Lot 11 - Five Flats & Commercial Unit, 24 Market Place, Coleford, Gloucestershire, GL16 8AE
Lot 11 - Five Flats & Commercial Unit, 24 Market Place, Coleford, Gloucestershire, GL16 8AE
Addendum
The property has sold prior to auction.
Guide Price* : £356,000+
- Unconditional Online Auction Sale
- 6 Bedrooms
Lot 11 - Commercial Unit & Five Flats
Description
ONLINE AUCTION from 5th NOVEMBER-7th NOVEMBER
A mixed-use development premises comprising of five flats and a commercial premises. There is also planning consent for an additional flat.
The ground floor unit is currently occupied by a takeaway and is achieving an annual income of £1,170 per month and holds an A3 licence.
Two of the five flats are currently tenanted. Once fully occupied this property has potential to achieve a total income of approximately £50,000 per annum.
Location
Market Place is situated in the towns main square, it serves as a focal point for local activity and community life. The area is surrounded by a mix of traditional stone buildings, containing a number of mixed use developments.
The square is lined with independent shops, cafés, and essential services, making it a convenient spot for residents and visitors alike. A notable feature of the square is the iconic clock tower, a symbol of Coleford's history and a key meeting point for the community. The atmosphere is lively during the day, particularly on weekends, when the market thrives, and quieter during the evenings, giving it a peaceful, small-town vibe.
Events such as the Coleford Music Festival and other seasonal celebrations often take place in the Market Place, drawing in crowds and adding to the vibrancy of the town. The surrounding streets are easy to navigate, and parking options are nearby, making it an accessible and welcoming destination in Coleford.
Planning Permission
Planning consent has been approved for erection of a second and third floor to the rear of 24 Market Place to create an additional two-bedroomed flat over two further floors (revised scheme).
Virtual Tour
Services
The property benefits from gas, water and electric (not tested).
VAT
We have been advised that no VAT is due on the sale of this property.
Accommodation
Commercial Unit: Retail area, kitchen and WC
Flat 1: Open plan lounge/kitchen, bedroom & shower room
Flat 2: Open plan lounge/kitchen, bedroom & shower room
Flat 3: Open plan lounge/kitchen, bedroom & shower room
Flat 4: Lounge, kitchen, bedroom & shower room
Flat 5: Lounge, kitchen, stairs to first floor, 2 bedrooms & bathroom
Council Tax Band
A
Tenancy
| Tenant | Tenancy Type | Start Date / End Date | Tenancy Term | Rental Amount |
|---|---|---|---|---|
| Flat 1 | Vacant | Vacant | Vacant | Vacant |
| Flat 2 | Shorthold Tenancy Agreement | 12th April 2023 | 6 months | £600 pcm |
| Flat 3 | Shorthold Tenancy Agreement | 1st October 2024 | 6 months | £600 pcm |
| Flat 4 | Vacant | Vacant | Vacant | Vacant |
| Flat 5 | Shorthold Tenancy Agreement | 27th April 2018 | 6 months | £645 pcm |
| Ground Floor Retail | 13th July 2022 | 7 Years | £1,170 pcm |
Auction Fees And Additional Costs
Auction fees: The sale of each lot is subject to a buyer’s premium/admin fee of 1.5% of the purchase price (subject to a minimum of £1,500 for sale prices between £1 and £50,000 or subject to a minimum of £2,400 for sale prices of £50,001 upwards) 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.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every 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.
Guide Price* : £356,000+
- Unconditional Online Auction Sale
- 6 Bedrooms
Lot 11 - Commercial Unit & Five Flats
Viewing
Paul Fosh Auctions
Office Contact
Debra Bisley
Documents
Auction Finance
As a trusted partner of Paul Fosh Auctions, Together could offer the auction finance you need, when you need it. Visit togethermoney.com for more information.
If considering a mortgage, we advise that you inspect and consider the property carefully with your lender before bidding.