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Price

Beds

Type

Location

Property Description

FOR SALE BY AUCTION ON WEDNESDAY 12TH JUNE 2024 COMMENCING AT 1PM
SALE VIA A LIVE-STREAMED AUCTION
GUIDE PRICE: £800,000
VIEWINGS BY APPOINTMENT ONLY: OPEN DAYS (25/05/24, 01/06/24, 08/06/24) Please call to arrange appointments

A chance to purchase a re-development opportunity offering two commercial units on the ground floor, four apartments to the first floor and a duplex with its own access to the side. This development is attractively located in the middle of Fenny Stratford with a prominent high street position. The property currently offers approximately 4,250 sq ft of internal floor space with on-site parking for 10 vehicles. Full Planning has been approved. A 15-YEAR LEASE HAS BEEN AGREED FOR THE GROUND FLOOR COMMERCIAL UNITS GENERATING £45,000 P.A. Once renovated these premises will generate £108,600 p.a. with the GDV at £1,400,000

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    PLANNING PERMISSION

    Planning permission has been granted to redevelop this site to provide two retail units on the ground floor and five apartments on the first floor with one apartment benefiting from ground-floor access and accommodation. The planning also presents off-road parking for 10 vehicles. Milton Keynes Planning Application number: 17/02377 FUL and Ref. No: 22/01059/CLUE

    COMMERCIAL UNITS

    Unit 49 - 925 sq ft / 86 sq m
    Unit 51 - 1,119 sq ft / 104 sq m
    The current owners have agreed on a 15-year lease for both units generating £45,000 p.a. The term has a 5-year review and is subject to contract.

    APARTMENTS

    The first floor presents approximately 1,750 sq ft / 162 sqm of accommodation. The new apartments consist of four two-beds and a single-bedroom flat.
    Based on recent comparables the whole property GDV can be determined at £1,400,000 and the rent passing for the apartments would fetch around £63,600 p.a.

    PARKING

    The planning permission presents off-road parking spaces for 10 vehicles.

    RATEABLE VALUE

    The current rateable value of the existing property is £28,250.

    COSTED SCHEDULE OF DEVELOPMENT

    The current owners have generated a schedule of costs to develop the site at a figure of £564,000. This figure can fluctuate and is based on professional opinion

    HOW TO GET THERE

    The property can be located on Aylesbury Street with vehicular access from George Street. Fenny Stratford is a quiet suburb of Milton Keynes partnering Bletchley and Denbigh North. Bletchley train station is a 5 minute walk providing fantastic commuter links to Birmingham and London.

    PRICE INFORMATION

    *Guides 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 a Reserve (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. Additional Fees and Disbursements will charged to the buyer - see individual property details and Special Conditions of Sale for actual figures.

    BUYERS PREMIUM CHARGES

    The purchaser will be required to pay a buyers premium charge of £6,000 (£5,000 plus VAT)

    BUYERS ADMINISTRATION CHARGE

    The purchaser will be required to pay an administration charge of £900 (£750 plus VAT).

    DOING10082023/9663

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