Auction House London

Lot 77

Mixed Use - Commercial Property 

116 Penny Lane

Liverpool, Merseyside, L18 1DQ

Sold Prior to auction, for an undisclosed amount

A Well Located Freehold Restaurant/Wine Bar Investment Producing £12,000 per annum with Two Self-Contained Flats Above (2 x One Bed). The Second Floor Flat is Let to a Sitting Tenant Producing £2,184 per annum. The First Floor Flat is Vacant.

Description

The property comprises a substantial mid terrace three storey building arranged as a popular ground floor wine bar and restaurant (t/a The Penny Lane) with two self-contained flats at first and second floor levels. The wine bar has been recently refurbished by the tenants.

Tenure

Freehold

Location

The property is situated on the famous Penny Lane at its junction with Elm Hall Drive. The open spaces of Penny Lane Millenium Green are a short walk away. Transport links are provided by Mossley Hill rail station.

VAT

VAT is not applicable

Addendum

Sold Prior

We have been advised by the tenant that the top floor flat has 1 bedroom, not 2, as originally stated. The property has not been internally.

Accommodation & Tenancy Schedule

Floor Accommodation Tenancy Current
Annual Rent
Ground (116) Restaurant Area, Bar Area, Kitchen, Separate WC's, Store (70.68 sq m) 25 year FRI lease commencing 1st August 2017 at £1,000 pcm. 5 yearly rent reviews (next review 1st August 2022). £12,000
First (116A) Reception Room, Bedroom, Kitchen, Bathroom with WC & wash basin (46.46 sq m) Vacant. Requires Refurbishment ERV £6,500
Second (116B) Reception Room, Bedroom, Kitchen, Bathroom with WC & wash basin (55.76 sq m) Let to a longstanding sitting tenant at £42 per week £2,184

Additional Fees and Disclaimer

Administration charge: £1,500 including VAT unless otherwise stated in the addendum.

Buyers Premium and Disbursements: Please see the legal pack and the addendum for any disbursements and buyers premium that may be payable by the purchaser on completion.

Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve ( a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Particulars including images and video tours on the website and within the catalogue are believed to be correct but their accuracy is not guaranteed. The auctioneers will always endeavour to inform prospective purchasers of variations to the catalogue, when such changes are brought to their attention. The auctioneers nor their clients can be held responsible for any losses, damages, or abortive costs incurred in respect of lots that are withdrawn or sold prior to auction. Viewings are carried out by third party agents and we will endeavour to give appropriate notice should the published viewing time change. Auction House London will not be liable for any costs or losses incurred due to viewing cancellations or no shows. Information relating to Rating matters has been obtained by verbal enquiry only. Prospective purchasers are advised to make their own enquiries of the appropriate authorities. Prospective purchasers are deemed to verify for themselves whether tenanted properties are occupied and rents are being paid. All measurements, areas and distances are approximate only. Potential buyers are advised to check them. No representation or warranty is made in respect to the structure of any properties nor in relation to their state of repair. Prospective buyers should arrange for a survey of the particular lot by a professionally qualified person.

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Open House Viewings: Tuesday 24th March - CANCELLED
For further information, please register for the legal pack. To speak to a member of our team about this lot, please call us on 020 7625 9007 or email us at info@auctionhouselondon.co.uk

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