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Lot 2

Gross Yield 10.2%
6 Week Completion

Situation

Located close to the junction with Stuart Close within this established parade adjacent to Coral and amongst such multiples as Lloyds Pharmacy, Barnardo's and a host of local traders all serving the surrounding residential area.
Gorleston lies approx. 3 miles south of Great Yarmouth and benefits from good road links via the A12.

Property

A mid-terraced building comprising a Ground Floor Double Shop with shared front access and separate rear access via a communal balcony to 2 Self-Contained Flats each planned on first and second floors. In addition, the property benefits from a Rear Yard and use of a rear service road.

Accommodation

Ground Floor Double Shop
Gross Frontage 36'7"
Internal Width 33'2"
Shop Depth 50'7"
Built Depth 89'0"
Sales Area Approx 1,675 sq ft
Store Area Approx 805 sq ft
Plus Kitchen, Office, Ladies & Gents WCs
87A - First & Second Floor Flat
3 Bedrooms, Living Room, Kitchen, Bathroom/WC (GIA Approx. 840 sq ft)
89A - First & Second Floor Flat
3 Bedrooms, Living Room, Kitchen, Bathroom/WC - Not Inspected

VAT is applicable to 80% of this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease to Martin McColl Limited as a Convenience Store (having over 1,600 branches) (T/O for Y/E 26/11/2017 £713.4m, Pre-Tax Profit £27.2m and Shareholders' Funds £186.2m) for a term of 10 years from 29th September 2017 at a current rent of £22,500 per annum exclusive.

Rent Review and Tenant's Break 2022

*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.

87 & 89 Magdalen Way, Gorleston-on-Sea, Norfolk NR31 7AA