Proeprty summary Sedgeley's is well known in the area and currently operates as an electrical retailer, which was founded in 1960.
The prospect of acquiring this prime plot and building will be of great interest to investors and developers alike, as the scope for development is extensive.
Currently this detached property is arranged over three floors and comprises of two commercial outlets, one with workshop and storeroom. Further storage is available in the cellar. To the first floor, there are two self-contained flats, which would be vacant to let on completion of sale. To the side of the building there is parking for 4 cars.
With a potential revenue of £41,400 p.a. Exclusive of rates, the property as it stands, could offer buyers an 8% yield.
Blaby Blaby is a vibrant and busy shopping area with great transport links locally and is also within easy distance of the M6/M69/M1/A5 and close to Hinckley and Leicester, as well as the nearby town of Lutterworth. Properties in the area are highly desirable due to their close proximity to quality shops and restaurants, with old and new parts of the town, effortlessly blending together, The infamous Bakers Arms Pub, dates back to 1484.
Sale by auction This method of auction requires both parties to complete the transaction within 56 days of the draft contract for sale being received by the buyers solicitor. This additional time allows buyers to proceed with mortgage finance (subject to lending criteria, affordability and survey).
The buyer is required to sign a reservation agreement and make payment of a non-refundable Reservation Fee. This being 4.2% of the purchase price including VAT, subject to a minimum of £6,000.00 including VAT. The Reservation Fee is paid in addition to purchase price and will be considered as part of the chargeable consideration for the property in the calculation for stamp duty liability.
Buyers will be required to go through an identification verification process with iamsold and provide proof of how the purchase would be funded.
This property has a Buyer Information Pack which is a collection of documents in relation to the property. The documents may not tell you everything you need to know about the property, so you are required to complete your own due diligence before bidding. A sample copy of the Reservation Agreement and terms and conditions are also contained within this pack.
The buyer will also make payment of £300.00 including VAT towards the preparation cost of the pack, where it has been provided by iamsold.
The property is subject to an undisclosed Reserve Price with both the Reserve Price and Starting Bid being subject to change.
Referral Arrangements
The Partner Agent and Auctioneer may recommend the services of third parties to you. Whilst these services are recommended as it is believed they will be of benefit; you are under no obligation to use any of these services and you should always consider your options before services are accepted.
Where services are accepted the Auctioneer or Partner Agent may receive payment for the recommendation and you will be informed of any referral arrangement and payment prior to any services being taken by you.
