An End of Terrace Commercial Building Let to WH Smith Producing £40,000 Per Annum
Description
The property comprises an end of terrace commercial building arranged over ground and two upper floors.
Tenure
Freehold
Location
The property is situated on a mixed use road close to local shops and amenities. Nearby multiples include Oxfam, Peacocks and Coral. There are multiple green open spaces that are within easy reach. Transport links are provided by the A487 to the south east.
Accommodation
Ground Floor Retail Area G.I.A. Approx. 3,877 sq ft
First Floor Offices and Ancillary Space G.I.A. Approx. 1,163 sq ft
Second Floor Ancillary Space G.I.A. Approx. 1,115 sq ft
Total G.I.A. Approx. 6,155 sq ft
Tenancy
The property is subject to an FRI lease to TG Jones for a term of 7 years and 5 months commencing 11th June 2018 at a rent of £40,000 per annum (Holding Over). Whilst the seller intends to obtain vacant possession prior to completion, this has not yet been achieved and cannot be guaranteed. Interested parties should satisfy themselves, by inspection of the legal documentation and their own enquiries, as to the occupation status of the property and any implications for vacant possession.
Addendum
Please note that this property is subject to a Buyers Premium of £1,200 inc VAT. This is in addition to the buyer's admin fee of £1,800 inc VAT charged by the auctioneers. Both fees are payable to the auctioneers.
The Tenant has entered into restructuring plans, under which the Seller has the option to serve a Notice to Vacate.
The Seller has served a Notice to Vacate requiring the Tenant to vacate the property by no later than 1st October 2026.
The Tenant has in turn sent the Seller a draft deed of surrender by way of form TR1.
The Buyer acknowledges and agrees that:
(a) the Property is sold subject to the Lease;
(b) the Tenant has sent the Buyer a draft deed of surrender by way of form TR1;
(c) the Seller has disclosed to the Buyer the draft deed of surrender;
(d) the proposed deed of surrender provides, amongst other things, for the determination of the Lease and the release of the Tenant from all tenant covenants, liabilities and obligations arising under or in connection with the Lease, including any liability in respect of dilapidations;
(e) no deed of surrender has been completed as at the date of the Auction and the Seller gives no representation, warranty or undertaking that the proposed surrender will be completed or will take effect on or before 1 October 2026 or at all;
(f) the Buyer shall raise no requisition, objection or claim arising out of or in connection with the proposed surrender of the Lease, the terms of the proposed deed of surrender, or the failure of any proposed surrender to complete;
(g) with effect from Completion, the benefit of any negotiations, correspondence and arrangements relating to the proposed surrender of the Lease shall pass to the Buyer to the extent capable of assignment; and
(h) following Completion, the Buyer shall be solely responsible for all matters relating to any proposed surrender of the Lease and any release of the Tenant from liability under the Lease.
Financial Tools
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Purchase Price£275,000
Monthly Rent£0
Annual Costs£0
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Additional Fees and Disclaimer
Administration charge: £1,800 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.
Guide Prices 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.
Administration charge: £1,800 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.
Guide Prices 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.
A Vacant Triple Fronted Lower Ground and Ground Floor Retail Unit. Potential to Convert into Three Separate Units (Subject to Obtaining all Relevant Consents)
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