About this property
Key Features
Currently producing £56,690 per annum with potential for growth (1) and (2)
One retail unit and six residential flats
Freehold retail/residential investment opportunity
Description
The property comprises a substantial building over three main storeys, in the heart of the thriving Cambridgeshire town of Soham.
The accommodation comprises a ground floor retail unit with six self-contained flats, over ground, first and second floors. There are 4 x one bedroom flats and 1 x three bedroom flats arranged over the upper floors, with a further 1 x one bedroom flat on the ground floor to the rear of 2 Churchgate Street.
The flats are all accessed through a gate to the side of the property, which leads to the various entrances at the rear, along with the large rear garden.
Buyers should be aware that planning permission was previously approved on the rear garden (together with the adjacent property 5a White Hart Lane, which is under separate ownership).
The planning permission dated 13/06/2019 (Application Ref: 19/00036/FUL) was for "Demolition of existing bungalow and creation of 7 properties made up of 4 x 3 bed town houses, 2 x 3 bed flats and garage conversion to form 1 x 3 bed dormer bungalow". The planning permission expired on 13/06/2021. See www.eastcambs.gov.uk for further details.
Tenure
Freehold subject to tenancies/lease
Location
Soham is located just off the A142 between Ely and Newmarket. Road links are good with the A142 providing access to Ely to the north and to junction 37 of the A14, 5 miles to the south at Newmarket which interlinks well into the larger surrounding towns of Cambridge and Bury St Edmunds.
The new Soham train station was constructed and opened in December 2021, enhancing travel connections to Soham. The station is on the Ipswich to Ely line, thereby offering services to Ely, Peterborough, Bury St Edmunds, Ipswich amongst others.
The property is situated on the east side of Churchgate Street, at the junction with White Hart Lane in a mixed use area adjacent to Domino's and opposite St Andrew's Church
Lot Type
Commercial
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or Charmain Rolfe at Birketts LLP, 22 Station Road, Cambridge, CB1 2JD
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.�
Accommodation
| Unit |
Accommodation |
Tenancy |
Rent per Annum |
| Total |
|
|
£56,690 |
Ground Floor
Basement |
Retail 134.43 sq m (1,447 sq ft)
Storage 17.74 sq m (191sq ft) |
Individual t/a Poppies
15 years from 27/11/2009 (2) |
£12,000 |
| r/o No.2 |
1 Bedroom, reception, kitchen, bathroom |
Individual AST |
£8,100 |
| 2a |
3 Bedroom, reception, kitchen, bathroom |
Individual AST |
£9,600 |
| 4a |
1 Bedroom, reception, kitchen, bathroom |
Individual AST |
£6,240 |
| 4b |
1 Bedroom, reception/kitchen, shower room |
Individual AST |
£5,200 |
| 4c |
1 Bedroom, reception, kitchen, bathroom |
Individual AST |
£7,150 |
| 4d |
1 Bedroom, reception, kitchen, bathroom |
Individual AST |
£8,400 |
(1) Some rents received on individual units are higher than stated. Please refer to the rent schedule in the legal pack.
(2) A rent review notice has been served in respect of outstanding rent reviews dating from 27.11.11, 27.11.14 and 27.11.19 at a rent of £26,000 per annum. A copy of the rent review notice can be found in the legal pack. The tenant has also expressed an interest in renewing their tenancy / extending their occupation.