Lot 2 - 4 Newborough, Scarborough, North Yorkshire, YO11 1NA
- Unconditional Online Auction Sale
- Guide Price* : £225,000+
- Bedrooms: 0
Description
• Ground floor retail unit with uppers
• Potential for residential conversion (STP)
• Rental income £28,500 per annum (12.36% net yield at guide)
• Central pedestrianised location
A fantastic opportunity to purchase a mid-terraced building of traditional construction over ground and three upper floors totalling approximately 294 sq m (3,163 sq ft), along with further basement.
The building is positioned in the popular pedestrianised part of the town with high levels of footfall. The property is currently let to an optician and offers investors a fantastic potential net yield of 12.36% at the guide price.
The ground floor is arranged as a retail unit with ancillary office and storage accommodation provided on the upper floors. The upper floors may lend themselves to alternative uses, subject to obtaining the necessary consents. There is rear access to the building via an alleyway to the side.
Floor sizes:
Basement - Not measured
Ground - 83.69m² (900ft²)
First - 68.24m² (734 ft²)
Second - 51m² (549ft²)
Third - 26.7m² (287ft²)
Total - 229.64m² (2,470ft²)
The property has an EPC rating of C.
Tenure
Freehold subject to lease
Viewing
Naylors Gavin Black Commercial Agents 0191 2327030
Location
Scarborough is a popular seaside town on the North Yorkshire Coast with direct rail links to York and East Coast mainline.
The shop is located on Newborough the main retail street adjacent to Marks and Spencer and close to Holland and Barrett, Savers, Ramsdens and Subway.
Tenancies
The building is currently let to Pagan and McQuade (Hartlepool) Limted -T/A Local Eyes Opticians, on a lease expiring 29th September 2027 at a rent of £28,500 per annum and subject to a schedule of condition.
VAT
We understand the property is elected for VAT and therefore VAT should be payable on the purchase price.
Auctioneer's Note
The successful bidder will pay a buyer’s contract fee on exchange of contracts of:
£900 including VAT for purchases upto and including £100,000.
£1,500 including VAT for purchases of £101,000 to £300,000.
£2,100 including VAT for purchases of £301,000 and above.
This fee is only payable by the successful bidder.
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or Abbey Eastwood at Womble Bond Dickinson, The Spark, Draymans Way, Newcastle upon Tyne, Tyne and Wear, NE4 5DE
Vendors Solicitor
Vendors Solicitor
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every 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.
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Vendors Solicitor
Vendors Solicitor
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