85-89 King Street, Derby DE1 3EE

***HIGH YIELDING FREEHOLD INVESTMENT***

Occupying a highly convenient location in the heart of Derby, is a recently renovated (2022/23) freehold detached mixed use property producing a combined gross rental income of £58,000pa, this representing an impressive 11.2% return based on the guide price.

Located to the the majority of the ground floor is a well-appointed commercial unit with hair salon in occupation, we understand on a 3 year FRI lease from 2nd September 2024 to 1st September 2027 (please seek legal pack for verification). To the rear of the property there is a communal ground floor entrance with separate meter cupboards for the apartments that all on individual AST contracts. To the first floor landing, Flat 1 - one bedroomed, Flat 2 - 2 bedroomed flat. To the second floor landing , Flat 3 - Duplex 2 bedroomed flat, Flat 4 - one bedroomed flat and Flat 5 - Duplex 2 bedroomed Flat. Outside to the rear there is a block paved hard standing area.

The property is located just off the fashionable Five Lamps area of Derby, within short walking distance of the city centre and Friar Gate. Nearby excellent road network connections provide swift access onto Pride Park, A52 and the M1 Motorway.

No VAT Payable.

85-89 King Street - Barber Shop - 107sqm
Let on a 3 year commercial lease from Sept 2024 at £950pcm.

Flat 1, 2 Quaker Way - 39sqm
Let on an AST at £750pcm.

Flat 2, 2 Quaker Way - 44sqm
Let on an AST at £800pcm.

Flat 3, 2 Quaker Way - 56 sqm
Let on an AST at £850pcm.

Flat 4, 2 Quaker Way - 39 sqm
Let on an AST at £750pcm.

Flat 5, 2 Quaker Way - 50 sqm
Let on an AST at £800pcm.

Please Note
Property measurements have been taken from EPCs.

Freehold

Subject to a tenancy

Auction Details

The sale of this property will take place on the stated date by way of Live streamed auction and is being sold under the Unconditional sale type.

Binding contracts will be exchanged at the point of sale.

All sales are subject to our Common Auction Conditions and Bidder Terms. Properties located in Scotland and Northern Ireland will be subject to applicable local laws.

Auction Deposit and Fees

The following deposits and non- refundable auctioneers fees apply:

• 10% deposit (subject to a minimum of £5,000)

• Buyer’s Fee of 1.2% of the purchase price (subject to a minimum of £1,500 inc. VAT)

There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.

Additional Information

For full details about our auction processes, please refer to the Bidder Terms which can be viewed on our home page.

This explains the types of auction and sale methods we offer, the bidding registration process, your payment obligations, and how to view the Legal Pack (and any applicable home report for residential Scottish properties).

Guide Price & Reserve Price

Each property sold is subject to a Reserve Price. The Reserve Price will be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms. 

Conservation Area
We have been made aware this property is in a conservation area. Prospective buyers are advised to make all necessary independent enquiries prior to bidding, as any bid made will be binding.