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Lot 23

Commercial Investment – Gross Yield 22.8%
6 week completion

SITUATION

Located close to the junction with Concorde Street within this established industrial estate just off the main A6 which links with the A505, just north of the town centre.
Luton is a well known commercial centre with an International Airport, being approx. 30 miles north of central London.

PROPERTY

A detached Commercial Building on ground, first and second floors together with a gated front forecourt for parking/loading.

ACCOMMODATION

Ground Floor
GIA Approx. 2,250 sq ft
First Floor
GIA Approx. 1,800 sq ft
Second Floor
GIA Approx. 260 sq ft

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Total GIA Approx. 4,310 sq ft

VAT is applicable to this Lot

TENURE

Leasehold for a term of 99 years from 1st October 1960 (thus having approx. 36 years unexpired) at current ground rent of £2,900 p.a. subject to rent reviews in 2030 and 2044.

TENANCY

The entire property is let on a full repairing and insuring lease (subject to a schedule of condition and excluding the roof) to World Mission Agency – Winners Chapel International (as a place of worship) for a term of 5 years from 28th March 2019 (in occupation since 2014 – renewal of a previous lease) at a current rent of £20,000 per annum exclusive.

Note 1: The tenant did not operate their March 2022 Break Clause.

Note 2: The lease to World Mission Agency – Winners Chapel International is excluded from s24–28 of the Landlord & Tenant Act 1954.

Note 3: There is a £5,000 plus VAT Rent Deposit held.

*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.

13–15 Taylor Street, Luton, Bedfordshire LU2 0EY