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Lot 11 Withdrawn Prior - To be offered in our 13th July 2023 Auction

13/15/15a Mengham Road, Hayling Island, Hampshire PO11 9BG

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Lot 11

Freehold Commercial/Residential Investment – Gross Yield 8.4%
On behalf of Charitable Trustees
6 Week Completion

Situation

Close to the junction with Sea Grove Avenue in this popular shopping centre with nearby multiples including Sainsbury's Local, Southern Co-op Funeral Care, Helping Hands and a variety of independent traders serving the surrounding residential area.
There is a large public car park to the rear of the property.
Hayling Island is situated on the south coast of England, in the borough of Havant, located between Portsmouth and Chichester.

Property

A predominantly detached building comprising a Ground Floor Shop with a front intercommunicating single storey Lean-to Retail area plus internal and separate rear access to a Self-Contained Flat on the first floor.
In addition, there is a rear service road for unloading.

Accommodation

Ground Floor Main Shop
Gross Frontage 31'10" (incl. Lean-to)
Internal Width 18'5"
Shop & Built Depth 57'2"
Plus Lean-to 8'5" × 26'2"
WC
First Floor Flat
2 Bedrooms, Living Room, Study, Kitchen, Bathroom/WC
(GIA Approx. 850 sq ft)

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on an effectively full repairing and insuring lease to N. B. & C. N. Patel as a Newsagent, Off-Licence and Convenience Store (with 2 personal Guarantors) for a term of 10 years from 9th January 2020 at a current rent of £21,000 per annum exclusive.

Rent Review and Tenant's Break January 2025

Note: The adjacent property (Nos. 17/19/21) is also being offered for sale in this auction - see Lot 12.

Enquire about this lot:

Photo of John Barnett

John Barnett
020 8492 9449
jbarnett@barnettross.co.uk

Photo of Jonathan Ross

Jonathan Ross
020 8492 9449
jross@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.