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Lot 32 Click here for addendum

Gross Yield 8.2%
6 Week Completion (12 weeks available if required)

Situation

Located on this predominantly residential road, only 100 yards from the multiple shopping in High Street East with multiples such as Ladbrokes, Lloyds Bank, H&T Pawnbrokers, Costa, Heron Foods and just a short walk from Wallsend Metro Station.
Wallsend is a major suburb of North Tyneside, situated approx. 4 miles east of Newcastle City Centre and approx. 2 miles west of the A19 and Tyne Tunnel.

Property

Two adjoining mid-terraced intercommunicating houses which have been converted into a modern Dental Surgery planned across ground, first and second floor levels. In addition, there is a 30' Deep Garden at the rear of each property.

Accommodation

Ground Floor GIA Approx. 1,425 sq ft
First Floor GIA Approx. 1,170 sq ft
Second Floor GIA Approx. 850 sq ft

Total GIA Approx. 3,445 sq ft

Tenancy

The entire property is let on a full repairing and insuring lease to Whitecross Dental Care Ltd (see Tenant Profile) for a term of 15 years from 1st October 2012 at a current rent of £30,000 per annum exclusive.

Rent Review and Tenant's Break 2022 (See Note 1)

VAT is NOT applicable to this Lot

FREEHOLD

Tenant Profile

Whitecross Dental Care Ltd are part of the Mydentist Group who are Europe's largest dental care provider with a 600+ network of practices. Visit www.mydentist.co.uk

Note 1: The Lessees have intimated that they may be prepared to remove the break clause for a premium to be agreed.

Note 2: There would be potential to convert the property back into 2 houses in the future, subject to planning.

Note 3: A 4 bed house at No. 47 Laburnum Avenue sold in July 2018 for £173,000.

*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.

16/18 Laburnum Avenue, Wallsend, Tyne & Wear NE28 8HQ