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

Lot 39 Click here for addendum

Gross Yield 11.3%
6 Week Completion

Situation

Located in this mixed commercial and residential thoroughfare, opposite Tesco Express and Heron Foods and amongst such multiples as William Hill, Post Office and a host of local traders.
Sacriston lies approx. 3 miles north of Durham and 15 miles south of Newcastle-upon-Tyne and benefits from good road links via the A1(M) and the A167.

Property

A mid terrace building comprising a Ground Floor Shop with internal access to Ancillary Accommodation on first floor level.

Accommodation

Ground Floor Shop
Gross Frontage 14'3”
Internal Width 14'3” (max)
Shop Depth 30'0”
Built Depth 43'10”
WC
First Floor Ancillary Area Approx. 400 sq ft

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on an internal repairing and insuring lease to The Salvation Army Trustee Company as a Charity Shop (having over 400 branches) for a term of 6 years from 21st January 2019 (in occupation for over 10 years) at a current rent of £5,080 per annum exclusive.

Rent Review and Tenant's Break 2022

*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.

65 Front Street, Sacriston, Co. Durham DH7 6JW