A pair of Staffordshire shop units with residential development potential are likely to catch the eye of investors and developers alike when they come up at Bond Wolfe’s next auction.
The mid-terraced units at 21 and 21a Lower Brook Street, in the market town of Rugeley, already generate rent from the ground floor shops but the two unused upper floors are suitable for future conversion to residential use, subject to planning permission.
The property is listed in the livestreamed Bond Wolfe auction on Wednesday 27 March with a guide price* of £150,000*.
Ian Tudor, commercial auction director at Bond Wolfe, said: “These units sit on the pedestrianised Lower Brook Street in a busy town centre trading position and currently generate £16,500 per annum in rental income.
“The two upper floors have been unused for many years but are considered to offer the potential for future residential conversion subject to obtaining the necessary planning permission.
“The freehold includes the rear yard with vehicle access across neighbouring land.”
21 Lower Brook Street is occupied by Wrights, a bakery and cake shop, and 21a by a branch of the Max Spielmann photographic chain. Wrights has a six-year lease dating from 25 December 2018 at a passing rent of £8,500 per annum. Max Spielman has a five year lease starting from 1 December 2020 at a passing rent of £8,000 per annum.
Mr Tudor said: “Both are well presented having modern trading areas, ancillaries and WCs.
“The upper floors require renovation and the installation of stairway access and comprise five void areas on the first floor and further potential accommodation on the second floor.”
The Rugeley property is just one of 191 lots that are appearing in Bond Wolfe’s next auction, which will start at 8.30am on Wednesday 27 March.
If you have a property you are considering selling, visit https://www.bondwolfe.com/free-property-appraisal/ email auctions@bondwolfe.com or call 0121 312 1212 or 01902 928 510 for advice or to arrange a free no obligation valuation.