Ref: Lot 20
Investment opportunity - Ground floor retail shop unit and HMO located in Wisbech.
Also known as 2 Norwich Street, PE13 2LE.
A split-use premises situated in the Georgian Town of Wisbech.
The ground floor shop has a tenant in place paying £6000 per annum and the 5 bedroom HMO is bringing in current annual income of £24,960.
Total annual income £30,960. Which equates to an annual yield of 22.11% based on this guide price.
The remainder of the building has appropriate facilities for the HMO use. This includes a laundry room, store room, shower rooms, and kitchen to serve 5 Rooms (The relevant planning applications for reference are F/YR/7/0362/F and F/YR/7/3109).
The HMO is currently licensed for 7 x people. Current room rates are as follows:
Room 1 - 110 per week.
Room 2 - 80 per week.
Room 3 - 110 per week.
Room 4 - 80 per week.
Room 5 - 100 per week.
The vendor believes there to be potential to increase room rates as reviews have not been carried out.
Lease information -
Ground Floor Shop
From Rateable Value information:
Net Internal area 290 sq.ft (26.94 sq.m)
The location is the secondary shopping area within Wisbech. It is a vibrant area with many independent businesses. The majority of the commercial premises in this area have residential units above and as such, the HMO element of this site, fits in well to the surrounding area.
The auctioneers have not inspected this property.
E
For sale by online auction on 25th January 2024
Bidding opens at 10:00am and closes from 12:00 noon
Mixed use premises
Ground floor retail shop unit - tenanted
HMO for 7 people - all rooms are tenanted
HMO element is band A council tax
Current annual income of £24,960
Georgian market town location
* Plus 5% Buyers Premium + VAT
* The Guide Price given is an indication as to where the Reserve is currently set. The Reserve is the minimum price that the auctioneer is authorised by the vendor to sell the property for. It is subject to change throughout the marketing period. Where the Guide Price is a single figure, the current Reserve will not be more than 10% above that single figure, and where a price range is given (i.e. £50,000 - £55,000), the Reserve will not exceed the upper level of the range. It is not necessarily what the auctioneer expects it will sell for.
We would like to point out that all measurements, floor plans and photographs are for guidance purposes only (photographs may be taken with a wide angled/zoom lens), and dimensions, shapes and precise locations may differ to those set out in these sales particulars which are approximate and intended for guidance purposes only.
These particulars, whilst believed to be accurate are set out as a general outline only for guidance and do not constitute any part of an offer or contract. Intending purchasers should not rely on them as statements of representation of fact, but must satisfy themselves by inspection or otherwise as to their accuracy. No person in this firms' employment has the authority to make or give any representation or warranty in respect of the property.
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