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Lot 2

Shop & Basement plus 3 Flats – Gross Yield 9.5%
6 Week Completion

Situation

Occupying a prominent position on the main A215 Walworth Road, close to the corner of Arnside Street. The busy 'East Street Market' is on the same side of the road and the property is amongst such multiples as Tesco Express, Superdrug, Santander, McDonald's, Iceland, Cake Box, Screwfix, The Gym Group, Betfred, Poundstretcher and many more.
Elephant & Castle Station (Thameslink, Northern and Bakerloo Lines) and Kennington Station (Northern Line) are both within walking distance and 11 bus routes pass the door.
In addition, Westminster lies approx. 2 miles to the north.

Property

A mid terraced building comprising a Ground Floor Shop and Basement together with separate front access to 3 Self-Contained Flats on the first, second and third floors.
The flats were refurbished approx. 10 years ago to a high standard and remain in an excellent decorative condition throughout.
Each flat has independent gas central heating, laminate wood flooring and uPVC windows.

VIdeo TOUR

Click here to view the video tour of the First Floor Flat.

Click here to view the video tour of the Second Floor Flat.

Click here to view the video tour of the Third Floor Flat.

VAT is NOT applicable to this Lot

Tenure

Leasehold for a term of 951 years from 25th December 1951 (thus having approx. 877.5 years unexpired) at a fixed ground rent of £45 p.a.

*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.

397 Walworth Road, Walworth, London SE17 2AW