About this property
Key Features
High occupancy level
Centrally located
Gross rental income £53,530 per annum
Commercial investment/Development opportunity
Description
An opportunity to purchase a centrally located, retail/office investment in Newmarket with potential for future mixed use/residential development (STP). The property comprises 4 fully let ground floor retail units and multiple rooms at first floor used for offices/storage with access to communal toilet and tea-making facilities. The property benefits from 4 parking spaces as part of a private courtyard and has a total net internal area of approximately 256.75 m² (2,817 ft²).
The property is let to a number of independent businesses on internal repairing tenancy agreements inclusive of electricity and water. Tenants are responsible for their own business rates. The gross rent is approximately £53,350 per annum. There is one vacant office with an estimated rental value in the order of £2,000 per annum. The landlord’s expenses for 2014 equated to £3,425.68 and are likely to be approx. £4,000 for 2015.
Tenure
Freehold subject to tenancies. VAT will be applicable to the sale price.
Location
Newmarket is a town in West Suffolk, close to the Cambridgeshire border and primarily known for being a world-famous centre for horseracing. The property is located in a secondary retail position, close to the ‘Clocktower’ roundabout and fronts Crown Walk which has pedestrian access from High Street and vehicular access off Exeter Road. Other businesses in the immediate vicinity include Iceland, Waitrose and a number of smaller independent retailers.
Auctioneers Note
Please note that new tenancies for suites 5.2b, 5.3 and 5.4 will be entered into on completion of the sale.
Overflow
* Leases to be executed on sale completion.
Lot Type
Commercial
Planning
The property has planning consent for ground floor retail with offices over (ref: F/86/007). The property has potential for future residential development, subject to securing the necessary planning permissions. We recommend that interested parties make their own enquiries of West Suffolk Planning Department on 01284 763233.
Legal Packs
www.cheffins.co.uk/propertyauctions or Atkins Thomson, Low Green Barn, Nowton, Bury St Edmunds, Suffolk, IP29 5ND Tel: 01284 767766 Ref: RD
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.�