About this property

Key Features

6 week completion with vacant possession
Planning consent for 2 bedroom duplex flat above retail unit
City centre location
Freehold commercial investment/development opportunity. VAT exempt.

Description

An excellent opportunity to purchase a well positioned end of terrace commercial premises, in the heart of the thriving city of Ely, Cambridgeshire. The property is of brick and timber framed construction beneath a mix of pitched slate roofs, with flat felt roofing to the rear, and benefits from planning permission to create a self-contained 2 bed flat above the retail unit. The accommodation currently comprises: Ground floor: Main L-shaped retail space, with full height and width display windows and glazed doors. Also at ground floor level is a Cloak room with WC and wash hand basin, and rear lobby with stairs to first floor. First floor: Arranged as one main display area, with a pair of sash windows to front, and large storage cupboard to side. To the rear of the property is a small yard with right of way in favour of the neighbouring property and a redundant detached store of brick construction beneath asbestos sheet roof in need of overhaul. The property is currently fully let to an interior design company who have occupied the property for approximately 10 years, but are due to vacate in July 2019, thereby offering an investor a chance to purchase the building with vacant possession.


Tenure

Freehold with vacant possession

Location

The building occupies a prominent position to the east of the main High Street in the thriving city of Ely. Ely lies approximately 17 miles north of Cambridge and has a main line train station with services to Cambridge and London.

VAT

No VAT is payable on the purchase price.

Lot Type

Commercial

Planning

Planning permission was granted in October 2017 to reconfigure the property to form a self-contained retail unit at ground floor, with permission to create a 2 bedroom self-contained duplex flat over the first and second floors (which include a conversion of the existing roof space). In addition the detached out-building to the rear will be rebuilt. Further details of the approved scheme can be found on the East Cambs planning portal, ref 17/01017/FUL.

Legal Packs

www.cheffins.co.uk/auctions/property-auctions or John Thorogood at Ward Gethin Archer, Market Place, Ely, Cambs, CB7 4QN, 01353 662203, john.thorogood@wardgethinarcher.co.uk

Viewing

Cheffins Property Auction Dept 01223 213777


Important notes

*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 a Reserve price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set up to or within the Guide Range or no more than 10% above a single figure Guide. The reserve price will remain confidential between the seller and the auctioneer.

Fees: The guide price excludes any additional fees that the purchaser may incur, to include, but not limited to, Buyers Contract fee, Stamp Duty Land Tax, VAT, legal and search fees etc. Please refer to relevant Auction Legal Packs for details.”