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Lot 35 Click here for addendum

Gross Yield 12.1%
6 Week Completion

Situation

Occupying a prominent trading position opposite Poundland in the heart of the town centre amongst multiples such as Costa, Santander, TUI, WHSmith, Savers, Halifax as well as being within close proximity to the entrance of the Horsefair Shopping Centre which also includes a variety of multiple retailers as Holland & Barrett, EE, New Look and many more. Furthermore, there is an Outdoor Market along Market Place on Thursdays and Saturdays.
Wisbech is an attractive Fenland market town, located 32 miles north of Cambridge and 18 miles east of Peterborough benefitting from good road links via the A47.

Property

A mid-terrace building comprising a Ground and First Floor Café. In addition, the property benefits from use of a rear service road.

Accommodation

Ground Floor Café (24 covers)
Gross Frontage 17'10"
Internal Width 14'11" (narrowing to 12'11")
Shop & Built Depth 36'1"
WC
First Floor Seating & Store (16 covers)
Area Approx. 480 sq ft

VAT is NOT applicable to this Lot

Freehold

Tenancy

The entire property is let on a full repairing and insuring lease to R Cooper (trading as Loafers Coffee Shop - see Note) for a term of 11 years from 24th July 2014 at a current rent of £17,000 per annum exclusive.
Rent Reviews July 2019 & 2024
Tenant's Breaks July 2020, 2022 & 2024

Note: Loafers Coffee Shop was established in 1999 and has traded as a coffee shop from this location since 2008. The current tenant bought this unit in 2014.

*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.

34 Market Place, Wisbech, Cambridgeshire PE13 1DP