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Lot 13 Click here for addendum

6 Week completion

SITUATION

In this popular and affluent suburb with neighbouring traders including Costa Coffee, TSB, Co-Op Funeral Care, Richer Sounds, Majestic Wines and Barclays as well as a number of Estate Agents. Gidea Park Station is approx. ½ mile distant which will hugely benefit from becoming a Cross Rail route giving quick and easy access to central London.
Gidea Park lies just over a mile east of Romford with easy access to the A12 and being approx. 3½ miles from Junction 28 of the M25.

PROPERTY

An imposing corner building comprising a Ground Floor Shop and Basement with separate side access to a Self-Contained Maisonette on the two upper floors.

ACCOMMODATION

Ground Floor Shop
Gross Frontage 17'10"
Internal Width 16'5"
Shop Depth 11'6"
Built Depth 42'4"
WC
Basement
Area Approx. 575 sq ft
First & Second Floor Maisonette
First Floor - 2 Rooms & Bathroom
Second Floor - 3 Rooms & WC

VAT is NOT applicable to this Lot

FREEHOLD

TENANCY

The entire property is let on a full repairing and insuring lease to Y. F. Wong as a Chinese Takeaway for a term of 12 years from 31st January 2014 at a current rent of £22,500 per annum exclusive.

Rent Reviews January 2018 (Landlord quoted £26,000 p.a.) and 2022

Note 1: There may be potential to convert the maisonette into 2 flats, subject to obtaining possession and the necessary consents.

Note 2: The shop has traded as a Chinese takeaway for approx. 40 years and there is currently an application to assign for same user.

*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.

184 Main Road, Gidea Park, Essex RM2 5HA