Probate, Finance and SDLT Rebates.