FOR SALE BY AUCTION - LOT 6
FREEHOLD RETAIL INVESTMENT
20 year lease to DP Realty Ltd
The subject property is an 18th Century building that had been extended to the rear. The property is arranged on ground and one upper floor to provide a ground floor shop unit which is presently arranged to provide a restaurant and customer toilets on the first floor and an attic above. The property has the benefit of a rear service yard shared with the Rivergate Centre.
Location
Peterborough is an important Cambridgeshire city with a population of some 134,000. The city is located some 73 miles north of London and 35 miles north-west of Cambridge. Road communications are good with the A1(M) immediately to the west. Peterborough was designated a New Town in 1967. The property is situated on the west side of Bridge Street just south of its junction with Bourges Boulevard, close to the entrance of the Rivergate Shopping Centre where occupiers include Peacocks, Comet, Iceland, etc. A short distance to the north is the continuation of Bridge Street which is the prime retailing area of the town where branches of Marks & Spencer, New Look, Mothercare and Specsavers, amongst others, are located.
Accommodation
Ground Floor Retail:
Gross Frontage 11.00m
Net Frontage 9.15m
G/F 106.93 sq m (1,151 sq ft)
F/F 78 sq m (840 sq ft)
Plus Attic & WCs**
Tenancy in place to DP Realty Limited¹ for a term of 20 yrs from 23 May 2016 with 5 yearly rent reviews. Break clause on 23 Nov 2026.
Current Rent:
Years 1-4: £XXX pa
Year 5: £XXX
The vendor will top up the rent by £XXXpa in years 1 to 4 pro rata to £XXXpa
Upward only rent review 23rd May 2021.
¹ For the year ended 25 Dec 2016, DP Realty Ltd, reported a turnover of £XXXm with a pre-tax profit of £XXXm.
** The property has not been inspected by Telsar Auctions
Terms
EPC: Refer to Legal pack
VAT payable
PRICE INFORMATION
*Guide Price: This is an indication of the seller's current minimum acceptable price at Auction. The guide price is given to assist prospective buyers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the Auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the Auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the Auction. *Reserve Price: The seller's minimum acceptable price at Auction and the figure below which the Auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the Auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the Auction.
ADDITIONAL COSTS
*Please note that the following additional fees will apply to the purchase of your property: 1. A successful purchaser will have to pay a buyer's premium of £XXX plus VAT directly to the Auctioneer 2. Other fees as listed within the Special Conditions of Sale that form part of the legal pack which is made available to prospective buyers prior to Auction. Buyers will be will be expected to sign this document as well as the Sales Memorandum at the time of purchase. 3. Stamp Duty will have to be paid in addition to the sale price. Stamp Duty rates are available online 4. Prospective buyers must factor in solicitor fees and any survey fees 5. Insurance - it is the responsibility of the buyer to insure the property purchased from the date of exchange.
Specification
- Gross Income: £XXX pa
- Gross Yield: £XXX%
- 6 week completion
- 20 year lease
- Let to DP Realty Ltd (Domino’s Pizza)
- Lease expires 2036
- 5 yearly rent reviews