A rare central London freehold in Chelsea is being offered with a guide price of £2.4m at the next Acuitus auction on 9 May.
The circa 1,500 sq ft property on Chester Row, SW1, is made up of a ground floor shop with residential above and has planning permission for conversion into a single house. The residential element is vacant and the shop is let on a licence which is mutually determinable on 30 days’ notice.
The live-stream auction will also feature two significant development opportunities in neighbouring Cheltenham and Gloucester, which are being sold on behalf of two major funds. A substantial unbroken freehold retail and office parade at 5-39 Winchcombe Street in Cheltenham is for sale with a guide price of £1.8m-£1.9m. This property currently comprises 11 shops with office accommodation on the upper floors along with a number of parking spaces. There is potential for a change of use to a hotel, and the asset currently produces £187,500 in annual rental income.
A freehold office building in Gloucester, currently let to the Secretary of State for Communities and Local Government on a lease expiring in 2028, has prior approval for change of use from offices into 45 flats. At present, the property generates £330,000 in rental income and is being offered with a guide price of £2.95m.
Other development opportunities in the catalogue include:
- A Grade II-listed former restaurant in Tunbridge Wells, Kent, guided at £500,000. The property, which comprises circa 4,500 sq ft on a site of 0.5 acres, has residential development potential, and is currently vacant.
- Six former funeral parlours in locations including Cambridge, Newbury and Amesbury, are for sale with guide prices ranging from £50,000 to £420,000. All have potential for development or change of use.
Director Charlie Powter of Acuitus said the development opportunities should attract entrepreneurial buyers.
Major investment grade assets on offer include the Trent Trading Estate in Hanley, Stoke-on-Trent, which comprises 22 fully let commercial units and generates £214,158 in rental income. The freehold of this property is offered with a guide price of £2m, with a yield in excess of 10%.
Director David Margolis said: “There remains strong demand for multi-let industrial estates and this particular asset offers good active management potential to support the continued uplift in capital values.”
Image © Acuitus
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