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Lot 15 Click here for addendum

Commercial Investment – Gross Yield 10.5%
6 Week Completion

Situation

Located close to the junction with the main Commercial Road (A13) and its variety of independent retailers, cafés and restaurants, in this popular and busy residential and commercial area.
Whitechapel is located approximately 1 mile east of the City of London and the property is within close walking distance of Aldgate East Underground Station (District Line) and Shadwell Station (Overground).

Property

Forming part of a modern mid-terrace building comprising a Ground Floor and Basement Commercial Unit.

Accommodation

Ground Floor
GIA Approx. 637 sq ft
Basement
GIA Approx. 1,201 sq ft
WC
________________

Total GIA Approx 1,838 sq ft

VAT is NOT applicable to this Lot

Tenure

Leasehold for a term of 999 years from 4th March 2021 to (thus having approx. 996 years unexpired) at a peppercorn ground rent.

Tenancy

The property is let on a full repairing and insuring lease to ASE Textile Limited (with personal Guarantor) (See Note) for a term of 10 years from 7th April 2022 (excl. s24-28 of the L & T Act 1954) at a current rent of £30,000 per annum exclusive.

Rent Reviews April 2025 and 3 yearly.

Note 1: There is a £7,500 Rent Deposit held.

Note 2: The tenant currently uses the property for storage purposes.

Virtual Tour

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*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.

17–19 Umberston Street, Whitechapel, London E1 1PY