1 Princes Road, Wells, BA5

Description

1 Princes Road comprises an end-of-terrace mixed-use investment property providing two ground floor retail units together with a self-contained residential flat.

The property has benefitted from recent improvements, including the installation of a new roof and internal redecoration of the residential accommodation. As shown on the enclosed floor plan, the flat is accessed from the rear of the property via a small enclosed courtyard garden.

The tattoo studio also benefits from an area of external space, currently utilised for storage purposes.

The properties occupy a convenient and accessible position within the City of Wells, situated close to the city centre and its wide range of amenities, including retail, leisure and professional services. The property benefits from good connectivity to the wider road network, with nearby access to the A39 and A371 providing links to Bath, Shepton Mallet and the surrounding Somerset area.

The property offers an attractive investment opportunity, with both retail units currently let and strong underlying demand for residential accommodation within Wells.

Further documentation, including the Asbestos Management Survey, Fire Risk Assessment and Electrical Installation Condition Report (EICR), is available within the auction legal pack.

Rights of Way, Wayleaves and Easements

Not subject to any public or private rights of way.

Completion

Completion has been set for 17th December 2026 or earlier by mutual agreement.

Tenure:

Freehold.

55 Ground Floor Shop – Currently Let to Leon’s Gentleman’s Hair Stylist under a monthly periodic tenancy. Rent: £250 pcm.

55A, Ground Floor Shop – Currently Let to Last Dragon Tattooist under a monthly periodic tenancy. Rent: £283 pcm.

Flat: First Floor Flat – Vacant. Suggested rent: £850 plus pcm.

Copies of the lease agreements are available on request.

Further details regarding the occupational status of the Subject Property will be contained within the Auction Legal Pack.

Registering to bid and Administration fee

Cooper and Tanner requires all bidders who wish to bid at our Auction to register beforehand, whether you are intending on bidding in the room, by proxy or online. As part of the registration process, you will be asked to provide card details in order that the Buyer’s Administration Fee of £1,395 inc VAT can be paid if you are successful. A week before the auction a hold will be placed on your account for this sum, which will then be released if you are unsuccessful. This fee will only be taken if you are the successful buyer. The fee is retained by Cooper and Tanner and does not form part of your deposit or completion settlement. Please also be aware that the Buyer’s Administration fee is payable per lot purchased and applicable to all pre-auction sales. If you are successful in purchasing more than one lot, we will contact you following the auction to take subsequent payments for additional lots bought. All checks required by current anti-money laundering legislation must be satisfactorily completed, as part of the registration process before prior approval to bid will be granted; this will include providing proof of funds.

Fees

Potential buyers should be aware that there may be additional fees payable to the Vendor’s solicitor on completion of the sale, details of which will be contained within the auction pack for each lot. At the launch of the property onto the market this information is not always available and so interested parties must refer to the auction pack and satisfy their enquiries.

Deposit

Successful bidders will be required to pay to the Cooper and Tanner Client Account the deposit of 10% of the purchase price within 24 hours of the auction. The account details will be provided to the successful bidder on conclusion of the auction. Once funds are cleared, they will be transferred on to the account of the solicitor acting for the seller. Please ensure that funds are in an account suitable to be able to make an Electronic Transfer from.

Local Council: Somerset Council.

Services: We understand mains water, electricity and drainage are connected. Potential purchasers are advised to make their own enquiries into the adequacy and availability of any services.

Business Rates: Not currently rated,

Council Tax: Band B

Solicitors

Chubb Bullied, Wells

Telephone: 01749 836100

Laura Maden acting

VAT: The purchase price is not subject to VAT

Viewing:

Strictly by appointment only through the agents Cooper and Tanner 1908 Ltd.

Telephone 03450 347758

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