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Lot 15 Click here for addendum

For sale by Power of Attorney – Retail Investment
Gross Yield 12%
6 Week Completion

Situation

Located in the centre of this picturesque quaint village being approx. 3 miles south-east of Colchester with easy access to the A12 and the National Motorway Network.

Property

Forming part of a Development built in 2015 comprising a Ground Floor Corner Shop.

Accommodation

Ground Floor corner Shop
Gross Frontage 27'8”
Internal Width 26'0”
Shop Depth 37'0”
Built Depth 44'6”
Area Approx. 892 sq ft¹
WC
¹Area taken from VOA.

VAT is NOT applicable to this Lot

Tenure

Leasehold for a term of 999 years from 1st November 2017 at a ground rent of £250 p.a. rising in December 2020 and every 10 years thereafter based on RPI.

Tenancy

The property is let on a full repairing and insuring lease to K. Jeyaraynam as a Convenience Store/Off-Licence for a term of 15 years from 11th January 2011 at a current rent of £10,800 per annum exclusive.

Rent Review 2021 linked to RPI.

*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.

Shop 1, 4 High Street, Rowhedge, Colchester, Essex CO5 7HG