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Lot 7 Click here for addendum

Freehold Commercial/Residential Investment – Shop & 6 Flats
In same ownership for over 40 years
6 Week Completion

Situation

Located on this established retail thoroughfare, opposite the junction with Willshaw Street, nearby a Post Office, amongst a variety of independent traders and under 100 yards from Deptford High Street.
New Cross Station (Overground & Southeastern), Deptford Station (Thameslink & Southern) and Deptford Bridge Station (DLR) are all within close proximity.
New Cross is situated between Greenwich and Peckham and lies approx. 7 miles south-east of central London.

Property

A mid-terrace building comprising a Ground Floor Shop with separate front access to 6 Self-Contained Flats on basement, ground, first, second and third floors with uPVC double glazing.
In addition, the property includes a Rear Astroturfed Garden which can also be accessed via a right of way from a street gate located two doors along in New Cross Road.

VAT is NOT applicable to this Lot

FREEHOLD

Accommodation

Ground Floor Shop
Gross Frontage 16'9"
Internal Width 7'11"
narrowing at rear to 5'3"
Shop Depth 28'6"
WC

Basement Flat
4 Rooms (no natural light), Kitchen, Utility Room, Bathroom/WC
(GIA Approx. 670 sq ft)

Rear Ground Floor Flat
Studio Room with Kitchen, Shower Room/WC
(GIA Approx. 190 sq ft)

Mezzanine Floor Flat
Studio Room with Kitchen, Shower Room/WC
(GIA Approx. 120 sq ft)

First Floor Flat
Studio Room, Kitchen, Shower Room/WC
(GIA Approx. 335 sq ft)

Second Floor Flat
Bedroom, Living Room, Kitchen, Bathroom/WC
(GIA Approx. 355 sq ft)

Third Floor Flat
Studio Room, Kitchen, Bathroom/WC
The flat is in partial shell condition with no kitchen & bathroom fittings.
(GIA Approx. 355 sq ft)

Total Residential GIA Approx. 2,025 sq ft

Tenancy

The entire property is let on a full repairing and insuring lease to the executors of A. M. Lori for a term of 25 years from 29th September 2003 at a current rent of £18,000 per annum exclusive.

Rent Review September 2023 (Outstanding - Landlord quoted £45,000 p.a. and the Tenant has not agreed to this figure).

Note: We understand that the entire property has been sub-let at a substantially higher rent than is currently being paid.

*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.

491a New Cross Road, New Cross, London SE14 6TQ