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Lot 2 Click here for addendum

6 Week completion

SITUATION

Located close to the busy junction with High Road and the North Circular Road (A406) within an area that is reaping the benefits of regeneration projects that encompass modern residential and commercial premises. This parade has a variety of local traders and nearby multiple retailers includes NatWest, Greggs, Barclays Bank, William Hill and a Large Sainsbury's Supermarket.
Ilford is a popular suburb that lies approx. 9½ miles east of central London with good transport links via Ilford Mainline Station which has a travel time of only 18 minutes to Liverpool Street and only 17 minutes to Canary Wharf when the Crossrail Station is complete in 2019.

PROPERTY

A mid-terrace building comprising a Ground Floor Restaurant with separate rear access to a Self-Contained Flat on the first and second floors. In addition, the property benefits from use of a rear service road/car park.

ACCOMMODATION

Ground Floor Restaurant (44 covers)
Gross Frontage 18'11"
Internal Width 17'2"
Restaurant Depth 53'5"
Built Depth 82'10"
Area Approx 1,105 sq ft
2 WCs
Basement (max height 5'8")
Area Approx 495 sq ft
First & Second Floor Flat
4 Bedrooms, Living Room, Kitchen, Bathroom, WC

VAT is NOT applicable to this Lot

FREEHOLD

TENANCY

The entire property is let on a full repairing and insuring lease to S. B. Chowdhury (see Note) for a term of 25 years from 27th July 2007 at a current rent of £16,500 per annum exclusive.

Rent Reviews July 2012 (Outstanding - Landlord quoted £24,450 p.a.) and July 2017 (Outstanding - Landlord quoted £36,800 p.a.)

Note: The entire property has been sublet to an individual who has under-let the Restaurant and Flat separately.

*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.

8 Chapel Road, Ilford, Essex IG1 2AG