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Lot 5 Sold: £181,000

Auction: Wednesday 18th September 2024

354/354a Meadow Lane, Nottingham, Nottinghamshire NG2 3GL

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Lot 5   Click here for addendum

Freehold Commercial/Residential Investment – Shop & Flat – Gross Yield 10%
6 Week Completion

Situation

In this retail parade located close to the junction with Brand Street and directly opposite the Lady Bay Retail Park housing multiples such as The Range, Hobbycraft, Dreams, Burger King, Greggs, Subway and more, close to Nottingham Forest and Notts County Football Clubs, Trent Bridge Cricket Ground and less than a mile from the City Centre.
Nottingham lies some 25 miles north of Leicester and is the principal shopping and financial centre of the East Midlands enjoying excellent road access via the M1(Junctions 24-26).

Property

A mid terrace building comprising a Ground Floor Take-Away with separate rear access to a Self-Contained 2 Bed Flat on first and second floors.

Accommodation

Ground Floor Take-Away
Gross Frontage 15'2"
Internal Width 13'6"
Shop Depth 33'7"
Built Depth 43'11"
WC
First & Second Floor Flat
2 Bedrooms, Living Room, Kitchen, Bathroom/WC
(GIA of flat Approx. 735 sq ft)

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease to Pathak & Son Limited (with personal guarantor) t/a Curried Away (see Note 1) for a term of 10 years from 16th June 2023 at a current rent of £15,000 per annum exclusive.

Rent Review 2026 and 3 yearly

Tenant's Break 2028

Video tour

Click here to view the video tour of the Flat.

Note 1: We understand the tenant operates other retail units in the region.

Note 2: There is a £5,000 Rent Deposit held.

Enquire about this lot:

Photo of Steven Grossman

Steven Grossman
020 8492 9449
sgrossman@barnettross.co.uk

Photo of Elliott Greene

Elliott Greene
020 8492 9449
egreene@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.