Retail property (high street) for sale
Property description & features
- Tenure: Freehold
- Mixed use investment property
- Ground floor hot food takeaway
- Ground floor retail unit
- 4 bedroom accommodation above
- Potential for £41,300 per annum
- Freehold title
Investment opportunity comprising of a ground floor retail unit, a hot food takeaway unit, and four bedroom first floor accommodation which is ideally suited for contractor use.
The Hot Food Takeaway unit will have a passing rent of £800 per calendar month commencing September. The retail unit will have a passing rent of £475 per calendar month also commencing from September. Both of these leases have been agreed on fully repairing insuring terms, on a five year lease with no scheduled break clauses.
The first floor accommodation has been refurbished throughout to provide four bedroom and two bathroom accommodation, suited for the contractor rental market. We are informed by the vendors that the estimated rate is IRO of £125 per room per week.
Rooms
Location
Central location adjacent to Redcar town clock and a short walk from Redcar train station. The sea front is also accessible from West Dyke Road. Surrounding occupiers include the Arriva bus station, cafes, bars and a variety of independent retailers.
Tenure
Freehold. Title number TES14397.
Council Tax
Band A.
Rateable Value
The current rateable value is £4,200 (1 April 2023 to present).
Sourced from VOA.
EPC
Both available upon request (ratings C and G).
Auctioneers Additional Comments
Pattinson Auction are working in Partnership with the marketing agent on this online auction sale and are referred to below as 'The Auctioneer'.
Please be aware that any inquiry, bid or viewing of the subject property will require your details to be shared between both the marketing agent and The Auctioneer in order that all matters can be dealt with effectively.
This auction lot is being sold either by, conditional (Modern) or unconditional (Traditional) auction terms and overseen by the auctioneer in partnership with the marketing agent.
The property is available to be viewed strictly by appointment only via the Marketing Agent or The Auctioneer. Bids can be made via The Auctioneers or the Marketing Agents website.
Auctioneers Additional Comments
Your details may be shared with additional service providers via the marketing agent and/or The Auctioneer.
A Legal Pack associated with this particular property is available to view upon request and contains details relevant to the legal documentation enabling all interested parties to make an informed decision prior to bidding. The Legal Pack will also outline the buyers' obligations and sellers' commitments. It is strongly advised that you seek the counsel of a solicitor prior to proceeding with any property and/or Land Title purchase.
In order to submit a bid upon any property being marketed by The Auctioneer, all bidders/buyers will be required to adhere to a verification and identity process in accordance with Anti Money Laundering procedures.
Auctioneers Additional Comments
In order to secure the property and ensure commitment from the seller, upon exchange of contracts the successful bidder will be expected to pay a non-refundable deposit of 5% of the purchase price of the lot subject to any special conditions detailed in the legal pack. The deposit will be a contribution to the purchase price. A non-refundable reservation fee may also be payable upon agreement of sale (Details of which can be obtained from the auctioneers website). The Reservation Fee is in addition to the agreed purchase price and consideration should be made by the purchaser in relation to any Stamp Duty Land Tax liability associated with overall purchase costs.
Both the Marketing Agent and The Auctioneer may believe it necessary or beneficial to the customer to pass your details to third party service suppliers, from which a referral fee may be obtained. There is no requirement or indeed obligation to use these recommended suppliers or services.
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