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£1,650,000 Guide Price
Bedrooms
Redevelopment opportunity - 10,000sq-ft commercial listed premises (former town house) with parking, garden, courtyard, coach house and 80+ space Car Park. Currently home to a private members club offered freehold with vacant possession. Also available in two separate lots.
A substantial Grade I listed former town house located on the edge of the historic town centre of Bury St Edmunds. A unique cathedral market town in the heart of Suffolk. The formal entrance on Northgate Street, large car park and club entrance are accessed from Pump Lane. Currently the home of the Bury St Edmunds and Farmers Club, it provides flexible accommodation over three floors plus cellars, with formal receptions from an elegant double Regency Room to oak panelled reception and bar, and a commercial kitchen and club reception. On the first and second-floors the majority of the rooms are used as meeting rooms or offices, some let on short term leases, expiring by the end of 2025. The basement is used for a barrel and bottle store for the bar. There are three outbuildings in the courtyard to the rear, currently used for storage.
AGENTS NOTE: Consideration will be given to offers that would facilitate the continuance of a private members club within part or all of the property.
Accommodation We have been provided with the measurements and floorplan below measuring to IPMS2 (Residential): from a third-party Total:906.9 sqm / 10,681sq ft.
The accommodation includes; entrance, reception hall, bar, dining rooms, garden room, kitchen and ancillary space, small basement, a range of offices and ancillary rooms to the upper floors, garden, courtyard with outbuildings and a car park with approximately 82 spaces as currently arranged. Approx site area: 0.85 acres (Car Park only: 0.55 acres)
Car Park The car park currently generates an income of approx. 50,000 per annum.
Use & Planning The property is Grade I listed. Current use is private members club which is a Sui Generis use. The building and car park may be suitable for a variety of alternative uses i.e. Commercial, Business, Leisure and Residential uses. Interested parties should make their own enquiries to the local planning authority for their proposed use. Offers should not be subject to planning.
VAT The premises are not opted for VAT.
Business Rates The Property 10 Northgate Street has a Rateable Value of 24,500 (2023).
Costs Each party will bear their own legal costs, but the purchaser will pay any abortive costs incurred by the freeholder.
EPC - D
Map location is not available for this property.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
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