Commercial property for sale in Market Place, Hexham, Northumberland NE46

Guide price £375,000
Commercial property for sale 1 2
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Property features

  • Retail Premises & Maisonette
  • Prime Central Location
  • 7.4% Return on Investment

Property description

A substantial stone built Grade II listed retail premises with a three bedroom maisonette over, occupying a prime central position within the Market Place in Hexham.
This property is for sale by the Modern Method of Auction. Should you view, offer or bid on the property, your information will be shared with the Auctioneer, iamsold.
This method of auction requires both parties to complete the transaction within 56 days of the draft contract for sale being received by the buyers solicitor. This additional time allows buyers to proceed with mortgage finance (subject to lending criteria, affordability and survey).
The buyer is required to sign a reservation agreement and make payment of a non-refundable Reservation Fee. This being 4.2% of the purchase price including VAT, subject to a minimum of £6,000.00 including VAT. The Reservation Fee is paid in addition to purchase price and will be considered as part of the chargeable consideration for the property in the calculation for stamp duty liability.
Buyers will be required to go through an identification verification process with iamsold and provide proof of how the purchase would be funded.
This property has a Buyer Information Pack which is a collection of documents in relation to the property. The documents may not tell you everything you need to know about the property, so you are required to complete your own due diligence before bidding. A sample copy of the Reservation Agreement and terms and conditions are also contained within this pack.
The buyer will also make payment of £300.00 including VAT towards the preparation cost of the pack, where it has been provided by iamsold.
The property is subject to an undisclosed Reserve Price with both the Reserve Price and Starting Bid being subject to change.

A substantial stone built retail premises with a three bedroom maisonette over, occupying a prime central position within the Market Place in Hexham. Both premises are currently tenanted and draw an annual return of around 36,800. The building has been well maintained and viewings are highly recommended and available by appointment. (roi of 7.4 gross).
This property is for sale by the Modern Method of Auction. Should you view, offer or bid on the property, your information will be shared with the Auctioneer, iamsold.
This method of auction requires both parties to complete the transaction within 56 days of the draft contract for sale being received by the buyers solicitor. This additional time allows buyers to proceed with mortgage finance (subject to lending criteria, affordability and survey).
The buyer is required to sign a reservation agreement and make payment of a non-refundable Reservation Fee. This being 4.2% of the purchase price including VAT, subject to a minimum of £6,000.00 including VAT. The Reservation Fee is paid in addition to purchase price and will be considered as part of the chargeable consideration for the property in the calculation for stamp duty liability.
Buyers will be required to go through an identification verification process with iamsold and provide proof of how the purchase would be funded.
This property has a Buyer Information Pack which is a collection of documents in relation to the property. The documents may not tell you everything you need to know about the property, so you are required to complete your own due diligence before bidding. A sample copy of the Reservation Agreement and terms and conditions are also contained within this pack.
The buyer will also make payment of £300.00 including VAT towards the preparation cost of the pack, where it has been provided by iamsold.
The property is subject to an undisclosed Reserve Price with both the Reserve Price and Starting Bid being subject to change.

Retail Unit

Ground Floor 863 sq ft. Basement 502 sq ft. - The ground floor comprises a self contained retail unit

Mainsonette

The first and second floor have been converted to a well appointed three bedroom maisonette

First Floor

Landing, Bedroom 1 (double), Bedroom 2 (double), Bedroom 3 (double), Shower Room, Cloakroom/WC.

Second Floor

Landing, Sitting Room, Lounge, Breakfasting Kitchen, Utility Room, Cloakroom/WC.

Services

Utilities: Mains water, electricity, and drainage are connected to the property.

The maisonette has the benefit of electric night storage heating.

Lease Terms

Ground Floor: Let to Done Bros (cash betting) Ltd on a 10 year lease from 2009. The passing rent is 29,000 p.a. Exclusive. T

Maisonette:

VAT

We are advised that the property is not elected for VAT. All prices, rents and other figures quoted in these particulars are net of VAT.

Rateable Value

Ground Floor: 21,000 (shop and premises).

Council Tax

Council Tax Band A.

Legal Costs

Each party to bear their own legal costs involved in their transaction.

Tenure

Freehold.

Disclaimer

These particulars are intended to give a fair description of the property but their accuracy cannot be guaranteed, and they do not constitute an offer of contract. Intending purchasers must rely on their own inspection of the property. None of the above appliances/services have been tested by ourselves. We recommend purchasers arrange for a qualified person to check all appliances/services before legal commitment.

Property Rental Service

Red Hot Property provides both a tenant placement and full management service for landlords. Full details are available on our website ().

Property info

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For more information about this property, please contact
Red Hot Property Group Limited, NE46 on +44 1434 239002 * (local rate)

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Disclaimer

Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Red Hot Property Group Limited, and do not constitute property particulars. Please contact Red Hot Property Group Limited for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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