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

Lot 14 Click here for addendum

Gross Yield 13.5%

6 week completion

Situation

Located close to the junction with Belmont Street nearby a Premier Convenience Store and a host of local retailers, all serving the surrounding residential area being approx. 1½ miles to the east of the town centre.
Hull lies approx. 50 miles east of Leeds and approx. 33 miles south-east of York.

Property

A terraced building comprising a Ground Floor Double Shop with internal access to Ancillary Accommodation on the first floor which may have potential to be self-contained. The property also includes a Rear Yard.

Accommodation

Ground Floor Double Shop
Gross Frontage 31'10"
Internal Width 27'11"
Shop Depth 25'0"
Built Depth 35'3"
WC
First Floor Ancillary
Area Approx. 610 sq ft plus WC

VAT is NOT applicable to this Lot

Freehold

Tenancy

The entire property is let on a full repairing and insuring lease to Coral Racing Ltd (see Tenant Profile) for a term of 10 years from 1st July 2011 (see Note) at a current rent of £13,500 per annum exclusive.

Tenant Profile

Ladbrokes and Coral merged in 2016 to create Ladbrokes Coral Group plc, the largest bookmakers in the UK with some 3,500 stores (www.coral.co.uk). For Y/E 31/12/16, Coral Racing Limited reported a T/O of £867.4m, Pre-Tax Profit of £91.2m and Shareholders' Funds of £215.8m.

Note: Coral have verbally advised that this unit will cease trading on 31st July 2018, but as the lease does not expire for 3 years, the Purchaser will have an opportunity to negotiate a surrender to include dilapidations.

*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.

52 & 54 New Bridge Road, Hull, East Riding of Yorkshire HU9 2RE