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

Lot 8 Click here for addendum

Commercial Investment
Gross Yield 11.2%
5 Week Completion

Situation

Located opposite the junction with Station Road in the town's main shopping throughfare amongst such multiple retailers including Iceland, Lloyds Pharmacy, Subway, Specsavers, Coral, Poundland and Barclays Bank.
Biggleswade lies adjacent to the A1 some 11 miles east of Bedford and 23 miles south-west of Cambridge.

Property

Forming part of a mid terraced building comprising a Ground Floor Shop together with the right to use 1 parking space to the rear of the property.

Accommodation

Ground Floor Shop
Gross Frontage 15'4"
Built Depth 40'0"
Area Approx. 494 sq ft¹

¹Area taken from VOA

VAT is NOT applicable to this Lot

Tenure

Leasehold 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 (subject to a schedule of condition) to Revilo Sports Limited (The tenant trades from 3 branches and sells branded mens clothing both in-store and on Amazon and eBay) for a term of 10 years from 1st June 2016 at a current rent of £9,500 per annum exclusive.

Rent Reviews 2022 and 2025

Tenant's Breaks 2022 and 2025 - The tenant did not operate their 2019 Break Clause

Note: The adjoining shop (No. 55) is also being offered for sale in this auction - see Lot 7.

*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.

57 High Street, Biggleswade, Bedfordshire SG18 0JH