The Wharton Arms, located on Ridge Terrace, Bedlington, is to be auctioned by SDL Property Auctions at the end of January next year.
Prospective buyers can participate in the auction, which begins at 9am on January 30, by submitting their registration form by 5pm the day before the auction.
According to SDL Property Auctions, the property comprises a pub on the ground floor with a four-bedroom apartment above.
Auctioneers describe it as “a substantial property” in a prime spot within Bedlington Town Centre.
Surrounded by popular pubs, bars and eateries, the property also has schools, shops, and transport links nearby, making it suitable for various uses, subject to planning.
The property offers “spacious accommodation throughout”, although it requires some light modernisation.
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The property is being sold let, however, the receivers are not in possession of any Tenancy Agreement and are not collecting rent.
The property is being sold on a freehold basis, with an EPC rating of C.
Auctioneers advise prospective buyers to make all necessary independent enquiries prior to placing their bid, as this will be binding.
The sale of this property will take place by way of Auction Event and is being sold under an Unconditional sale type, meaning binding contracts of sale will be exchanged at the point of sale.
Prospective buyers should be aware of the fees associated with the auction.
These include a 10 per cent deposit, subject to a minimum of £5,000, and a Buyers Fee of 1.2 per cent of the purchase price, subject to a minimum of £1,500 including VAT.
There may also be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack.
SDL Property Auctions advise potential buyers to read the Legal Pack carefully before bidding.