Tenanted Retail Showroom & 7 Bedroom Accommodation – Potential To Generate £71,000+ pa

Prominently located detached property briefly comprising a ground floor retail (kitchen) showroom with workshop to rear plus self-contained seven bed residential accommodation at first floor. Ground Floor Retail Showroom: Currently rented on a rolling contract achieving £17,000pa + VAT (£20,400 inc VAT) comprising of: •Main showroom – 160 sq m •Separately accessed rear workshop with loading doors and drive through facility into a small rear yard area – 75 sq m •Mezzanine storage – 70 sq m •Rear service area including a kitchen, washroom/WC and ancillary. We have been informed that the tenants have been in occupation for approximately 10 years. First Floor Accommodation: With its own private entrance, this large apartment offers 7 good size double bedrooms with two shower rooms, one bathroom, a double kitchen with dining area and a separate communal living room. There is also a balcony offered to the rear of the building. Previously been let as student accommodation for the University of Central Lancashire (UCLAN), contractors and Air B&B, this has been achieving on average £150 per week / £4,500 per month (£54,000pa). The total combined potential income would therefore be £71,000 per annum, when fully let. We have been provided with the landlords monthly costings totalling approx. £1,100pcm which include all utility bills and the monthly ground rent charge. The living accommodation could also be subdivided into 2- 3 apartments subject to the necessary consents being obtained. Externally: There is a flagged forecourt suitable for off road parking together with lower loading bay / car parking areas. The enclosed rear year (which could readily be covered) has drive-through access from the workshop. Location: Prominently located on the north side of Fylde Road (A583) on the northerly edge of Preston City Centre close to the University and Docklands. Tenure: Leasehold Service Charge: None Ground Rent: £495pcm (£5,940pa) as informed by seller Length of Lease: 125 years from 27 March 2015 Title number: LAN164449 Council Tax Band: C (Business Rates for Showroom payable by tenant) Local Authority: Preston

Tenure

Leasehold.

IMPORTANT INFORMATION

Buying at auction is a contractual commitment, you are legally obliged to buy the lot on the terms of the sale memorandum at the price you bid. If you are the successful bidder, you are required to pay the deposit and auction fees immediately. As agent for the seller, we treat any failure to satisfy your obligations as your repudiation of the contract and the seller may then have a claim against you for breach of contract. You must not bid unless you wish to be bound by the common conditions of auction.

ANTI-MONEY LAUNDERING REGULATIONS

In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser. Every effort has been made to confirm the accuracy of the lot details including any defect in the title both with the vendor and their solicitor. Auction House will not be held responsible for any failure to disclose any such defects. Any purchasers choosing to buy without viewing in person are doing so at their own risk and acknowledge that the auctioneer will not be held responsible for any issues that may arise due to them being unintentionally missed from the video or sales particulars. Please refer to legal pack for additional fees and the Auction Information document for guidance prior to bidding.

Energy Efficiency Rating (EPC)

Current Rating Residential Accommodation: D

Local Authority

Preston City Council

Solicitors

The Ellen Court Partnership, Ref: The Ellen Court Partnership

Additional Fees

Administration Charge - 1.98% inc VAT of the purchase price, subject to a minimum of £1980 inc VAT, payable on exchange of contracts.

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