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Lot 15

Town Centre Commercial Investment – Gross Yield 10.4%
6 Week Completion

Situation

Located at the junction with the High Street and the beginning of the pedestrianised zone, in the heart of the town centre, opposite Castle Quay Shopping Centre, adjacent to Toni&Guy and amongst other multiples such as Specsavers, Poundland, Bonmarché, NatWest and many more.
Banbury is a prosperous and popular market town, which lies some 20 miles north of Oxford and 40 miles east of Birmingham with excellent road access via the M40 (Junction 11).

Property

Forming part of a mid-terrace building comprising a Large Ground Floor Retail Unit with internal access to Ancillary Accommodation at rear first floor level.

Accommodation

Ground Floor Retail Unit
Gross Frontage	44'5"
Internal Width	42'6"
Shop Depth	75'8"
Built Depth	80'8"
Sales Area	Approx. 2,905 sq ft
WC
Rear First Floor Ancillary
Area	Approx. 1,346 sq ft
Total Area	Approx. 4,251 sq ft

VAT is applicable to this Lot

Tenure

Leasehold for a term of 999 years from completion at a peppercorn ground rent.

Tenancy

The property is let on a full repairing and insuring lease by way of service charge (subject to a schedule of condition) to A. Mirza t/a Banbury Butchers & Supermarket for a term of 35 years from 2nd November 2021 (excl. s.24-28 of L&T Act 1954) at a current rent of £25,000 per annum exclusive rising to £28,000 p.a. in 2028.

Rent Reviews 2036, 2043 & 2050

Tenant's Break 2036

Note: £12,500 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.

27 Bridge Street, Banbury, Oxfordshire OX16 5PN