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Lot 8 Sold Prior

413/415 High Street, Chatham, Kent ME4 4NU

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Lot 8

Leasehold Commercial Investment – Gross Yield 10%
In same family ownership for over 20 years
6 Week Completion

Situation

Located close to the junction with Chatham Hill (A2) amongst a variety of independent retailers and serving the surrounding residential population.
Chatham is a Medway Town famous for its Naval history, situated between Rochester and Strood, approximately 7 miles north of Maidstone, 7½ miles south-east of Gravesend and enjoying excellent road access to the M2 (Junctions 1 & 2) via the A2.

Property

Forming part of a terraced building comprising a Ground Floor Gymnasium/Fitness Centre.

Accommodation

Ground Floor Gymnasium/Fitness Centre
Gross Frontage 73'8”
Built Depth 61'0”
GIA Approx. 3,000 sq ft incl. 2 WCs


VAT is NOT applicable to this Lot


Tenure

Leasehold for a term of 999 years from 10th July 2006 at a peppercorn ground rent.

Tenancy

The property is let on am internal repairing and insuring lease to M. Simms t/a Unique Boxing (with personal guarantor) as a Gymnasium/Fitness Centre for a term of 3 years from 1st May 2011 (holding over - see Note 1) at a current rent of £12,000 per annum exclusive.

Note 1: There may be potential to increase the rent as the tenant has enquired about agreeing new lease terms.

Note 2: There is a £1,166.66 Rent Deposit held.

Note 3: The adjoining property (Nos. 417/419) is also being offered for sale in this auction - See Lot 7.

Enquire about this lot:

Photo of Steven Grossman

Steven Grossman
020 8492 9449
sgrossman@barnettross.co.uk

Photo of Elliott Greene

Elliott Greene
020 8492 9449
egreene@barnettross.co.uk

*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.