Online auction 5th-6th October
Description
Online auction 5th-6th October
Tenanted Retail Unit – Currently Producing £14,500 pa
Not inspected by Auction House, however understood to be a self-contained retail unit to the ground floor and basement, within a three storey plus basement, mid- terraced building, configured as a traditional mixed-use asset. The residential accommodation to the upper floors has been sold off via long leases, subject to peppercorn ground rents, and does not form part of this sale.
The commercial aspect of the property is utilised as a conventional retail unit to the ground floor with ancillary retail space to the basement.
The subject provides for a main open plan sales area to the front alongside several storage rooms, staff and WC facilities.
Access to the basement is from the store area via an internal staircase. The basement has an office to the rear and basic stores to the front.
The main sales accommodation has been fit out by the tenant to their own corporate specification to include suspended ceilings, fluorescent strip/pendant lighting, laminate floor coverings and partial perimeter racked shelving. To the rear of the main sales area lay various stores which are presented to a much more basic standard.
The building occupies the majority of the site with a small yard provision to the rear elevation which is solely utilisable by the commercial occupants as a fire escape. The property does not benefit from any exclusive car parking provisions albeit public car parking is readily available throughout the city centre.
Accommodation
In brief, the property comprises:
Ground Floor
1 x Main Sales Area
1 x Kitchenette
1 x WC
1 x Store
Basement
1 x Office
1 x Store
We estimate that the floor areas are as follows:
Ground Floor - Retail Area - Net Internal Area - 38.4 m² / 413 ft2
Ground Floor - Store (inc. Kitchen) - Net Internal Area - 20.4 m² / 220 ft2
Basement - Store - Net Internal Area - 21.9 m² / 236 ft2
Basement – Office – Net Internal Area - 12 m² / 129 ft2
Total - Net Internal Floor Area - 92.7 m² / 998 ft²
ITZA 398 ft²
Tenancy
We have been informed that the property is let as follows:
Tenant - Private Individual
Term of Lease - 5 years
Lease Commencement Date - February 2024
Repair Full tenant repair
Insurance Tenant to insure
Passing Rent £14,500 per annum
Rent Review On the 3rd anniversary of the lease commencement date
Break Clause On the 3rd anniversary of the lease commencement date
NB – Please refer to the legal pack for copy of the lease.
NB – Some of the photographs pre-date the existing tenants occupation.
Tenure: long leasehold
Title number: ESX287807
Length of Lease/Term: 999 years from 22 June 2005
Ground Rent : £
Service Charge: £
Council Tax Band :
Local Authority: Brighton & Hove
Finance is available on this lot. For a decision-in-principle visit togethermoney.com/amydip/
IMPORTANT INFORMATION Buying at auction is a contractual commitment, you are legally obliged to buy the lot on the terms of the sale memorandum at the price you bid. If you are the successful bidder, you are required to pay the deposit and auction fees immediately. As agent for the seller, we treat any failure to satisfy your obligations as your repudiation of the contract and the seller may then have a claim against you for breach of contract. You must not bid unless you wish to be bound by the common conditions of auction.
ANTI-MONEY LAUNDERING REGULATIONS In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser. Every effort has been made to confirm the accuracy of the lot details including any defect in the title both with the vendor and their solicitor. Auction House will not be held responsible for any failure to disclose any such defects.
Any purchasers choosing to buy without viewing in person are doing so at their own risk and acknowledge that the auctioneer will not be held responsible for any issues that may arise due to them being unintentionally missed from the video or sales particulars.
Please refer to legal pack for additional fees and the Auction Information document for guidance prior to bidding.
Tenure: Leasehold
EPC Rating: D
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
2.75% inc VAT of the purchase price, subject to a minimum of £3600 inc VAT
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- Unconditional (Immediate Exchange)
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