Retail premises for sale in 50-52 Newmarket Street, Grimsby, South Humberside DN32

For sale by online auction on Tuesday, 26 Mar 2024 ending at 14:17

for sale by unconditional online auction! (immediate exchange)

This property will be offered for sale by unconditional online auction 26th March 2024 with a *guide price of £60,000 - £80,000 (plus fees).



Situation:

The properties are situate on Newmarket Street, Grimsby, a popular and central area just of Freeman Street in the heart of this historic Port town. There are a wide range of facilities and amenities within close proximity along with excellent access to the M180 road network.

Description:

A wonderful opportunity to acquire this high yielding investment opportunity, made up of 4 individually units, including 3 residential and one commercial. The property comprises one mid and one end of terrace unit, currently arranged as 3 self contained flats and a retail premises. Current rent passing is approximately £15,000 per annum with scope to increase subject to the necessary notices to bring in line with market rents. Valued for the open market by a local commercial agent at £125,000 - £135,000.

The properties comprise:

First Floor Flat – 50 Newmarket St

Living Room

Bedroom 1

Bedroom 2

Kitchen

Bathroom

First Floor Flat – 52 Newmarket St

Living Room

Bedroom

Kitchen

Bathroom

Ground Floor Flat – 50 Newmarket St

Living Room

Bedroom

Kitchen

Bathroom

Ground floor Retail Unit – 52 Newmarket St

Small outside courtyard area to the rear.

Material Information

Tenure:

The property is leasehold; each unit has it's own lease. All prospective bidders should satisfy themselves of the tenure details by inspecting the legal pack. We are advised that the Rent paid bi-annually is £1140 for all four units with the next rent review in February 2037.

Council Tax:

The property falls within North East Lincolnshire Council.

Possession:

Subject to existing tenancy agreement.

Viewing:

Strictly by appointment with Auction House.

Services:

Prospective purchasers are advised to make their own enquiries of the relevant statutory authorities. Nb: Services, Apparatus and Equipment have not been tested by Auction House and therefore cannot be verified as being in working order. The buyer is advised

EPC Rating

E / F

Additional Fees
Buyers Premium: Non-refundable £1,200 inc VAT payable on the fall of the virtual gavel.

Administration Charge - Non-refundable £1,200 inc VAT payable on the fall of the virtual gavel.

Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.

Price Information
* Guides 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 (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Additional Fees Information
Please be aware there may be additional fees payable on top of the final sale price. This includes and are not limited to administration charges and buyer's premium fees payable on exchange, and disbursements payable on completion. Please ensure you check the property information page for a list of any relevant additional fees as well as reading the legal pack for any disbursements.