MIXED USE COMMERCIAL PROPERTY FOR SALE BY AUCTION - 2 SHOPS, 2 CELLARS, 4 FLATS. RECENT RICS VALUATION AT £390,000. OPPORTUNITY TO ACQUIRE BMV WITH SIGNIFICANT POTENTIAL FOR UPLIFT IN CAPITAL VALUE. APPROX. 275m2 OVER FOUR FLOORS. HIGH YIELDING, LOW MANAGEMENT INVESTMENT OPPORTUNITY. POTENTIAL TO SPLIT TITLE BY TP1. OFFERS OVER £165K FOR HALF WILL BE CONSIDERED. EXCELLENT COMMERCIAL LOCATION ON THE BUSIEST CORNER OF LEEK TOWN CENTRE. STRONG PRE AUCTION OFFERS INVITED FROM CASH BUYERS.
PRE-AUCTIONS OFFERS INVITED.
OPTION TO SPLIT TITLE TO ACQUIRE HALF.
Multiple mixed residential commercial property - 2 shops, 2 cellars, 4 flats
Very favourable trading location attracting high rents from national chains
High yielding, low management, safe investment approaching 15% yield
Recent RICS valuation of £390,000
Potential to further increase capital uplift by splitting title and / or developing the ground floor to create another flat.
Further potential to re-open the exiting front cellar stairwells to create tow lower ground floor retail units.
Approximately 275m2 over 4 floors
Excellent commercial location on the busiest corner of Leek town centre
Potential for further ground floor flat to rear, retaining shops (permitted development)
Conservation area but not a listed building
Potential to create further full-height cellar commercial unit by re-opening front cellar stair wells to street. (Stairwells exist but are capped over)
Rear access on both sides to shops, flats and cellars
Leek is a beautiful traditional small market town on the edge of the Peak District in the affluent Staffordshire Moorlands with a vibrant and thriving town centre with very few voids.
A full schedule of refurbishment works and EPC upgrade nearing completion, the whole building has been insulated to modern standards with 100mm Celotex-type insulation to all external facing walls and 400mm loft insulation. EPCs should achieve a C if not B. The shop units internally are being prepared ready as a bare box ready for retailer fit-out. Electrics, smoke alarms and emergency lights have been fitted to the shops and flats.
The shops front the busiest corner of Leek town centre in a very prominent and advantageous trading position 10 metres away from the car park adjoining the pedestrianised zone and 2 further main car parks around 50 metres away. Despite not being advertised for rent at the time, the national chain William Hill enquired about renting the shops due to their unique trading position. The shop windows are most visible in all directions as the traffic slows to the T-junction. The site neighbours a very busy Weatherspoons pub and other high footfall outlets.
Rental Projections
Three flats £575 pcm x 3 £20,700 pa
Studio £500 pcm £6,000 pa
Two shop units £800 pcm x 2 £19,200 pa
Cellars/storage £200 pcm x 2 £4,800 pa
Total £4,000 pcm £50,700 pa
This represents a very healthy yield approaching 15%. (likely to increase if further works undertaken to increase retail and residential space). Investors and landlords will appreciate how attractive this is. It is unusual to find a yield this high (other than HMO style properties, which also have more onerous management profiles). This property consists of small and easy to rent single-lets and commercial units offering the landlord a safe spread and an easily managed, arms-length, high yielding investment.
Serco have indicated that they are looking for properties in the area for long, fixed term and generous rents offering further scope to increase the profile of this investment.
There is strong residential demand in Leek but the flats would also be attractive as serviced accommodation units. Leek is only 10 miles from Alton Towers, 1 mile to Lake Rudyard and 2 miles from The Peak District National Park.
Informed investors will be aware that despite the recent stamp duty tax hike, there are still SDLT benefits on mixed commercial/residential properties.
A RICS valuation was done in April which indicated a value of £390,000 in the present format. There is potential for considerable further capital uplift by splitting the title for the individual units. On present comparisons of similar flats and shop units in Leek a GDV on splitting of around £475,000 could be achieved. Prospective buyers are encouraged to do their own research. There are now companies available that have expertise in this area and specialise in this kind of title splitting investment model and can assist buyers to achieve the best possible uplift, please enquire for details.
The property is presently on one Freehold title but can be split and sold separately.
Alternatively the vendor will consider offers for the Freeholds individually to be split vertically as 2 x traditional four-storey terraces including 1 shop + 2 flats + 1 cellar each.
Pre auction offers will be considered from serious prospective cash buyers who can demonstrate that they are proceedable under auction terms.
* Plus 3% Buyers Premium plus VAT
The seller of this property may consider a pre-auction offer prior to the auction date. All auction conditions will remain the same for pre-auction offers which include but are not limited to, the special auction conditions which can be viewed within the legal pack, the Buyer’s Premium, and the deposit. To make a pre-auction offer we will require two forms of ID, proof of your ability to purchase the property and complete our auction registration processes online. To find out more information or to make a pre-auction offer please contact us.
Any additional costs will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack is available to download free of charge under the ‘LEGAL DOCUMENTS’. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.
Multiple mixed residential and commercial building in Leek.
Two shops, two cellars & four flats.
Further development opportunities to enhance capital value.
* The Guide Price given is an indication as to where the Reserve is currently set. The Reserve is the minimum price that the auctioneer is authorised by the vendor to sell the property for. It is subject to change throughout the marketing period. Where the Guide Price is a single figure, the current Reserve will not be more than 10% above that single figure, and where a price range is given (i.e. £50,000 - £55,000), the Reserve will not exceed the upper level of the range. It is not necessarily what the auctioneer expects it will sell for.
We would like to point out that all measurements, floor plans and photographs are for guidance purposes only (photographs may be taken with a wide angled/zoom lens), and dimensions, shapes and precise locations may differ to those set out in these sales particulars which are approximate and intended for guidance purposes only.
These particulars, whilst believed to be accurate are set out as a general outline only for guidance and do not constitute any part of an offer or contract. Intending purchasers should not rely on them as statements of representation of fact, but must satisfy themselves by inspection or otherwise as to their accuracy. No person in this firms' employment has the authority to make or give any representation or warranty in respect of the property.
Viewing: Due to the nature and condition of auction properties, the auctioneers highlight the potential risk that viewing such property carries and advise all to proceed with caution and take necessary requirements to ensure their own safety whist viewing any lots offered. Viewings are conducted entirely at the potential buyers own risk, these properties are not owned or controlled by Town & Country Property Auctions and the auctioneers will not be held liable for loss or injury caused while viewing or accessing the lot. Due to the nature of some auction properties, electricity may not be turned on, therefore viewing times are restricted. Viewers will need to bring their own lighting/ ladders if wanting to inspect cupboards, cellars and roof spaces. Some viewings are carried out by third party agents and we will endeavour to give appropriate notice should the published viewing time change. Town & Country Property Auctions will not be liable for any costs or losses incurred due to viewing cancellations or no shows.
All auctioneer fees and deposits stated are non-refundable. The deposit will be applied toward the final purchase price. Auctioneer fees, while not contributing to the purchase price, will still be included in the total chargeable consideration of the property when calculating Stamp Duty Land Tax, Land Transaction Tax, or Land and Buildings Transaction Tax (as applicable depending on whether the property is located in England, Wales, or Scotland).
By setting a proxy bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your proxy bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.
If two of more users place identical bids, the bid that was placed first takes precedence, and this includes proxy bids.
Another bidder placed an automatic proxy bid greater or equal to the bid you have just placed. You will need to bid again to stand a chance of winning.
By subscribing here you agree to receive relevant emails, news and updates from Town & Country Property Auctions. You can unsubscribe at any time.
No fuss, fast & free*
Town and Country offer a free selling service to a growing number of people choosing to sell their property quickly and easily through auction.
*Contact individual regions for cost
How to bid
Our buying at auction guide will help you throughout the process providing you with guidance to confidently secure your purchase.
Back to search results
Gallery
