Auction Property

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Location: Strand House, Llandrindod Wells, Powys, LD1 5BB

Summary:
Substantial mixed use corner property for investment/development

Guide Price: SOLD

Full Description:
A prominent building having stone covered tiled and brick elevations beneath pitched slate and flat fibreglass roof coverings benefiting from gas central heating (not tested) and car parking to the rear of the building. The accommodation provided is set out as a newsagents trading as KDM Local, a bookmakers trading as S P Racing with a self-contained eight-bedroom apartment located over the two floors which offers the potential to be split into two or three separate residential units. The current tenant in the apartment only occupies the lounge, two bedrooms, kitchen and bathroom facilities hence the current low rent. The property is located in a busy trading location with a good level of footfall within the town due to its close proximity to the railway station. Local occupiers include Greggs, Boots, Barclays and Oxfam. Accommodation: KDM Local: GF: Main retail area with counter and further lower retail area beyond with lobby and store. Staircase leading down to two further stock rooms, staff room/office with sink drainer unit FF: Room with sink drainer unit leading through to w/c accessed from external staircase OS: Outside w/c and wall mounted Worcester Bosch combination boiler (not tested) S P Racing: GF: Main retail area with counter, w/c, inner hallway, further room, kitchen Self-contained eight-bedroom apartment GF: Hallway into apartment from pavement with stairs to first floor FF: Only floor that benefits from uPVC double-glazing. Landing, large reception room, two bedrooms, split level to kitchen and bathroom SF: Landing, two bedrooms, further bedroom leading through to another bedroom. Two further bedrooms OS: Car parking for five vehicles. Gated side entrance. Forecourt area at side of bookmakers Tenancies: We understand that all units have a licence to occupy put in place and both of the commercial tenants are keen to sign longer term leases as have been trading for a number of years and wish to remain. KDM Local We understand a licence to occupy is in place at a current monthly rent of £600. S P Racing We understand a licence to occupy is in place at a current monthly rent of £550. Apartment We understand a licence to occupy is in place at a currently monthly rent of £200 which is way below market rent. Therefore, the current monthly rent is £1,350 with the current licences in place would generate an annual income of £16,200 with scope for betterment by increasing and developing the residential section of the property. Tenure: Presumed Freehold - please refer to legal pack for verification of tenure. Viewing: Auctioneers Office, Seel & Co Ltd (029) 2037 0117 Guide price: £99,000+ Additional Fees: Buyers Premium – 0.5% with minimum of £600 (inc of VAT) payable on exchange of contracts. Please check the legal pack for any further disbursements that may be payable by the purchaser on completion. Each property sold is subject to a Reserve Price. The Reserve Price, which is agreed between the seller and the auctioneer just prior to the auction, 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. Both the Guide Price and the Reserve Price can be subject to change up to and including the day of the auction.