One such lot includes The Phoenix Social Club in Stanley, County Durham, which Peter Key fans will enjoy. While it may not be the Phoenix Club from the cult television hit, it still presents the chance for budding investors to add the famed address to their portfolios.
The single-storey property is currently let at a passing rent of £3,000 per annum, however, the site may be suitable for a variety of development opportunities such as apartments or a light industrial unit (subject to planning consents). It is guided at £35,000 plus fees.
Managing director and auctioneer Andrew parker comments: “We’ve sold a number of properties with iconic addresses over the years and it’s great to be able to add The Phoenix Social Club to the list.”
“It’s a great opportunity for such a variety of buyers – whether they’re looking to take on the club as it is, or perhaps develop the site for a different use, we’ll be interested in keeping up with what they do with it, as it’s sure to be exciting either way.”
A rare opportunity to acquire a 1930s Art Deco cinema presents itself at 20 Cavendish Street in Chesterfield. Formerly the site of Chesterfield’s Regal Cinema, it closed in 1993 and soon became home to the Zanzibar and Escapade nightclubs.
The lot now partly operates as a department store with Boyes Stores currently paying £37,000 per annum, occupying 10,000 sq ft of the space. This is currently at a reduced value, with the full market rental being £75,000 per annum and the lease is due to expire in 2023. With potential for redevelopment into a variety of schemes, this is a great opportunity to acquire a sizable space at a guide price of £350,000-plus, plus fees.
A more modern nightclub and bar space can be found at 53 Ironmarket in Newcastle under Lyme, being sold in partnership with Rory Mack. The premises extends to 8,500 sq ft and is located in a prime position in the regenerated Ironmarket area with a high level of footfall.
The four-storey market bar property is generally in a good condition and could realistically be reopened with minimal work. With a guide price of £230,000-plus, plus fees, this could prove to be a lucrative purchase for anyone looking to expand or begin their hospitality ventures.
Another attractive commercial property is Afrikana in Derby, a restaurant premises located in a prominent position opposite the Cathedral. Having been professionally refurbished, it comprises a large seating area of up to 60 covers, as well as a quality fitted kitchen, toilet facilities and a useful basement area.
Currently let on an FRI lease from June 2019 at £20,000 per annum, which represents a 12.1% yield based on the guide price of £165,000-plus, plus fees, with a rent review due in June 2022.
Parker adds: “This is a fantastic opportunity for any investors looking to take on a successful hospitality business in the heart of Derby.”
“We regularly sell tenanted residential properties for clients looking to realise their assets, and commercial properties are no different – they present great purchases for anyone looking to add an income-producing property to their portfolio in the fast, faff-free way that a purchase by auction can provide.”
Alongside the commercial opportunities being sold in April, there is also a range of other properties awaiting their lucky bidder, including homes, apartments, land and more – with something to suit every requirement and budget.
The National Property Auction on Thursday April 28 will be live-streamed via the SDL Property Auctions website, with bids placed online, on the phone and by proxy.
Bidding registrations must be submitted before midday on Wednesday April 27 using the form here. For more information on any of the properties, click here.
Investment properties are the main focus at Clive Emson
Nearly 40 investment properties feature in Clive Emson Auctioneers’ auction in May.
The auction timers end on Thursday May 5, with bidding live two days beforehand.
Managing director James Emson says inflation plays a huge role in the upcoming sale. “With costly inflation now at 7%, and forecast to hit upwards of 9% by December, savings are losing value in real terms.”
“Property investors look long-term, ploughing savings and borrowings into buying property, with the prospect of capital growth aligned with inflation-beating rental yields.”
He adds: “There really is something for all budgets in our auctions, of which the May one is the third of eight over the year.”
One of the investment properties in the auction, with 111 lots listed, is a former Hampshire pub converted into nine flats and currently let at £51,000 per annum; it is listed at £750,000-plus and close to the University of Portsmouth’s campus (lot 79).
Meanwhile, a mixed-used investment building at Bostall Hill comprising a double shop unit with three flats and generating £44,400 per annum, has a £650,000-plus estimate (lot 109).
Currently let at £36,674 per annum is an attractive Victorian villa comprising five flats and an office in Torquay, south Devon. Guide price: £380,000-plus (lot 103).
In the seaside resort of Bournemouth, Dorset, a studio flat is guided £55-65,000 and is let at £395 per calendar month (lot 16).
A mixed high street property investment at the Isle of Wight’s capital town Newport has a £250,000-plus estimate – a bakery shop and two flats generate £25,400 pa (lot 69).
Freehold investments are also being auctioned.
Close to Westcombe Park railway station is a terraced three-bedroom house in Blackheath, London, with an estimate of £625-650,000 and ‘for improvement’ (lot 88).
Elsewhere, in a receivership instruction at the harbour town of Falmouth, south Cornwall, a terraced home previously used as flats is guided at £475,000-£500,000 (lot 61).
Clive Emson, which works with a network of 850-plus estates agents, sold 80% of 132 lots in the March auction, raising £26 million, with nearly 2,500 unique bidders.
A company record was broken with a lot near the River Thames in Essex – the exchanged contract was for just over £5.4 million, whilst the lowest value lot went for £1,000.
Emson concludes: “The March auction also recorded the highest number of people using the proxy-bidding service, which was launched earlier this year following feedback.”
Using the service, potential buyers enter their maximum bids during the auction; the automated system then bids on their behalf to the limit set.