Preliminary Details - more information to follow

Multi-let mixed use freehold investment property comprising ground floor restaurant (business not affected) and 3no. flats. Gross Rent - £49,440 per annum / Gross Yield - 14.54%. Grade II Listed 

Accommodation Sq M Sq Ft

17-19 – Ground Floor Cafe 66.64 / 717

17A – 3-bed maisonette 97 / 1,044

17B – 1-bed ground floor flat 36 / 388

19A – 1-bed maisonette 67 / 721

19B – 1-bed ground floor flat 41 / 441

Total Residential Accommodation 241 / 2,594

Combined Retail and Residential 307.64m2/ 3,311ft2

Areas from VOA and EPCs and subject to onsite verification.

Tenancy Information

Café is let from September 2022 to a private individual trading as Timos Café on a 7-year internal repairing (plus shopfront) term at an initial rent of £14,400 per annum, exclusive. Tenant-only break-clause (subject to conditions) and upward-only rent review at the second anniversary. Understood to ‘Contracted Out’.

17A – Let to two private individuals from 24th September 2022 at an initial rent of £845 per calendar month.

17B – Let to a private individual from 24th February 2024 at an initial rent of £695 per calendar month.

19A – Let to a private individual from 28th February 2024 at an initial rent of £730 per calendar month.

19B – Let to two private individuals from 6th May 2022 at an initial rent of £650 per calendar month.

(£35,040 per annum from the residential.)

Planning

We understand the property is Grade II Listed located within the Glastonbury Conservation Area. Further information can be found via the Historic England website, List Entry Number: 1057963

Rights of Way / Flying Freehold

Benefits from vehicular and pedestrian rights of way over adjoining land – further details available in the legal pack.

Registering to bid and Administration fee

Cooper and Tanner requires all bidders who wish to bid at our Auction to register beforehand, whether you are intending on bidding in the room, by proxy or online. As part of the registration process, you will be asked to provide card details in order that the Buyer’s Administration Fee of £1350 inc VAT can be paid if you are successful. A week before the auction a hold will be placed on your account for this sum, which will then be released if you are unsuccessful. This fee will only be taken if you are the successful buyer. The fee is retained by Cooper and Tanner and does not form part of your deposit or completion settlement. Please also be aware that the Buyer’s Administration fee is payable per lot purchased and applicable to all pre-auction sales. If you are successful in purchasing more than one lot, we will contact you following the auction to take subsequent payments for additional lots bought. All checks required by current anti-money laundering legislation must be satisfactorily completed, as part of the registration process before prior approval to bid will be granted; this will include providing proof of funds.

Deposit

Successful bidders will be required to pay to the Cooper and Tanner Client Account the deposit of 10% of the purchase price within 24 hours of the auction. The account details will be provided to the successful bidder on conclusion of the auction. Once funds are cleared, they will be transferred on to the account of the solicitor acting for the seller. Please ensure that funds are in an account suitable to be able to make an Electronic Transfer from.

Solicitors

Chubb Bulleid, Wells

Laura Maden acting

Telephone: 01749 836 100

Local Council: Somerset Council. Telephone: 0300 123 2224

Drainage Rates: None.

Services: Potential purchasers are advised to make their own enquiries into the adequacy and availability of any services.

Tenure: Freehold subject to leases. 

VAT: The purchase price is not subject to VAT

Completion

Completion has been set for 23rd May 2024 or earlier by arrangement.

Viewing: Strictly by appointment only. Please contact 01458 834 (option 2) for available viewing dates.