Presented by : Dowen Peterlee : To View, Telephone 0191 5180181

£10,000 GRANVILLE TERRACE, WHEATLEY HILL, DURHAM, COUNTY DURHAM, DH6 DH6 3JQ SSTC

0 Bedroom Hairdresser / Barber Shop

An exciting investment opportunity in the heart of Wheatley Hill, Granville Terrace is a property with immense potential, offered for sale via auction. Formerly used as a barber shop, this compact yet versatile property presents a unique opportunity for those looking to add value through renovation or conversion. Whether you're an experienced developer or a first-time investor, this property holds the promise of a great return with a potential rental yield of £350 per calendar month. The property is in need of some work, providing an ideal blank canvas for those looking to undertake a refurbishment project. While the interior requires modernisation and repair, the property retains some original features from its former use as a barber shop, which could be creatively incorporated into the final design. The space can be reimagined for a variety of purposes for continued commercial use. The layout is simple and functional, offering a flexible space that can be adapted to suit your needs. At the rear of the property, you'll find a wash hand basin located within a rear hallway, a remnant of its previous commercial life. This space could be repurposed into a utility area or storage space, depending on your vision for the property.  The property also benefits from a rear yard, providing outdoor space for practical use. Whether it's used for storage, a small garden, or simply as an outdoor retreat, this addition adds further value and versatility to the property. A major selling point is the lack of an onward chain, which allows for a swift and uncomplicated purchase. This makes the property even more attractive for those looking to move quickly or start their project without delay. With a projected rental income of £350 per calendar month, this property offers a solid return on investment once the necessary renovations are completed. Wheatley Hill is a growing area with rental demand, making this an ideal purchase for investors looking to tap into the local market. Whether you're looking for a project with commercial potential or a small property to renovate and let out, Granville Terrace offers plenty of possibilities. Don't miss out on this fantastic opportunity—sold via auction, this property won't be on the market for long! This property is for sale by the Modern Method of Auction. Should you view, offer or bid on the property, your information will be shared with the Auctioneer, iamsold Limited This method of auction requires both parties to complete the transaction within 56 days of the draft contract for sale being received by the buyers solicitor. This additional time allows buyers to proceed with mortgage finance (subject to lending criteria, affordability and survey). The buyer is required to sign a reservation agreement and make payment of a non-refundable Reservation Fee. This being 4.2% of the purchase price including VAT, subject to a minimum of £6,000.00 including VAT. The Reservation Fee is paid in addition to purchase price and will be considered as part of the chargeable consideration for the property in the calculation for stamp duty liability. Buyers will be required to go through an identification verification process with iamsold and provide proof of how the purchase would be funded. This property has a Buyer Information Pack which is a collection of documents in relation to the property. The documents may not tell you everything you need to know about the property, so you are required to complete your own due diligence before bidding. A sample copy of the Reservation Agreement and terms and conditions are also contained within this pack. The buyer will also make payment of £300 including VAT towards the preparation cost of the pack, where it has been provided by iamsold. The property is subject to an undisclosed Reserve Price with both the Reserve Price and Starting Bid being subject to change. Referral Arrangements The Partner Agent and Auctioneer may recommend the services of third parties to you. Whilst these services are recommended as it is believed they will be of benefit; you are under no obligation to use any of these services and you should always consider your options before services are accepted. Where services are accepted the Auctioneer or Partner Agent may receive payment for the recommendation and you will be informed of any referral arrangement and payment prior to any services being taken by you. This property is for sale by the Modern Method of Auction, meaning the buyer and seller are to Complete within 56 days (the "Reservation Period"). Interested parties' personal data will be shared with the Auctioneer (iamsold). If considering buying with a mortgage, inspect and consider the property carefully with your lender before bidding. A Buyer Information Pack is provided. The winning bidder will pay £300.00 including VAT for this pack which you must view before bidding. The buyer signs a Reservation Agreement and makes payment of a non-refundable Reservation Fee of 4.50% of the purchase price including VAT, subject to a minimum of £6,600.00 including VAT. This is paid to reserve the property to the buyer during the Reservation Period and is paid in addition to the purchase price. This is considered within calculations for Stamp Duty Land Tax. Services may be recommended by the Agent or Auctioneer in which they will receive payment from the service provider if the service is taken. Payment varies but will be no more than £450.00. These services are optional.

WE CANNOT VERIFY THE CONDITIONS OF ANY SERVICES, FIXTURES, FITTINGS ETC AS NONE WERE CHECKED. ALL MEASUREMENTS APPROXIMATE. YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP THE REPAYMENTS ON ANY MORTGAGE OR LOAN SECURED ON IT. These are draft particulars awaiting vendors approval. They are relased on the understanding that the information contained may not be accurate.