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Lot 19 Click here for addendum

Gross Yield 13.2%
6 Week Completion

Situation

Occupying a prominent corner position at the junction with Queen Street, overlooking Buttercross (public car park) in the town centre, amongst branches of The Original Factory Shop, Hunters, Cooplands Bakery and Co-op Pharmacy as well as other local retailers, cafés and eateries.
Spilsby is a market town positioned towards the east of Lincolnshire, located approx. 15 miles north of Boston and approx. 25 miles east of Lincoln.

Property

An end of terrace building comprising a Ground Floor Shop with separate rear access to a Self-Contained Flat on the first floor. In addition the property includes a Rear Yard.

Accommodation

Ground Floor Shop
Gross Frontage 17'5"
Internal Width 15'0" (max)
Shop Depth 38'11"
Built Depth 65'0"
WC
First Floor Flat
2 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
V. Kumarasamy as a Convenience Store for a term of 15 years from 15th December 2016 at a current rent of £13,200 per annum exclusive.

Rent Reviews 2021 and 2026

*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.

51 High Street, Spilsby, Lincolnshire PE23 5JH