Town centre freehold investment. Ground floor (1759 sq ft, source VOA) let to Specsavers producing £32,250 pa, upper parts (2 x 2 bedroom flats), held on reversionary leases (2 x 62 year terms) producing ground rent of £50 pa each.

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Description/Location

Prime town centre site, fronting Queen Street with rear access via Hopkins Lane. Substantial Grade II listed building with nearby operators including Nationwide, Poundland, Santander and Sports Direct. Specsavers have occupied the building for many years and completed a major re-fit in 2017 (see legal pack for schedule of works), the current lease is 10 years from 29/09/17 and the tenant-only break clause on 29/09/22 was not exercised. Flat 2 (first floor) recently enquired about extending their lease, this is yet to be formalised (see legal pack for details).

Tenure

Freehold

Joint Agent

Viewing

Network Auctions - 020 7871 0420

Rent

Rent + Ground Rent: £32,350 pa

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Legal documents

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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.