A whole parade of shops with development potential in the heart of a Staffordshire market town is going under the hammer at the next Bond Wolfe Auctions live-streamed auction on Wednesday 19 May.
The block of five retail shops at 4-16 Brook Square, Rugeley, which comes with plenty of extra accommodation on the first and second floors, has a guide price* of £475,000+.
The property currently has a gross income of £24,700 per annum, and this could rise to an annual total of £90,000 once fully let, which would represent a healthy yield of nearly 19% based on the guide price.
Alternatively, there is scope for residential development, subject to obtaining the necessary planning consent.
James Mattin of Bond Wolfe said: “The property is centrally located on the corner of the pedestrianised Brook Square at its junctions with Upper and Lower Brook Street and Brewery Street.
“Occupiers close by include Boots, Greggs, Clintons, Costa Coffee, New Look, HSBC, Barclays, Iceland and Morrisons supermarket.
“The parade offers real potential for new owners to build up the rental income, but there could also be a great residential conversion opportunity, subject to planning.
“Conversion of retail and office space to residential use has increased in popularity in recent years so this opportunity offers any buyer a couple of options in terms of adding value – either drive up the rental income or explore the possibility of an alternative use scheme.”
Rugeley has a population of some 23,000 and is located on the A51, around eight miles south-east of Stafford, with good link roads to the M6 to the south and west.
The parade is just one of more than 230 lots listed for Bond Wolfe Auction’s online auction which starts at 8.30am on Wednesday 19 May.
The auction will be livestreamed via Bond Wolfe Auctions’ website with remote bidding by proxy, telephone or internet only, and bidders must pre-register no later than 12 noon on Tuesday 18 May.
This follows Bond Wolfe Auctions’ last auction on 31 March which raised over £30.2 million in sales, a new record for the UK’s most successful livestreamed auction.