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Mid Terrace for sale

Empress Road, Derby

£100,000 (Auction Guide Price)


Key Features

  • Freehold commercial investment opportunity
  • Substantial office building
  • Let at u00a3700pcm (u00a38,000 per annum)
  • Scope for significant rental increase
  • Potential to convert to residential use (STPP)
  • Convenient positioned
  • Double glazed, gas central heated
  • EPC rating TBC

Description

* FOR SALE BY AUCTION THURSDAY 31ST AUGUST * A freehold commercial investment opportunity to acquire a substantial office building, situated just off the popular Burton Road, within close proximity to the city centre.

Interestingly the property has been let to a successfully run charity for over 20 years. The charity is currently paying a passing rent of £700 per calendar month (£8,000 per annum), this represents and impressive 8% return based on the guide price, however in our opinion there is scope for a significant rental increase.

Alternatively, the property may lend itself to residential conversion to flats or HMO use, subject to obtaining the necessary planning consents if desired.

Internally the double glazed and gas central heated office accommodation consist of; reception hallway, guest WC with separate Gentlemens and ladies WC’s, 4x office rooms, fitted kitchen and conservatory. To the first floor landing, there are three further well proportioned offices. Outside to the rear there is a low maintenance courtyard.

The property is situated within the context of an established and popular residential location with excellent road network connections providing swift access onto the Royal Derby Hospital, Derby inner ring road and several retail parks.

NOTE FOR BUYERS – A copy of the completed lease is not available. Land behind the property (part of which formed part of the premises within the lease) was also sold previously and will not form part of the demised premises. We have also been informed that the use of the property under the lease is for office purposes only however members of the commercial tenant reside at the property. Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.

Draft Sales Details
These sales details are awaiting vendor approval.

Tenure:
Freehold.

Auction Details:

The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Variable Fee (England and Wales).

Binding contracts of sale will be exchanged at the point of sale.

All sales are subject to SDL Property Auctions Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.

Auction Deposit and Fees:

The following deposits and non- refundable auctioneers fees apply:

– 5% deposit (subject to a minimum of £5,000)

– Buyers Fee of 4.8% of the purchase price for properties sold for up to £250,000, or 3.6% of the purchase price for properties sold for over £250,000 (in all cases, subject to a minimum of £6,000 inc. VAT). For worked examples please refer to the Auction Conduct Guide.

The Buyers Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.

There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.

Additional Information:

For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions home page.

This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).

Guide Price & Reserve Price:

Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.

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Property EPC 1

Derby Branch

T: 01332 943818
Suite 3, The Mill,
Lodge Lane,
Derby,
DE1 3HB

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