Mixed use for sale

A mixed use let investment producing £15,000 per annum with retail unit and 3 bedroom flat.

VAT-free Investment.

For Sale by Timed Online Auction - 12th November 2024

Method of Sale

The property is offered for sale by Unconditional Timed Online Auction on 12th November 2024 and on the assumption the property reaches the reserve price, exchange of contracts will take place upon the fall of the electronic gavel with completion occurring 20 working days thereafter. For details of how to bid please read our Online Auction Buying Guide. 

The vendor’s solicitor has prepared an Auction Legal Pack.  This is available to view online and interested parties should Register online to receive updates. If you are viewing a hard set of these particulars or via ( ... ) or alike please visit the Online Property Auctions section of Clarke and Simpson’s website to Watch, Register and Bid. 

Seller’s Solicitors

The seller’s solicitors are Prettys Solicitors LLP; 6th Floor, St Vincent House, 1 Cutler Street, Ipswich IP1 1UQ  [use Contact Agent Button]; For the attention of Joesph Jordan, [use Contact Agent Button] We recommend that interested parties instruct their solicitor to make any additional enquiries prior to the auction.

Location

Bury St Edmunds offers an excellent range of amenities with schooling in the private and public sectors, extensive shopping facilities and a good range of leisure facilities including health clubs, swimming pools and golf clubs. There are numerous restaurants and cultural amenities including the beautiful Georgian Theatre Royal and The Abbey Gardens. There is good access to the A14, A11 (M11) and the railway station at Bury St Edmunds offers a link to mainline services to London’s Liverpool Street and King’s Cross. Alternatively, there is a regular train service from Stowmarket to London Liverpool Street taking approximately 80 minutes. Stansted International Airport is approximately 50 minutes by car. 

Directions

From Cornhill in the town centre, head north on St Johns Street where the property will be found on the right hand side after approx. 1/4 of a mile.  

What3Words location: ///quilt.pass.keyboards

Description

59-60 St Johns Street comprises a two storey end terraced mixed use property arranged as a ground floor shop with a three bed flat above. In total the property extends to 1583 sqft (147.1sqm).

The ground floor accommodation comprises a retail area, cooking and prep kitchens, rear store, office, sitting room, small domestic kitchen and shower room. On the first floor is a landing, three bedrooms and a family bathroom. To the rear of the property is a small courtyard. 

Tenure & Possession 

The property is offered freehold subject to and with the benefit of the tenancy referenced below:-

A single lease dated 4th April 2022 for the whole property to Haili Ibrahim Kuntas. The rent is £15,000 per annum (no VAT) payable in equal monthly instalments with the next rent review date being 14th April 2025. The contractual term ends 14th April 2030 providing over 5 years unexpired. Please see the legal pack for further information. 

Services

Mains water, gas and electricity. Mains foul drainage. 

EPC

E (110)

Viewing

Strictly by appointment with the agent.  

Local Authority

West Suffolk Council; West Suffolk House, Western Way, Bury St Edmunds IP33 3YU. [use Contact Agent Button] 

NOTES

1.  Every care has been taken with the preparation of these particulars, but complete accuracy cannot be guaranteed.  If there is any point, which  is of particular importance to you, please obtain professional confirmation. Alternatively, we will be pleased to check the information for you.  These Particulars do not constitute a contract or part of a contract.  All measurements quoted are approximate.  The Fixtures, Fittings & Appliances have not been tested and therefore no guarantee can be given that they are in working order.  Photographs are reproduced for general information and it cannot be inferred that any item shown is included.  No guarantee can be given that any planning permission or listed building consent or building regulations have been applied for or approved. The agents have not been made aware of any covenants or restrictions that may impact the property, unless stated otherwise.  Any site plans used in the particulars are indicative only and buyers should rely on the Land Registry/transfer plan. 

2. The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 require all Estate Agents to obtain sellers’ and buyers’ identity.

3. In the unlikely situation of our client considering an offer prior to auction, a premium price would have to be put forward and the purchaser would be required to sign the contract and put down a 10% deposit and pay the Buyers Administration Charge, well in advance of the auction date.  An offer will not be considered unless a potential buyer has read the legal pack and is in a position to immediately sign the contract.  The seller is under no obligation to accept such an offer.   It should be noted that Clarke and Simpson cannot keep all interested parties updated and at times will be instructed to accept an offer and exchange contracts without going back to any other parties first.  

4.  Additional fees:  Buyers Administration Charge  - £900 including VAT (see Buying Guide).  Disbursements - please see the Legal Pack for any    disbursements listed that may become payable by the purchaser upon completion. 

5.  The guide price is an indication of the sellers minimum expectations.  This is not necessarily the figure that the property will sell for and may   change at any time prior to the auction.  The property will be offered subject to a reserve (a figure below which the auctioneer cannot sell the property during the auction) which we will expect to be set within the guide range of no more than 10% above a single figure guide.  

October 2024