FOR SALE BY AUCTION - LOT 12
VIRTUAL FREEHOLD SHOP INVESTMENT
- Gross Income £XXX pa
- Let to Forbouys Ltd (currently vacant)
- Located in a residential area
- Potential for owner occupation
- Current gross rent reserved £XXX pa
- Reversion in 2020
- Opportunity to agree lease surrender
The property comprises a ground floor shop only, with sales, staff and storage accommodation. There is a store room accessed externally. The property interlinks with the adjoining unit, which is not included in the sale.
EPC Rating: Refer to legal documents
Tenure: Long Leasehold. Held for a tem of 999 year form 25th Nov 2005 at a rent of £XXX per annum.
Location
Rugby, with a population of some 61,000, is located 11 miles east of Coventry and is situated midway between the M6 and M45 motorways with direct access to the M1 some 5 miles to the east. The property is located 2 miles to the south of the town centre in a predominantly residential suburb. The property forms part of a parade of shops and is situated on Overslade Road, at its junction with Everest Road.
Accommodation
Gross Frontage: 7.4 m (24’ 4”)
Net Frontage: 7.2 m (23’ 7”)
Shop Depth: 8.0 m (24’ 4”)
Built Depth: 14.0m (24’ 4”)
Rear Store: 269 sq ft (25 sq m)
Tenancy in place to Forbuoys Ltd t/a McColls for a term of 15 years from 25th November 2005
Current Rent - £XXX pa
Rent Reviews - from 25th Nov 2010 and 25th Nov 2015 pending
Total Gross Income - £XXX pa
Specification
Additional 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.
*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.