0 Bedrooms Studio for sale in Derby Road, Long Eaton, Nottingham NG10 | £ 150,000

Property Description

Substantial and prominently situated retail unit with large ground floor shop and rear vehicular access, whilst to first floor was previously a hairdressing salon and associated offices.

After an application to Erewash Borough Council planning department, indications are that change of use of the upstairs to provide two large three bedroomed apartments would be granted. It is hoped that formal planning would be granted prior to the auction, however failing such a decision then the vendors would consider a conditional element being added to the contract of sale.

The ground and first floors sections can both be easily and separately accessed from the front and rear of the property, offering a large number of combinations suitable for either the investment purchaser or owner occupier.

Following an element of refurbishment and reasonable financial investment in the property, local rental evidence would suggest that each apartment would let out comfortably at around £500 per month. They would be around 65 square metres each in size and offer well-proportioned two bedroomed accommodation.

The ground floor retail section of the property offers around 120 square metres of floor space, plus around a further 18 square metres of storage and ancillary space to the rear.

We would anticipate that this would attract a rental income in the order of £15,000 per annum from a prospective tenant if let out on the open market and with its prominent location overlooking Long Eaton Green then would be of interest to a wide variety of tenants.

This would therefore potentially produce an investment generating around £27,000 per annum from 3 separate sources and so looks to be a very attractively pitched opportunity at the guide price of £150,000 plus.

Ground floor

main retail shop: 16.97m max x 6.42m max. Separate door with staircase leading to first floor.

Office: 3.34m x 1.96m. Door leading to passageway with:

Kitchenette: 2.34m x 1.68m.

Boiler room: 2.34m X 1.68m.

Ground floor WC.

Rear loading bay: 6.99m x 1.95m. Internal door leading to staircase to the first floor, external roller shutter door to rear.

First floor Staircase access via Derby Road

main former salon: 6.63m x 6.42m.

Wash room: 3.43m x 2.48m. Passageway leading to twin wc's. Door to store room with WC off.

Office/area area: 5.94m x 2.42m. Sliding door to:

Office: 3.36m x 2.96. Double opening external doors, internal door to loading bay area.

Method of sale: The property is to be offered for sale by public auction to be held at the Holiday Inn on Bostocks Lane, Sandiacre, Nottingham, NG10 5NJ on Wednesday 24th October 2018 at 7.00pm prompt. We have received instructions that no offers are to be considered prior to the auction.

Tenure: The property is Freehold with vacant possession upon completion.

Notes: None of the services, appliances, or heating installations, plumbing or electrical systems have been tested by the agents unless stated.

Viewing details: By appointment with the agents.

Contracts & conditions of sale: Contracts and conditions of sale will be available for inspection by all interested parties 7 days prior to the auction date. Prospective purchasers are deemed to buy with full knowledge of the contracts and conditions of sale whether the same have been inspected or not.

Buyers premium: The successful purchaser is also to pay the auctioneers administration/document charge of £ 750 plus VAT on the evening of the sale.

Agents note: Please note that the sale details, including prices are subject to change, up to and including the date of the auction. Please check our website for any additional information, or possible alterations.

Guide price: This is an indication of the seller's price or range of prices, which are acceptable to them. Please note, like the reserve price, these figures may change up to the date of the auction.

Reserve price: Is the minimum acceptable price for the seller at auction and usually remains confidential between seller and auctioneer. Although bidding may start below the reserve figure, if this reserve price is not exceeded then the auctioneer is obliged to withdraw the lot. Like the guide prices, the reserve may change up to the date of the auction. Reserves are usually set within 10% of a single price guide or within 10% of the higher guide price figure, if a range of prices have been given.

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