Property Auctions London, Property Auctioneers London, London Property Auctions, Property Auctions London

Lot 29 Click here for addendum

(12.5% gross yield)
6 Week completion

SITUATION

Occupying a prominent trading position close to the junction with Ashford Road within the principal retailing area of the town and being amongst a variety of local restaurants, retailers and multiple traders including Costa, Lloyds Bank, Co-op Funeral Care, Lloyds Pharmacy, Spar, Post Office and The British Red Cross.
New Romney is an attractive town being one of the Cinque Ports lying off the main A259, approx. 18 miles north-west of Hastings and 13 miles south-west of Folkestone.

PROPERTY

Forming part of a mid-terraced building comprising a Ground Floor Double Fronted Shop.
In addition, the property benefits from a rear car park for unloading and parking.

VAT is NOT applicable to this Lot

ACCOMMODATION

Ground Floor Double Fronted Shop
Gross Frontage 22'11"
Internal Width 20'10"
Shop Depth 15'8"
Built Depth 29'9"
WC

TENURE

Leasehold for a term of 999 years from completion at a peppercorn ground rent.

TENANCY

The property is let on a full repairing and insuring (Law Society) lease to The Vapour Trail (New Romney) Ltd as an Electric Cigarette Shop for a term of 6 years from 1st December 2016 at a current rent of £12,500 per annum exclusive.

Rent Review 2020

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

50 High Street, New Romney, Kent TN28 8AT