A three storey freehold mixed-use commercial premises currently arranged to provide a cafe on the ground floor with a commercial kitchen on the first floor and living accommodation on the second floor. The property will be sold with vacant possession and offers potential for residential conversion of the whole building or just the upper floors whilst retaining a cafe/takeaway use on the ground floor, subject to consents. Situated in a prominent trading position in the centre of Stroud with a large public car park to the rear, the property presents a superb opportunity for investors, developers and owner occupiers.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 13 February 2025 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
VIEWING -
By appointment
SUMMARY -
THREE STOREY MIXED-USE PROPERTY WITH POTENTIAL FOR RESIDENTIAL REDEVELOPMENT
DESCRIPTION -
A vacant three storey mixed-use period property that is currently arranged to provide a cafe/shop on the ground floor with a commercial kitchen and toilet facilities on the first floor and living accommodation on the second floor. The property benefits from a prominent retail frontage and a separate entrance to the first floor via a raised walkway. There is potential for residential conversion of the whole building or to create a self-contained residential maisonette on the upper floors whilst retaining a commercial use on the ground floor. The property could be rented for circa £13,000 per annum in its current arrangement or circa £15,000 per annum if converted to a shop and maisonette. A fantastic investment/development opportunity that would also suit owner occupiers seeking a cafe/restaurant/takeaway premises.
LOCATION -
The property is situated in a prominent trading position on Nelson Street off Cornhill in the centre of Stroud. Stroud has excellent transport links with London Paddington only 90 minutes (approx.) by train and Swindon, Bath and Bristol are all easily commutable by car.
ACCOMMODATION -
The existing accommodation is arranged to provide a ground floor cafe/shop at ground floor level, a commercial kitchen and toilet facilities on the first floor and two bedrooms and a shower room on the second floor.
RENTAL POTENTIAL -
We would anticipate a market rent in the region of £13,000 per annum if the property was rented in its current arrangement. If the property was converted to a ground floor retail unit and a maisonette on the first and second floors, we would anticipate the following rental figures:
Ground Floor Shop: £6,000 Per Annum
Maisonette: £750 pcm (£9,000 Per Annum)
TOTAL: £15,000 Per Annum
LOCAL AUTHORITY -
Stroud District Council.
COMPLETION -
Completion for this lot will be 6 weeks from exchange of contracts or sooner by mutual agreement.
FURTHER DEVELOPMENT POTENTIAL -
Our client had begun the process of trying to acquire land adjoining the subject property from Stroud District Council and had received positive feedback for a scheme of 4 x shops and 8 flats. Please see details of the proposed scheme below:
https://www.visionmillarchitects.co.uk/_files/ugd/5f8037_36cb5a0bfcba4e93a2b2129855d77a24.pdf
https://www.visionmillarchitects.co.uk/general-6
ENERGY PERFORMANCE CERTIFICATE -
Rating: E
BUYER'S PREMIUM -
Please be advised that all purchasers are subject to a £1,500 plus VAT (£1,800 inc VAT) buyer’s premium payable upon exchange of contracts.
*GUIDE PRICE -
Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to Reserve Price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
RESERVE PRICE -
The seller's minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
PROXY, TELEPHONE & ONLINE REMOTE BIDDING -
The auction will be held online via live video stream with buyers able to bid via telephone, online or by submitting a proxy bid. You will need to complete our remote bidding form, which is available to download from our website. The completed form, ID (driving licence or passport and a recent utility bill stating the home address of the purchaser) and a cheque/bank transfer for the Preliminary Deposit must be received no later than 24 hours before the date of the auction.
PRELIMINARY DEPOSITS -
The Preliminary Deposit required for each lot you wish to bid for will be calculated based upon the Guide Price as follows:
£1,000 - £150,000: £5,000
£151,000 and above: £10,000
If you bid is successful, the balance of the deposit monies and Buyer’s Premium (£1,800 inc VAT) must be transferred to our client account within 24 hours of the auction sale. If you are unsuccessful at the auction, your Preliminary Deposit will be returned to you within 5 working days.
