FOR SALE BY AUCTION 22nd June: A high yielding mixed use investment property comprising tenanted shop and 3 bed maisonette above. Now inviting entries for our 27th July Auction, contact us for a free no obligation appraisal.

A high yielding mixed used investment property comprising lock-up shop and 3 bed maisonette above.

Gloucester Road is a busy and vibrant high street with a range of independent and national retailers, cafes, bars and restaurants. No. 58 is a mid-terrace property situated between Wolseley Road & Raglan Road. The property comprises a ground floor shop/office let to an established tenant that has traded from the property for over 25 years, with approximately 9 years left on the current lease and is let at £12,500 per annum. The upper floors comprise a 3 bedroom maisonette let to students. A new 12 month AST commences on the 20th July at £2025 pcm + bills.

With a total annual income of £36,800 the property offers a gross annual income of just over 9%.

Ground Floor Accommodation A communal entrance hall provides access to the respective parts.

A use class E commercial premises currently occupied by a long established letting and property management company which has traded from the property for more than 25 years. The ground floor extends to approximately 48 sqm with use of a rear garden. There is a large timber cabin with electricity, water and drainage (by way of a macerator). We understand this is owned by the tenants.

Business Rates
The current rateable value is £7,300.

Currently let on a 10 year lease with approximately 9 years left to run at £12,500 per annum.
Rateable Value
Maisonette Occupying the 1st and 2nd floors, this is a 3 double bedroom maisonette. The first floor accommodation comprises living room, kitchen, and bedroom with access to the garden whilst on the second floor are two further bedrooms and a bathroom.
The property will be sold subject to a new 12 month AST commencing on the 20th July 2023 at £2025 pcm.

Council Tax
Band B
Viewings By appointment only, please call us on[use Contact Agent Button]
For Sale by Live Stream Auction on 22nd June 2023 In order to take part you must complete the registration form and return it together with two forms of ID. You will then be able to bid from the luxury of your own home either over the internet, by phone or by proxy. Please note the auctioneers have made their best endeavours to disclose all additional fees. Interested parties should refer to the special conditions of sale contained in the Legal Pack for any late amendments or additions to these fees as well as the auction day addendum sheet prior to bidding.
Legal Pack A full auction legal pack can be downloaded once available. For further information on the other lots in this auction please visit the website.

Tenure: Freehold

EPC Rating: Shop - C. Maisonette - E

Terms:
Guide Prices & Reserves
Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Additional Fees
Please be aware there may be additional fees payable on top of the final sale price. These include and are not limited to administration charges and buyer's premium fees payable on exchange, and disbursements payable on completion. Please ensure you check the property information page for a list of any relevant additional fees as well as reading the legal pack for any disbursements.

Plans, Maps and Photographs
The plans, floorplans, maps, photograph’s and video tours published on our website and in the catalogue are to aid identification of the property only. The plans are not to scale and should not be relied upon.

Consumer Protection Regulations 2008
City & Rural Property Auctions endeavour to make our sales details clear, accurate and reliable in line with the Consumer Protection from Unfair Trading Regulations 2008 but they should not be relied on as statements or representations of fact, and they do not constitute any part of an offer or contract. All references to planning, tenants, boundaries, potential development, tenure etc is to be superseded by the information contained in the legal pack. It should not be assumed that this property has all the necessary Planning, Building Regulation, or other consents. Any services, appliances and heating system(s) listed have not been checked or tested. Please note that in some instances the photographs may have been taken using a wide-angle lens. The seller does not make any representation or give any warranty in relation to the property, and we have no authority to do so on behalf of the seller.

Anti Money Laundering Regulations
Intending buyers will be asked to produce identification documentation either as part of the bidder registration process of if they make an acceptable pre-auction offer, we would ask for your co-operation in order that there will be no delay in agreeing the sale.

Control of Asbestos Regulations
As per the Control of Asbestos Regulations 2012, the owner or tenant of the property, or anyone else who has control over it and/or responsibility for maintaining it, must comply with the regulations which may include the detection of and/or management of any asbestos or asbestos related compounds contained at the property. City & Rural Property Auctions have not tested or inspected for Asbestos and therefore recommend all interested parties to make their own enquiries.