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Lot 9 Click here for addendum

Freehold Commercial Investment
Gross Yield 11.4%
6 Week Completion

Situation

Located opposite the junction with Avenue Road in the main retailing thoroughfare of the town, adjacent to Boots and Lloyds Bank and amongst such other multiple retailers as Savers, Costa, B&M Bargains, WHSmith, Scrivens, Tui and many others.
Grantham is an attractive market town which lies at the junction of the A1 with the A52 some 22 miles east of Nottingham.

Property

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

Accommodation

Ground Floor Shop
Gross Frontage 12'4"
Internal Width 9'8" (max)
Shop Depth 41'2"
Built Depth 61'0"
WC
First Floor
Office/Store Area Approx. 150 sq ft
Kitchen/Staff Area Approx. 125 sq ft plus WC

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease to M. Metinkaya (t/a Kings Barbers - see Note) for a term of 15 years from 9th March 2020 at a current rent of £12,500 per annum exclusive.

Rent Reviews 2023 and 3 yearly

Tenant's Break 2025

Note: We understand the tenant trades from other towns as Kings Barbers including Huntingdon, Newark and Downham Market.

*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.

41 High Street, Grantham, Lincolnshire NG31 6NE