About this property
Key Features
Freehold HMO classification
Potential to increase annual rent
Fully let - current income of £64,815 pa
High yielding mixed use investment comprising 2 retail units & 10 bedsits
Description
An excellent opportunity to purchase an end-terrace freehold building arranged over ground & two upper floors, of brick walls with rendered façades under a pitched roof, together with a basement area providing storage.
The ground floor is divided into two shop units and fully let. In 2016 the upper floors were converted to create 10 self-contained bedsits with shared kitchens & bathrooms. There is an external fire escape & shared yard for bin storage at the rear. The vendors have undertaken repairs & redecoration over the course of their ownership.
The retail units have been let to the same tenants during the current ownership (over 10 years) with no rent arrears over this period. The bedsits have full HMO classification, let under a management agreement with Northwood (www.northwooduk.com). A guaranteed monthly rent is paid, all council tax is covered. The property benefits from mains electricity, gas & drainage.
VAT: VAT will be payable on the purchase price.
Tenure
Freehold subject to existing leases.
Location
The property is situated in a prominent corner location at the junction of the High Street & The Avenue in the heart of Newmarket. It lies close to the train station, bus stops & many shops & restaurants. The A14 & A11 trunk roads are within easy access.
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or Longmores Solicitors LLP, 24 Castle Street, Hertford, Hertfordshire, SG14 1HP Ref RS
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.�