10 Northgate Street, Gloucester, GL1 1SE
Freehold retail investment property in Gloucester
Guide price*
£350,000+
Plus fees
Sold for £371,000
Lot information
Commercial Investment
Auction details:
Wednesday 19th May 2021 @ 08:30AM
A Prominent Freehold City Centre Retail Investment Let to O2,With Three Upper Floors Suitable For Future Conversion To Residential Uses Subject To Obtaining Any Necessary Planning Permission Current Rental Income £37,650 PA (10.75% Yield)
Property Description
The property comprises an attractive four storey mid terraced building with a spacious modern ground floor retail unit with the upper floors of ancillary accommodation considered suitable for future conversion to residential uses subject to obtaining any necessary planning permission.Location
The property is located in the heart of Gloucester City Centre fronting the pedestrianised Northgate Street close to it's junctions with Eastgate and Westgate Streets.Both Eastgate and Kings Walk Shopping Centre's and associated car parking are close by whilst Gloucester Cathedral lies approximately 250 metres to the north, nearby occupiers include Pandora, HSBC, TK Maxx, Costa, McDonalds and Sports Direct.
Gloucester is a historic and attractive City lying approximately 8 miles south west of Cheltenham and close to the Cotswolds rural area.
Accommodation
Ground Floor: Retail 2,205 sqft (204.85 sqm)First Floor: Ancillary 1,942 sqft (180.46 sqm)
Second Floor: Ancillary 461 sqft (42.82 sqm)
Third Floor: Ancillary 461sqft (42.82 sqm)
Total (approximately) 5,069sqft (470.95 sqm)
We have not undertaken a measured survey of the premises and all interested parties should seek there own verification in respect of accommodation, floor areas and dimensions.
Energy Performance Rating
DTenure
The property is Freehold subject to a lease to Telefonica Uk Ltd (T/A 02) for a term of five years with effect from 24/10/2017 on a full repairing and insuring lease at a current rent of £37,650 per annum. A copy of the lease will be available for inspection within the legal pack. We understand that the tenant has been in occupation for over 20 years.Telefonica Uk Ltd is part of the global telecommunications group Telefonica S.A. Telefonica Uk Ltd reported a pre tax profit of £765 million for year ending 31/12/2019 (source Smart Search)
Value Added Tax
We understand that VAT will be chargeable on this transaction.Auctioneer's Note
Please note that the completion period for this property is 6 weeks (42 days).Please note offers may be considered prior to the Auction Sale.
Remote Bidding Auction
This property is being offered via a remote bidding auction with bidding by proxy, telephone or internet only. You will need to pre-register for remote bidding, provide your identification and debit card details no later than 24 hours prior to the auction, please visit our website for further details.Viewings
Strictly by appointment with the Auctioneers. Please ensure that you have viewed the 360 degree video and/or photographs of the property before arranging a viewing appointment. If you then decide you would like to view the property in person, please call our office on 0121 312 1212 and you will be allocated a 5 minute appointment slot.DISCLAIMER
Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and include information that has been provided to them. Plans, photographs and room measurements (provided via a 3rd party) are provided as guidance only and should not be relied upon. All potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars or to obtain further information that is not provided which they deem to be important prior to bidding. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.
LIVE-STREAMED AUCTION
Please note that the Auction will be livestreamed via our website. You can take part remotely via Proxy, Telephone or Online, if you wish to bid you must pre-register via our website no later than 3pm the day prior to the auction. Please click here for further details.
*DEFINITION OF GUIDE & RESERVE PRICE
All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price.
COSTS AT AUCTION
When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer’s gavel, please therefore ensure you have read the legal pack for each property prior to bidding. They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price.
The sale of each lot is subject to an administration fee of £1,920 inc VAT (£1,600.00 + VAT) (unless otherwise stated in the important information), payable on the fall of the gavel/at the end of the online auction. Please note that the administration fee for the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable.
Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack has been prepared by the seller’s solicitor(s), who are responsible for its contents and disclosing all know information. It is available to download free of charge under the ‘lot information’, and you take responsibility for reading and understanding the legal pack and are bound by all the contents. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.
