About this property
Key Features
Potential rental income £21,600pa when fully occupied
3 bedroom residential flat to first floor
Ground floor office area
Detached 2 storey mixed use investment property
Description
The property provides a two storey detached building of brick construction under a pitched tiled roof, built in approx. 1920 and extended to the rear in the 1970's. The rear extension is of brick cavity walls under a slate covered roof.
The property has commercial use on the ground floor and is currently occupied by Saffron Insurance Limited, who have carried out substantial refurbishment to the accommodation in recent years. The ground floor is laid out as follows:
Main shop area 27ft x 14ft; Rear Annex 19ft x 14ft; Separate area 8ft x 5ft; Store Room 12ft x 7ft; Rear Lobby; Ladies & Gents Cloakrooms; Service Room; Kitchen.
At first floor is a 3 bedroom residential flat which is served by a separate entrance to the rear. 2 of the bedrooms are currently occupied by tenants on Assured Shorthold Tenancy Agreements. The first floor is laid out as follows:
Doorway to the rear; Landing; Living Room; 3 Bedrooms; Bathroom, Kitchen.
Outside - The property has no outside space
The property could generate an annual rental income of £21,600pa when fully occupied.
TENANCIES
Tenure
Freehold subject to tenancies
Overflow
GROUND FLOOR: Tenant: Saffron Insurance Ltd. Rent: £9,000 p.a exclusive. Term: 5 years from 5th December 2016.
FIRST FLOOR: 2 residential tenants(AST). Rent: £7,200 inclusive of gas and Council Tax. Third bedroom previously let at a rate of £450pcm.
PLANNING
The ground floor property is currently used as an Insurance brokerage office falling under Class A2 of the Town and Country Planning (Use Classes) Order 1987. The first floor accommodation is residential use Class C3.
LOCATION
The property is prominently located on the High Street in the heart of the Soham town centre which is situated approx. 18 miles north east of Cambridge on the A142 mid-way between Newmarket and Ely with good access to the A14 to the south.
Lot Type
Commercial
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or John Byrne & Co., Sheraton House, Castle Park, Cambridge, CB3 0AX (Tel: 01223 370063 Ref JB
Viewing
Cheffins Commercial Department 01223 213666
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.�