Barras Heath, Coventry, West Midlands, CV2 4LY

ONLINE AUCTION

To be sold via unconditional ONLINE Auction on Tuesday 21st December 2021
(Visit auctionhouse.co.uk/online).

BIDDING OPENS: 13:00 on Monday 20th December 2021
AUCTION ENDS: 13:00 on Tuesday 21st December 2021

GUIDE PRICE: £265,000 +

Description

Unique opportunity. Tenanted former public house, currently trading as a restaurant plus 2/3 bedroom flat above. Popular location with great potential, subject to consents.
Current rent payable £24,000 p.a. (Please see legal pack for further information)

LOCATION

Positioned on the corner of Barras Heath and Coventry Street, the property is located less than half a mile from Ball Hill..

ACCOMMODATION

Being semi-detached, the property is occupied on the ground floor by a Turkish Restaurant, with bar, seating areas, kitchen and stores. To the first floor is a self contained flat. Outside is a parking area for several cars, courtyard to the rear and alfresco dining area with decking and covered seating area.

EPC RATING - C

TENURE

Freehold subject to Lease.

LEASE INFORMATION

Term of Lease: 7 years from 31st January 2020
Rent payable: (Year 2 and 3) £24,000 p.a. (plus VAT)
See legal pack for further information.

ADDITIONAL COSTS
Please see the legal pack for any further costs.

NOTE
We understand from the sellers solicitor that VAT will not be payable on the purchase,as the sale will be a 'Transfer as a going concern', providing that the buyer makes a VAT election before completion and complies with Auction Special Conditions G15.4, otherwise VAT will be payable.

The Auctioneers advise all bidders to take independent advice..

Important Notice to Prospective Buyers

We draw your attention to the Special Conditions of Sale within the Legal Pack, referring to other charges in addition to the purchase price which may become payable. Such costs may include Search Fees, reimbursement of Sellers costs and Legal Fees, and Transfer Fees amongst others.

Administration Charge

Administration Charge is a non-refundable £1,650 inc VAT payable on the fall of the virtual gavel.

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* Guide | £265,000

Unconditional (Immediate Exchange)

Call the team on 0345 873 1366 for more information

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Finance available on this property |
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Bidding Example

The current bid on a lot is £90,000. The reserve price has been set at £100,000 (not disclosed).

Tom wants to bid. The minimum bid amount is £91,000 but Tom decides to place a maximum bid of £97,000. This is below the reserve price, so the system places a bid for Tom at his maximum bid amount and he becomes the highest bidder at £97,000.

Jane logs on to bid. The minimum bid amount is £98,000 but Jane places a maximum bid of £105,000. The system automatically increases Jane's bid to meet the reserve and she is now the highest bidder at £100,000.

Tom is notified that he has been outbid. If no further bids are placed Jane would win the lot for £100,000.

Tom places a bid of £101,000, and Jane’s proxy bid instantaneously outbids him at £102,000 as this is the lowest bid required to make her the highest bidder.

Tom then places a maximum bid of £105,000. The current bid jumps to £105,000 with Jane as the highest bidder as she placed a proxy bid for that amount before Tom did.

Tom then places a bid at £106,000 and wins the lot as there are no other bids and it is above reserve.

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NB: Please note that the way the bidding works may vary slightly from auctioneer to auctioneer. We strongly advise you to read the bidding guide for any auction you plan to bid on.

By setting a proxy bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your proxy bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.

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Auction House / Online

ONLINE AUCTION

To be sold via unconditional ONLINE Auction on Tuesday 21st December 2021
(Visit auctionhouse.co.uk/online).

BIDDING OPENS: 13:00 on Monday 20th December 2021
AUCTION ENDS: 13:00 on Tuesday 21st December 2021

GUIDE PRICE: £265,000 +

Description

Important Notice to Prospective Buyers

Administration Charge

Loading the bidding panel...

Connection error. Please check your internet connection.

Note

Auction House / Online

**ONLINE AUCTION**To be sold via unconditional ONLINE Auction on Tuesday 21st December 2021(Visit auctionhouse.co.uk/online).BIDDING OPENS: 13:00 on Monday 20th December 2021AUCTION ENDS: 13:00 on Tuesday 21st December 2021GUIDE PRICE: £265,000 +

Description

Important Notice to Prospective Buyers

Administration Charge

Loading the bidding panel...

Connection error. Please check your internet connection.

Note

ONLINE AUCTION

To be sold via unconditional ONLINE Auction on Tuesday 21st December 2021
(Visit auctionhouse.co.uk/online).

BIDDING OPENS: 13:00 on Monday 20th December 2021
AUCTION ENDS: 13:00 on Tuesday 21st December 2021

GUIDE PRICE: £265,000 +