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Lot 32

6 Week Completion

Situation

Occupying an excellent trading position in the pedestrianised section of the town centre, opposite Peacocks and amongst such other multiple traders as Santander, TUI, Poundland, Greggs, Costa Coffee and Cancer Research.
In addition, the property is close to the junction with Market Place which hosts other traders including Boots, Primark and Superdrug as well as a Street Market.
Loughborough is a busy town lying some 12 miles north of Leicester and 21 miles south-east of Derby with excellent road access via the A6 which links to the M1.

Property

A mid terraced building comprising a Ground Floor Shop with internal and separate rear access via a front communal passageway to Ancillary Office/Store on the first and second floors.

Accommodation

Ground Floor Shop
Gross Frontage 16'3”
Internal Width 14'1”
widening at rear to 16'1”
Shop Depth 43'3”
Built Depth 46'1”
First Floor
Offices/Store Area Approx. 315 sq ft
WC
Second Floor
Offices/Store Area Approx. 425 sq ft

VAT is applicable to this Lot

Tenure
Leasehold for a term of 2,000 years from 25th December 2017 at a peppercorn ground rent.

Tenancy

The property is let on a full repairing and insuring lease to Oxfam (having approx. 650 branches) (T/O for Y/E 31/03/17 £408.6m, Pre-Tax Profit £6m and Shareholders' Funds £76.5m) for a term of 5 years from 26th March 2011 (Holding over - in occupation since 1986) at a current rent of £16,540 per annum exclusive (see Note).

Note: The current rent paid is a personal concession from £18,300 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.

52/53 Market Street, Loughborough, Leicestershire LE11 3ER