Sold prior to auction, for an undisclosed amount

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A freehold commercial investment comprising a recently refurbished retail unit (1011 sq ft, source EPC) let producing £10,000pa, a yard with development potential and a 2 bedroom flat held on a long lease.

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Description/Location

The property faces Park Parade, the rear yard is accessed via Tibworth Road and there is potential to extend to create additional commercial space, possibly a flat subject to planning. Let to a nail bar and wholesaler (individual) for 10 years from 01/03/2021 at £10,000 pa with a rent deposit, rent review at 5 years and a rent-free period until 24/06/2021. The flat (15a) is held on a lease for 999 years from 28/09/2018 at a peppercorn ground rent.

Tenure

Freehold. Energy Rating C

Local Authority

Havant Borough Council

Viewing

Please contact Elliott Network Auctions on 01923 240420

Accommodation

15 Ground Floor: Open plan retail area with kitchenette and shower room. Outside: Large rear yard with access via Tibworth Road. 15a First and Second Floors: 2 bed flat held on long lease.

Rent

Rent: £10,000 pa

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*Guide Price & Reserves

Generally speaking Guide Prices are provided as an indication of each seller’s minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

The “Important Notes For Auction Buyers” at the front of the catalogue includes a definition of “Guide Price & Reserve Price”. All properties are subject to a purchaser’s administration fee of £1,500 + VAT unless otherwise stated in the addendum (£420 inc VAT for lots with guide prices up to £3,000). If the purchaser is liable for any further costs these will be stated within the Special Conditions of the legal pack, that have been produced by the seller’s lawyer, a copy of which can be downloaded from our website.