For sale by Unconditional Online Auction.
On behalf of Northwood - Sandbach
DRAFT DETAILS AWAITING VENDOR APPROVAL
An opportunity to acquire a partially developed mixed use site on the edge of Sandbach . The current site comprises a successful retail unit most recently operating as a takeaway, with two residential apartments to the rear. The site has planning approved for more than doubling the existing building to just under 4,000 square feet and providing an additional retail unit together with four further residential apartments.
Planning and building regulations approval has been granted under application 16/3758C and initial works prepared to ground level with footings and services in place to allow for the successful buyer to complete the development with minimal additional spend. Once complete the development is forecast to achieve a £60,000 per annum rental yield.
The site occupies a tremendous location with Ettiley Heath residential developments to one side and a large business park to the front generating significant retail demand with limited nearby competition. The site is within walking distance of Sandbach rail station and just a few minutes drive from Crewe rail station and connections to the high speed network serving Manchester and London.
Existing retail unit
Retail unit Currently vacant but fully equipped as a takeaway, retail unit to the front with kitchen behind and store to the side. Approximately 565 square feet, CEPC Rating C. Has been operated until recently as a successful fish and chip shop and sandwich bar with extended opening hours from 7am to 12 midnight catering for the business park during the day and residential area during the evening.
Ground floor apartment Approximately 600 square feet briefly comprising kitchen, lounge, bedroom and bathroom. Currently let under an Assured Shorthold Tenancy. EPC rating E. First floor maisonette apartment Approximately 650 square feet briefly comprising kitchen, lounge, two bedrooms and bathroom. Currently let under an Assured Shorthold Tenancy. EPC rating E.
Plans approved for the building to be mirrored to one side and the rear to be extended over the existing ground floor plan. Preparatory work to the ground floor has been completed, allowing for swift development. Retail unit Second retail unit of approximately 500 square feet suitable for convenience, hair salon or takeway, comprising retail floor to front and store with WC to the back.
Ground floor Two one bedroom apartments each approximately 360 square feet and comprising lounge/kitchen, bedroom and bathroom. First Floor Two apartments, one bedroom and two bedroom respectively at approximately 470 and 520 square feet.
Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.
EPC Rating: E
The auction for this property will be conducted online through our online-bidding platform. This is a “Timed Auction”, so there are no other lots being sold alongside this property.
The timeslot for the auction is displayed on SDL Property Auctions’ website. To view this, search for the property on their website. Then click onto the property to view the property details. The time remaining to bid and end date of the auction is displayed on the page.
You are required to undertake identity checks before you can be authorised to bid. You must also provide your payment details. If you do not provide this information, your registration will not be processed.
When you place your bid, you are deemed to have agreed to SDL Property Auctions’ Buyers Terms (England & Wales) which are available on SDL Property Auctions website.
Auction type- Unconditional with Variable Fee:
If you are the highest bidder, you must exchange legally binding contracts for the sale when the auction for the property comes to an end. You must then pay the applicable fees and deposit. You must complete the sale within 15 business days unless the Special Conditions of Sale contained within the Legal Pack state otherwise.
The following non-refundable fees apply:
Buyer’s Fee- payable on exchange of contracts. This is calculated as a percentage of the actual purchase price of the property. Either:
(a) 4.8% (including VAT) of the purchase price, for properties up to and including £250,000
(b) 3.6% (including VAT) of the purchase price for properties sold for over £250,000
The Buyer’s Fee is subject always to a minimum of £6,000 (including VAT). The Buyer’s Fee does not contribute to the purchase price and will be considered as part of the chargeable consideration for the property in the calculation of stamp duty liability.
On exchange of contracts, you must pay a non-refundable deposit equal to 5% of the actual purchase price of the property, subject to a minimum of £5,000. The deposit contributes towards the purchase price.
When you register to bid, you will be prompted to provide your payment details to SDL Property Auctions. In the event that you are the winning bidder, your card will automatically be charged a proportion of the Buyer’s Fee & Deposit. The payment will be calculated based on the guide price of the property, in line with the fee scale described above. Where the actual purchase price is higher than the guide price, you will be required to pay the difference immediately after the end of the auction, which can be paid by debit card or bank transfer. Payment by cash or cheque will not be accepted.
Example: You win the bid on a property with a guide price of £150,000, but the actual purchase price is £170,000. At this point your bid is successful you will be charged as follows:
Buyer’s Fee of £7,200- 4.8% of guide price
Deposit of £7,500- 5% of the guide price
As the actual purchase price amounted to £170,000, after the auction, you will be required to pay the following additional amounts on top of the initial payment:
£960 for Buyer’s Fee shortfall (£8160 due as 4.8% of actual purchase price)
£1,000 for Deposit shortfall (£8500 due as 5% of actual purchase price)
Before bidding, you must view the legal pack for the property. This is the collection of legal documents that apply to the sale. The documents will include but are not limited to: Special Conditions of Sale, title documents from the Land Registry and Energy Performance Certificate.
To view the legal pack, first search for the property on SDL Property Auctions’ website and click onto the property to view the property details. There will be a sub-heading “Legal Documents”. Underneath this, you will be prompted to “Log in to view the legal documents”. Follow this link, you will then be directed to create an account with Auction Passport to view the documents.
The legal pack can change at any time up until the auction starts so you must check for the most recent version of the legal pack. At the point of placing your bid, you are deemed to have read the legal pack in its entirety, including any changes. Failure to check for changes to the legal pack will not be a valid reason for withdrawing from the sale.
It is strongly recommended that you instruct a qualified professional to review the legal pack and raise any necessary enquiries before bidding.
Special Conditions of Sale:
The property is sold subject to any Special Conditions of Sale. These are contractual conditions that are included by the seller of the property - they are not part of SDL Property Auctions’ terms and conditions. The Special Conditions of Sale are legally binding. You are taken to have read and accepted these at the point of bidding, even if you have not done so. The Special Conditions of Sale are available to read in the legal pack.
To register to bid on the property, search for the lot on SDL Property Auctions website. Click onto the property, follow the link to “Log in/register to bid” , and you will then be directed to create an account with the online-bidding platform provider, EIG.
Northwood - Sandbach
By setting a proxy bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your proxy bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.
If two of more users place identical bids, the bid that was placed first takes precedence, and this includes proxy bids.
Another bidder placed an automatic proxy bid greater or equal to the bid you have just placed. You will need to bid again to stand a chance of winning.