Newerne Street, Lydney Guide Price £375,000
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** COMMERCIAL/RESIDENTIAL INVESTMENT BUILDING - For Sale by Joint Auction with Paul Fosh Auctions - Online Auction from 10th - 12th December 2024 ** TOOMBS & TOOMBS PROPERTIY CONSULTANTS ARE PLEASED TO OFFER FOR SALE THIS THREE STOREY SEMI DETACHED PROPERTY COMPRISING TWO LEASEHOLD GROUND FLOOR RETAIL UNITS & FOUR ONE BEDROOM FLATS (all with AST'S) WITH A POTENTIAL FOR A ROOFTOP APARTMENT SUBJECT TO PLANNING CONSENT AND POTENTIAL FOR FURTHER IMPROVEMENT OF THE BUILDING TO INCREASE THE RENT ROLL. CIRCA 5.5% GROSS RETURN
Lydney town offers a wide range of facilities including a variety of Shops, Banks, building societies and supermarkets, as well as a Sports Centre, Golf Course, Hospital, Doctors surgeries, Train Station, Primary and Secondary Schools.
A wider range of facilities are also available throughout the Forest of Dean including an abundance of woodland and river walks. The Severn crossings and M4 towards London, Bristol and Cardiff are easily reached from this area along with the cities of Gloucester and Cheltenham for access onto the M5 and the Midlands.
DESCRIPTION
Three storey Semi Detached comprising Two leasehold retail units and Four One Bedroom Flats (all with AST'S). Further potential for a rooftop apartment subject to planning consent and potential for further improvement of the building to increase the rent roll (current gross return in the region of 8.5%)
SCHEDULE OF FLOOR AREA
all measurements are approximate: Retail 1 – 31m²/333sft Retail 2 - 50m²/538sft 1st Floor – 2 Flats - 71m²/764sft 2nd Floor – 2 Flats - 71m²/764sft Total Net Internal - 223m²/2400sft Gross External Floor Area - 253m²/2722sft
SHOP UNIT ONE
RECEPTION AREA
33' 5'' x 13' 8'' (10.18m x 4.16m)
glazed door and window to front, storage area, door to rear hallway with window and door to side, doors to Kitchen and Cloakroom with WC and wash hand basin.
KITCHEN
12' 5'' x 7' 5'' (3.78m x 2.26m)
built-in cupboards, sink unit.
SHOP UNIT TWO
RETAIL AREA
33' 5'' x 12' 3'' (10.18m x 3.73m)
window and door to front, window to side, door to rear, access to Cloakroom with WC and wash hand basin.
FLAT ONE
ENTRANCE HALL
fitted cupboard.
LOUNGE
15' 3'' x 8' 10'' (4.64m x 2.69m)
windows to front and rear, open plan to
KITCHEN
7' 7'' x 7' 1'' (2.31m x 2.16m)
window to front, sink unit, cooker point.
BEDROOM
11' 3'' x 9' 0'' (3.43m x 2.74m)
window to front.
BATHROOM
three piece suite, window to side.
FLAT TWO
ENTRANCE HALL
built-in cupboard.
LOUNGE
14' 11'' x 13' 1'' (4.54m x 3.98m)
windows to front and rear, open plan to
KITCHEN
9' 7'' x 6' 7'' (2.92m x 2.01m)
windows to side and rear, sink unit.
BEDROOM
11' 1'' x 9' 0'' (3.38m x 2.74m)
window to rear.
BATHROOM
three piece suite, window to side.
FLAT THREE
ENTRANCE HALL
built-in cupboard.
LOUNGE
14' 11'' x 13' 1'' (4.54m x 3.98m)
windows to front and rear, open plan to
KITCHEN
9' 7'' x 6' 6'' (2.92m x 1.98m)
windows to side and rear, sink unit.
BEDROOM
11' 1'' x 9' 0'' (3.38m x 2.74m)
window to rear.
BATHROOM
three piece suite, window to side.
FLAT FOUR
ENTRANCE HALL
built-in cupboard.
LOUNGE
15' 3'' x 8' 10'' (4.64m x 2.69m)
windows to front and rear, open plan to
KITCHEN
7' 7'' x 7' 1'' (2.31m x 2.16m)
window to front, sink unit, cooker point.
BEDROOM
11' 3'' x 9' 0'' (3.43m x 2.74m)
window to front.
BATHROOM
three piece suite, window to side.
SERVICES
Mains are understood to be available. All interested parties will make their own enquiries.
TENURE
Advised Freehold - Retail Units 1 & 2 Leasehold to be verified by solicitor.
RENT ROLL
Retail - £14,000 pax Residential - £23,000 pax Total Rent Roll - £38,000 pax (Potential to increase Rent Roll subject to revised roof top flat - subject to consent or improvements to existing apartments)
AGENTS NOTE
Plans drawn for a proposed luxury roof top flat, consent not applied for or achieved - contact the agent for further details. The Partners of Toombs & Toombs Property Consultants have a financial interest in this property.
Auction Fees And Additional Costs
Auction fees: The sale of each lot is subject to a buyer’s premium of 1.2% of the purchase price (subject to a minimum of £1,200) including VAT unless otherwise stated. Additional costs: The purchase of the property may be subject to (but are not limited to), VAT (if applicable), reimbursement of the seller’s search fees, reimbursement of seller’s legal and/or sales costs, stamp duty/land transaction tax (LTT). Please check accompanying legal pack for further details.
Click to enlarge
- PRIME TOWN CENTRE POSITION
- TWO GROUND FLOOR LEASEHOLD RETAIL UNITS
- FOUR, ONE BEDROOM FLATS
- FURTHER DEVELOPMENT POTENTIAL (SUBJECT TO PLANNING)
- OFFERS INVITED
- CURRENT RENT ROLL IN THE REGION OF £38k
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Lydney GL15 5RA
Toombs & Toombs Property Consultants