About this property
Key Features
Freehold with vacant possession
Town centre location
Former banking hall with permission to convert to retail with flats above
Investment/development opportunity
Description
An excellent opportunity to acquire a prominent freehold building in the heart of the popular Suffolk town of Newmarket.
The prominent brick building is likely to appeal to investor, developer and owner occupies alike.
The property was previously occupied as a bank and now features an open plan ground floor level, with sizable Basement storage. The former offices and storage areas at first floor level have also been opened up to form a single open plan area.
The building has a current GIA of approximately 260.14 sqm (including Basement storage).
The planning permission was granted in August 2019 for the change of the basement and ground floor level to A1 Retail, and to a self-contained Residential flat at first floor level, with the creation of a further flat to second floor. The planning permission also permits the installation of a new entrance to the flats and revised shop frontage (DC/19/0894/FUL).
The approved scheme will see the conversion of the first floor to a 2 Bedroom flat with Kitchen/Living Room, 2 En-suite Shower rooms and further Cloakroom. At second floor level a further 2 Bedroom flat with be created, with Kitchen/Living Room, 2 En-suite Shower rooms and Cloakroom.
The well-conceived planning scheme offers buyers the chance to add value, along with offering a strong investment returns.
Tenure
Freehold with vacant possession
Location
104 High Street is located in the heart of the popular town of Newmarket surrounded by a mixture of local and national retailers, with a prominent High Street presence.
VAT
No VAT is payable on the purchase price.
Lot Type
Commercial
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or Karen Chapman at Druces LLP, Salisbury House, London Wall, London, EC2M 5PS
Viewing
Cheffins Property Auction Dept 01223 213777
Important notes
*Guide prices 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 price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set up to or within the Guide Range or no more than 10% above a single figure Guide. The reserve price will remain confidential between the seller and the auctioneer.
Fees: The guide price excludes any additional fees that the purchaser may incur, to include, but not limited to, Buyers Contract fee, Stamp Duty Land Tax, VAT, legal and search fees etc. Please refer to relevant Auction Legal Packs for details.�