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

Lot 9

Leasehold Retail Investment let to Subway Realty Ltd

Gross Yield 9.8%
6 Week Completion

Situation

Located at the corner of Keymer Avenue on this busy main A259 coast road amongst a number of established local traders serving the surrounding residential area.
Peacehaven lies just 3 miles west of the busy Port of Newhaven and 6 miles east of Brighton, enjoying easy access to the A27.

Property

Forming part of an attractive detached development comprising a Ground Floor Double Shop. In addition, the property includes 2 Parking Spaces and use of a rear yard area for unloading.

Accommodation

Ground Floor Double Shop (35 covers)
Gross Frontage 45'9”
Internal Width 44'7”
Shop Depth 41'4”
Area Approx. 1,500 sq ft
Incl. 2WCs

VAT is NOT applicable to this Lot

Tenure

Leasehold to be for a term of 999 years from completion at a peppercorn ground rent.

Tenancy

The property is let on a full repairing and insuring lease to Subway Realty Limited (T/O for Y/E 31/12/18 £35.1m, Pre-Tax Profit £1.53m and Shareholders' Funds £1.57m) for a term of 15 years from 3rd July 2009 at a current rent of £22,000 per annum exclusive.

Rent Review July 2019 (Outstanding)

Note 1: The tenant sublets the shop to a franchisee.

Note 2: The tenant has an option to renew the lease for a term of 15 years from expiration of the existing lease.

*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.

146 South Coast Road, Peacehaven, Brighton, East Sussex BN10 8ER