PRIME COMMERCIAL COMPLEX WITH FLATS AND DEVELOPMENT POTENTIAL
PROPERTY SUMMARY
A fully occupied commercial and residential complex comprising a double shop (currently the Balti House), two single retail units, and three flats above, with the potential for a fourth flat currently used as storage. This investment opportunity includes a substantial plot of land at the rear, offering scope for further development. The complex is generating an annual income of £35,280, with room for significant uplift.
Auctioneers Comments - This property is for sale by the Modern Method of Auction, meaning the buyer and seller are to Complete within 56 days (the "Reservation Period"). Interested parties' personal data will be shared with the Auctioneer (iamsold).
If considering buying with a mortgage, inspect and consider the property carefully with your lender before bidding.
The buyer signs a Reservation Agreement and makes payment of a non-refundable Reservation Fee of 4.50% of the purchase price including VAT, subject to a minimum of £6,600.00 including VAT. This is paid to reserve the property to the buyer during the Reservation Period and is paid in addition to the purchase price. This is considered within calculations for Stamp Duty Land Tax.
Services may be recommended by the Agent or Auctioneer in which they will receive payment from the service provider if the service is taken. Payment varies but will be no more than £450.00. These services are optional.
Commercial Units - Double Shop - Balti House: Occupied by a popular local restaurant on a 5-year lease, with a break clause exercisable from April 2025 with two months' notice. This unit offers a substantial floor area, perfect for a thriving food business.
Two Single Shops: Both under rolling leases with two months' notice break clauses, providing flexibility for tenants or future reconfiguration.
Flats Above - Three flats are situated above the retail units, all under periodic tenancies, generating consistent rental income. While the flats are in good condition, they offer the opportunity for light modernisation to increase rental yields.
There is also a fourth flat space, currently used as storage by the Balti House, which could be converted into an additional rental unit.
Land And Development Potential - The property features a substantial plot of land at the rear, offering exceptional development potential. With the appropriate permissions, this space could accommodate additional residential or commercial units, unlocking further value.
Income And Lease Details - Current combined rental income: £35,280 annually, with potential for increase.
Flats: Periodic tenancies provide flexibility for rent adjustments.
Two single shops: Rolling leases with two months' notice break clause.
Balti House: 5-year lease with a break clause from April 2025.
Location - Situated in a prime area, this property benefits from excellent footfall and accessibility. Close to major transport links and local amenities, it is an attractive proposition for both commercial tenants and residential occupants.
This is a rare opportunity to acquire a fully tenanted commercial and residential complex with consistent income and outstanding potential for future development. Whether you are looking to expand your property portfolio or develop a versatile space with high demand, this property is an ideal choice.