Nightlife opportunities abound in SDL Property Auctions’ April catalogue
SDL Property Auctions are continuing their strong start to the year with the launch of their April catalogue, featuring over 160 lots from across the UK – a number of which could become welcome boosts to the night-time economy.
Fans of Peter Kay need look no further than The Phoenix Social Club in Stanley, County Durham. While it may not be the Phoenix Club from the cult television hit, it still presents the chance for budding investors to add the famed address to their portfolios. Currently a single storey premises, the property is currently let at a passing rent of £3,000 per annum – however the site may be suitable for a variety of development opportunities such as apartments or a light industrial unit (subject to planning consents). With a guide price of £35,000 plus fees, this is sure to be a popular lot with bidders.
Managing Director and Auctioneer Andrew parker said: “We’ve sold a number of properties with iconic addresses over the years and it’s great to be able to add The Phoenix Social Club to the list. It’s a great opportunity for such a variety of buyers – whether they’re looking to take on the club as it is, or perhaps develop the site for a different use, we’ll be interested in keeping up with what they do with it, as it’s sure to be exciting either way.”
A rare opportunity to acquire a 1930s Art Deco cinema presents itself with 20 Cavendish Street in Chesterfield. Formerly the site of Chesterfield’s Regal Cinema, it closed in 1993 and soon became home to the Zanzibar and Escapade nightclubs. It now partly operates as a department store with Boyes Stores currently paying £37,000 per annum, occupying 10,000 sq. ft. of the space. This is currently at a reduced value, with the full market rental being £75,000 per annum - the lease is due to expire in 2023. With great potential for redevelopment into a variety of schemes, this is a great opportunity to acquire a sizable space at a guide price of £350,000+ plus fees.
A more modern nightclub and bar space can be found at 53 Ironmarket in Newcastle under Lyme, being sold in partnership with Rory Mack. The premises extends to 8,500 sq. ft. and is located in a prime position in the regenerated Ironmarket area with a high level of footfall. The four-storey market bar property is generally in a good condition and could realistically be reopened with minimal work. With a guide price of £230,000+ plus fees, this could prove to be a lucrative purchase for anyone looking to expand or begin their hospitality ventures.
There are other great commercial properties to be found in the catalogue too, such as Afrikana in Derby, a restaurant premises located in a prominent position opposite the Cathedral. Having been professionally refurbished, it comprises a large seating area of up to 60 covers, as well as a quality fitted kitchen, toilet facilities and a useful basement area. Currently let on an FRI lease from June 2019 at £20,000 per annum, which represents a 12.1% yield based on the guide price of £165,000+ plus fees, with a rent review due in June 2022.
Andrew said: “This is a fantastic opportunity for any investors looking to take on a successful hospitality business in the heart of Derby. We regularly sell tenanted residential properties for clients looking to realise their assets, and commercial properties are no different – they present great purchases for anyone looking to add an income producing property to their portfolio in the fast, faff-free way that a purchase by auction can provide.”
Alongside the commercial opportunities being sold in April through SDL Property Auctions, there is also a great range of other properties awaiting their lucky bidder, including homes, apartments, land and more – with something to suit every requirement and budget.
The National Property Auction on Thursday 28th April will be live-streamed via the SDL Property Auctions website, with bids placed online, on the phone and by proxy. Bidding registrations must be submitted before midday on Wednesday 27th April using the form here.