Lot 20 Auction

1 Clive Street, Cardiff, CF11 7HJ View map

Sold STC

Snapshot

FOR SALE BY PUBLIC AUCTION –Three storey, investment property comprising a large ground floor shop/office unit and 2 apartments in a landmark Cardiff location, just outside the city centre.


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    Description

      Three storey, investment property comprising a large ground floor shop/office unit and 2 fully let apartments in a landmark location, just outside Cardiff city centre. Please note that the property immediately next door is also being sold by the same vendor as part of this auction and is listed as Lot 2. However, this property will be immediately withdrawn from the sale if Lot 2 does not reach its reserve price or is withdrawn.

      The property itself has generally been well maintained internally by the current owner and is in a generally satisfactory order throughout, though would benefit from some modernisation and improvement in part as and when tenancies vacate in the future. The building itself is of brick and stone construction and also benefits from uPVC windows and doors throughout and well maintained communal areas.

      The shop is currently empty but both apartments are let on AST's. The rental schedule is listed below and we understand rental increases have been agreed by the current tenants. There is obviously additional income potential from the vacant commercial unit but with the agreed rental increases on the apartments, there is still a gross yield of 7.3% even with the empty commercial unit. Please do consult the legal pack for verification of all tenancies and rental levels.

      Shop – Vacant.
      Flat 1 - £600pcm. Agreed increase to £650 from 1st June
      Flat 2 - £540pcm. Agreed increase to £560 from 1st July.

      Total - £1140pcm increasing to £1210pcm from 1st July (£14,520pa). Gross yield of 7.3%.

      NB. Please note we are also selling the adjacent property 3 Clive Street as Lot 2 owned by the same vendor. Viewings will be conducted on both properties at similar times.

    Accommodation

      GF - Shop unit with mezzanine office space and WC.
      FF - Flat 1 - Hall, sitting room, bedroom, kitchen, shower room.
      SF - Flat 2 - Hall, sitting room, bedroom, kitchen, shower room.

    Tenure

      Presumed Freehold – please refer to legal pack for verification of tenure

    Viewing

      Viewing by appointment with Seel and Co (029) 2037 0117

    Additional Fees

      Buyers Premium – 1% with a minimum of £1,000 (inc of VAT) payable on exchange of contracts. Please refer to the legal pack for any further disbursements to be paid 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.

    Further Information

      Auctioneers Office, Seel and Co (029) 2037 0117

    Auction Details

      FOR SALE BY PUBLIC AUCTION on 5 July 2022 online via the Seel and Co website. Bidding will commence from midday on Monday, 4 July and conclude in order from Lot 1 at 4:00 pm on Tuesday, 5 July 2022

    Need to know

    Please refer to legal pack and auction catalogue prior to bidding.

    Please be aware that you cannot bid without having a deposit.

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