INVESTMENT OPPORTUNITY
Units 1 & 2, 54 Ridgeway, Plymouth, PL7 2AL
- 2
Guide Price: *
£476,400
Fees apply
Buyer's fee:£3,600
All fees include VAT at 20%
Holding Deposit: *£1,400
*Only charged if you are the successful buyer and goes towards the purchase price
Auction Type:
Traditional
Sold for:
£476,400Bid history
1 bidN
06/07/2024 09:37:25 - £476,400
A fantastic investment opportunity to acquire this substantial two storey commercial property briefly comprising two ground floor retail units with spacious first floor ancillary space. Some may envisage future conversion of the upper floor into residential accommodation or alternative schemes or uses, subject to all the necessary consents being obtainable.
The property is located in a prominent position on The Ridgeway and is occupied by national operators Clegg Gifford Insurance Ltd & Superdrug with a combined annual income of £51,000pa that reflects very healthy net yield of 10.7%.
ACCOMMODATION
All areas and dimensions are approximate and are measured on a net internal basis unless otherwise stated.
UNIT 1
Ground floor: (1,348sqft )125.19sqm.
First floor/Ancillary (519sqft) 48.25sqm
Outside: Rear access.
UNIT 2
Ground floor (1,753sqft) 162.80sqm
First floor/Ancillary (876sqft) 81.40sqm
Outside: Rear access.
TENURE
Freehold.
TENANCIES
UNIT 1
Fully serviced. Let to Clegg Gifford Insurance Brokers Limited (Company registration no. 02838391) on a lease term of 5 years from 27th May 2023 on full repairing and insuring terms subject to a Schedule of Condition with a passing rent of £25,000 p.a. There is a tenants option to break at the third anniversary subject to 6 months prior written notice. The lease is contracted outside the Landlord & Tenant Act 1954.
UNIT 2
Fully serviced. Let to Superdrug Stores Plc (Company registration no. 00807043) on a lease term of 5 years from 25th December 2022 on full repairing and insuring terms with a passing rent of £26,000 p.a. There is a tenants option to break at the third anniversary subject to 6 months prior written notice subject to 3 months rent penalty.
LOCATION
Plympton is a popular Devon town located about 2 miles east of Plymouth, benefiting from good road communications, being situated on the A38 trunk road which links directly onto the A30 and M5 motorway. The properties occupy a prominent location near to a host of multi-national blue-chip companies including the likes of Boots the Chemist.
All areas and dimensions are approximate and are measured on a net internal basis unless otherwise stated.
AUCTIONEERS NOTE
Completion shall be 30 business days and not as per the standard auction 20 business days.
Summary
- Auction end
- 6th Jul at 09:38
- Property type
- Commercial
- Tenure
- Freehold
- Bedrooms
- 0
- Bathrooms
- 2
- Council tax band
- Ask Agent
Summary
- Auction end
- 6th Jul at 09:38
- Property type
- Commercial
- Tenure
- Freehold
- Bedrooms
- 0
- Bathrooms
- 2
- Council tax band
- Ask Agent
This property is being sold by:
247 Property Auctions
01395247000
info@247propertyauctions.co.uk
†Traditional auction
Exchange occurs at the end of the auction. This means that if the reserve is met or exceeded and the auction timer reaches zero, the successful bidder is legally obliged to pay the purchase price and the seller will be legally obliged to sell the property. To ensure that the successful bidder proceeds, the buyer is automatically charged a holding deposit, which is held in a secure client account, pursuant to the terms of a holding deposit agreement.
* Pricing Information
The Guide Price amount specified is an indication of each seller's minimum expectation. It is not necessarily the amount at which the property will sell. Each property will be offered subject to a Reserve (a figure below which the property will not be sold) which we expect will be set no more than 10% above the Guide Price amount.
Bamboo Auctions and 247 Property Auctions shall not be liable for any inaccuracies in the fees stated on this description page, in the bidding confirmation pop up or in the particulars. Buyers should check the contents of the legal pack and special conditions for accurate information on fees. Where there is a conflict between the fees stated in the particulars, the bid information box above or the bidding confirmation pop up and the contents of the legal pack, the contents of the legal pack shall prevail.
Stamp Duty Land Tax or Land and Buildings Transaction Tax may also apply in some circumstances.
Refreshing the Page
To make sure that you are seeing the latest information for the property, we recommend you refresh the page. This ensures you're seeing live information and not stored (cached) data. If the page disconnects from the Internet, refreshing the page will show the latest information.
Disclaimer
All information relating to this property, including descriptions, pictures and other related information has been provided by 247 Property Auctions. All legal documents in relation to this property have been provided by the Vendor's solicitor. Neither Bamboo Auctions or any individual in employment with Bamboo Auctions makes any warranty as to the accuracy or completeness of any of the property information.
These particulars do not form part of any contract or offer. Buyers should not rely on them as statements of representation and should check that the information is correct by inspection or otherwise. Where there is a conflict between the contents of the legal documents and these particulars, the information contained in the legal documents shall prevail.
