Price Auction £900,000

Rates Payable Upon Enquiry

Service Charge n/a

Estate Charge n/a

Description

Craigton House presents an exceptional opportunity to acquire a substantial mixed-use investment in a prominent town centre location, combining established income with significant asset management and development potential.

Situated on West Terrace in the heart of Redcar, the property currently comprises three ground floor commercial units, nine self-contained residential apartments and car parking for approximately 20 vehicles. The existing residential accommodation currently generates £4,020 per calendar month, equating to £48,240 per annum. In addition, Units 9–10 provide a further £20,000 per annum, whilst the commercial accommodation offers significant scope to increase income, with Units 7–8 potentially generating approximately £20,000 per annum and Unit 11 providing a further £8,000 per annum. Based on the figures provided, the combined current and potential income is approximately £96,240 per annum, subject to occupancy, existing tenancy arrangements and final letting terms.

The property benefits from Outline Planning Permission under Reference R/2025/0437/OOM for the addition of two storeys above the existing building together with a four-storey rear extension and ground floor parking provision. The approved scheme provides for the creation of 30 additional self-contained apartments, increasing the residential accommodation from the existing nine apartments to 39 apartments in total.

The planning consent provides a significant opportunity to unlock further value through the comprehensive enhancement and redevelopment of the property, with the potential to substantially increase both rental income and capital value. The outline nature of the consent, with layout and landscaping reserved, also provides flexibility for the detailed design and delivery of the proposed scheme.

Craigton House therefore offers a compelling combination of existing income, commercial rental growth, substantial residential development potential and a prominent town centre location, making it an attractive proposition for investors, developers and owner-occupiers seeking a significant value-add opportunity within Redcar's evolving coastal and regeneration market.

Auctioneer Notes

Auctioneers Additional Comments Pattinson Auction are working in Partnership with the marketing agent on this online auction sale and are referred to below as 'The Auctioneer'.
This auction lot is being sold either under conditional (Modern) or unconditional (Traditional) auction terms and overseen by the auctioneer in partnership with the marketing agent.
The property is available to be viewed strictly by appointment only via the Marketing Agent or The Auctioneer. Bids can be made via the Marketing Agents or via The Auctioneers website.
Please be aware that any enquiry, bid or viewing of the subject property will require your details being shared between both any marketing agent and The Auctioneer in order that all matters can be dealt with effectively.
The property is being sold via a transparent online auction.
In order to submit a bid upon any property being marketed by The Auctioneer, all bidders/buyers will be required to adhere to a verification of identity process in accordance with Anti Money Laundering procedures. Bids can be submitted at any time and from anywhere. Our verification process is in place to ensure that AML procedure are carried out in accordance with the law.
A Legal Pack associated with this particular property is available to view upon request and contains details relevant to the legal documentation enabling all interested parties to make an informed decision prior to bidding. The Legal Pack will also outline the buyers’ obligations and sellers’ commitments. It is strongly advised that you seek the counsel of a solicitor prior to proceeding with any property and/or Land Title purchase.

Auctioneers Additional Comments
In order to secure the property and ensure commitment from the seller, upon exchange of contracts the successful bidder will be expected to pay a non-refundable deposit equivalent to 5% of the purchase price of the property. The deposit will be a contribution to the purchase price. A non-refundable reservation fee of up to 6% inc VAT (subject to a minimum of 6,000 inc VAT) is also required to be paid upon agreement of sale. The Reservation Fee is in addition to the agreed purchase price and consideration should be made by the purchaser in relation to any Stamp Duty Land Tax liability associated with overall purchase costs.
Both the Marketing Agent and The Auctioneer may believe necessary or beneficial to the customer to pass their details to third party service suppliers, from which a referral fee may be obtained. There is no requirement or indeed obligation to use these recommended suppliers or services.