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Lot 8 Click here for addendum

Freehold Commercial Investment

6 Week Completion

Situation

Located in a prominent trading position in the centre of the town, close to other multiple retailers as Boots and Londis, together with a host of local traders.
Newhaven is an established cross-channel Ferry Port lying some 8 miles east of Brighton and 6 miles south of Lewes with excellent road access via the A26 and A27.

Property

A mid terraced building comprising a Ground Floor Shop with internal access to a Self-Contained Upper Part on the first floor (see Note 1). In addition, the property includes a rear entrance and parking for 2 cars from Marshall Lane.

Note 1: We understand the first floor was previously a Self-Contained Flat with its own separate entrance at the rear of the property.

Accommodation

Ground Floor Shop
Gross Frontage 18'6"
Internal Width 16'3"
Built Depth 59'5"
Reception, Viewing Room, Morgue,
Office & Kitchen/Staff Room
Area Approx. 645 sq ft plus WC
First Floor
4 Rooms Area Approx. 542 sq ft plus WC

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease to Funeral Services Limited (t/a The Co-operative Funeralcare - a wholly owned subsidiary of the Co-Op having over 1,000 branches) for a term of 5 years from 22nd April 2016 (holding over - see Note 2 - in occupation since 2006) at a current rent of £7,000 per annum exclusive.

Note 2: The tenant has served a section 26 Notice requesting a new 10 year lease from 15th December 2021 (with tenant's breaks at the end of years 3, 5 and 7) at a rent of £5,000 p.a. payable from the first anniversary of the term. The Landlord has advised the tenant that their offer is not acceptable and subsequently offered the tenant a new 10 year lease at a rent of £15,000 p.a., subject to a rent review at the end of the fifth year.

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*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.

41 High Street, Newhaven, East Sussex BN9 9PA