- Commercial Property fully let
- For Sale by Auction - T & C"s apply
- Reservation Fee applicable
- 13% YIELD!!
- Subject to an undisclosed Reserve Price
- Potential for residential development STP
This property is for sale by the Modern Method of Auction which is not to be confused with Traditional auction. The Modern Method of Auction is a flexible buyer friendly method of purchase. We do not require the purchaser to exchange contracts immediately, but grant 28 days to achieve exchange of contracts from the date the buyer`s solicitor is in receipt of the draft contracts and a further 28 days thereafter to complete. Allowing the additional time to exchange on the property means interested parties can proceed with traditional residential finance.
Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer will be required to put down a non-refundable Reservation Fee of 3.5% subject to a minimum of £5,000 plus VAT which secures the transaction and takes the property off the market. The buyer will be required to sign an Acknowledgement of Reservation form to confirm acceptance of terms prior to solicitors being instructed. Copies of the Reservation form and all terms and conditions can be found in the Legal Pack which can be downloaded for free from the auction section of our website or requested from our Auction Department.
Please note this property is subject to an undisclosed Reserve Price which is generally no more than 10% in excess of the Starting Bid. Both the Starting Bid and Reserve Price can be subject to change. Terms and conditions apply to the Modern Method of Auction, which is operated by the North West Property Auction powered by iam-sold Ltd.
*Commercial Investment opportunity currently fully let producing an excellent 13% yield*.
This property is currently yielding 13% as a commercial let, however, we anticipate that the majority of prospective investors would look to convert the top floors to residential.
The owner has had some plans drawn up to convert the two upper floors to 9 x 1 bed flats. This would mean removing the 1st floor tenant which is the gym operator currently paying £11,000 per annum and on flexible lease terms so we can have this vacant quite easily. We estimate the 9 x 1 bed apartments would achieve £450 per month each so this would amount to £48,600 per annum plus the £31,000 from the 3 ground floor commercial units gives total potential of £79,600.
We have estimated the cost for the full conversion to be between £160`000 to £180`000.
This is a rough figure of what it could come to, This price includes all costings that would be needed for residential conversion, there would be need to be doorways/entrances, staircases, window, separate security entrance to residential, bike sheds and a few other things that would need to be done to make it compliant with regulation.
If we work on the middle point of this estimate of £170`000.
The full cost of the property and conversion would be £500`000.
This would then give a yield of 16% on investment.
Sizes- Ground floor (514), 703 sq ft 65.30 sq m, Ground floor (516-518) 913 sq ft, 86.48 sq m, Ground Floor (520)- 1009 sq ft, 93.70 sq m, First Floor- 1857 sq ft, 172.53 sq m, Second Floors 1939 sq ft, 180.14 sq m. Total, 6421 sq ft, 596.53 sq m
Call our office today to find out more and secure your viewing appointment 0151 7331879
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marshallets limited endeavour to make our property particulars accurate and reliable, however, they do not constitute or form part of any offer or contract and are not to be relied upon as statements of representation or fact. Any services, systems and appliances listed in this specification have not been tested by us and no guarantee as to their operating ability or efficiency is given. All measurements have been taken as a guide to prospective renters only, and are not precise. If you require clarification or further information on any points, please contact us.